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.
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).
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