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.
Competitive Analysis
·
Basstech International
·
Solvay
·
SAKAI CHEMICAL INDUSTRIES CO., LTD
·
Mil-Spec Industries Corp.
·
Spectrum Chemical Manufacturing Corp.
·
Pro Chem, Inc.
·
GFS Chemicals, Inc.
·
Aldon Chemicals
·
Barium & Chemicals, Inc
·
All-Chemie, Ltd.
·
Divjyot Chemicals Private Limited
·
Qingdao Jiaozi International Trade Co., Ltd
·
Hongkong Sheng Shi Jiao Zi Industrial Co., Ltd
·
Merck KGaA
·
Jiaocheng Sanxi Chemical Co., Ltd
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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