Competitive
Analysis
Some of the key
manufacturers in the global Barium Nitrate Market are Basstech International
(U.S), Solvay (Belgium), SAKAI CHEMICAL INDUSTRIES CO., LTD (JAPAN), Mil-Spec
Industries Corp. (New York), Spectrum Chemical Manufacturing Corp. (U.S), Pro
Chem, Inc. (Georgia), GFS Chemicals, Inc. (U.S), Aldon Chemicals (U.S), Barium &
Chemicals, Inc (U.S), All-Chemie, Ltd. (U.S), Divjyot Chemicals Private Limited
(India), Qingdao Jiaozi International Trade Co., Ltd (China), Hongkong Sheng
Shi Jiao Zi Industrial Co., Ltd (China), Merck KGaA (Germany), and Jiaocheng
Sanxi Chemical Co., Ltd (China).
Market
Overview:
Barium
nitrate is a crystalline, inorganic salt of barium and nitrate ions. The
thermal decomposition of barium nitrate takes place at around 500ºC-700ºC with
the release of oxygen, barium oxide, and nitrogen dioxide. It naturally occurs
in nitrobarite, which is a rare earth mineral. Commercially, barium nitrate is
produced using following two processes. The first is to carry out the reaction
of barium carbonate with nitric acid and then precipitating, evaporating, and
filtering iron impurities. The second way to produce the compound involves the
reaction of heated sodium nitrate solution with barium chloride, which results
in barium nitrate crystals. It acts as an oxidizer and is widely consumed to
produce green fireworks. It is mixed with thermite to form Themate-TH3, a
military thermite grenade. It forms highly explosive flash powder when mixed
with aluminum powder.
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The
barium nitrate finds its applications in pyrotechnics/fireworks, glass
manufacturing, ceramic powder, detonators, tracer bullets, and vacuum tube
production, among others. The global Barium Nitrate Market is mainly driven by
its growing use in the manufacturing of explosives used in defense and military
industry. The increasing demand for the compound in electrical and electronics
industries in manufacturing semiconductors, superconductors, and capacitors is
anticipated to favor the market growth during the years to follow. Moreover,
the growing demand for the product in manufacturing various types of glass such
as optical, art, and crystal glass is likely to further fuel the market growth
during the forecast period. However, there are some restraining factors
operating in this market which are needed to be taken under consideration are
the highly toxic nature of the product, which can be absorbed by aquatic
animals due to its water-soluble nature and can eventually enter the food chain
and its harmful effects on human health due to indigestion.
Market
Segmentation
The
global Barium Nitrate Market is segmented on the basis of its application and
region.
On
the basis of the applications, the global Barium Nitrate Market is segregated
into explosives, glass manufacturing, ceramics, fireworks/pyrotechnics, tracer
bullets, detonators, vacuum tube production, other barium compounds production,
and others.
Regional
Analysis
The
global Barium Nitrate Market is segmented into five
major regions North America, Europe, Asia Pacific, Latin America, and the
Middle East & Africa.
North
America is the leading the global Barium Nitrate Market owing to the high
production of barium nitrate in this region. The growing demand for barium
nitrate to create a powerful defense and increasing military ammunitions is
anticipated to boost the market growth in coming years. The U.S accounts for
major share of the regional market closely followed by Canada.
Following
North America, Europe is another region fuelling the global market growth due
to the heavy investments in the defense sector. Russia is the major contributor
to this regional market on account of the high production of various types of explosives
used in military and defense.
The
Asia Pacific is projected to be the fastest growing region in the global Barium
Nitrate Market. China, India, and Japan are the major countries contributing to
market growth due to the rising demand for fireworks, pyrotechnics, and
electronics in this region. Currently, China is a major manufacturer and
exporter of fireworks across the globe, which is primarily driving the market
growth in this region.
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