Global Statistics Representing Barium Nitrate Market Scenario
Barium nitrate is an organic salt composed of barium and nitrate ion. It is a colorless, odorless, and easily soluble in water as well as in ethanol and acetone. Barium nitrate is a crystalline substance which can occur naturally as nitrobarite and can be manufactured by two processes. In the first process, reaction of barium carbonate with nitric acid is carried out, which results in separation of barium nitrate crystals from the mixture. The second process involves the reaction of sodium nitrate solution with barium chloride, which produced barium nitrate crystals. The thermal decomposition of the product take place at around 500ºC -700ºC with the release of oxygen, barium oxide, and nitrogen dioxide. When barium nitrate blended with aluminum powder, a formula for flash powder, is highly explosive and when it is mixed with Thermite, it forms Thermate-TH3, which is extensively used in military thermite grenades. Barium nitrate acts as an oxidizer and is widely consumed to produce green fireworks.
The increasing demand of barium nitrate market in foremost applications such as pyrotechnics/fireworks, detonators, glass manufacturing, ceramics, tracer bullets, and vacuum tube production, among others. Fireworks are widely used in many occasions across different parts of the world. For instance, festivals like the Diwali in India, New Year’s Eve garner or the major sports activities, the demand for fireworks or pyrotechnics across various advanced economies. Stringent government rules & regulations and environmental issues regarding fireworks are encouraging firework manufacturers to introduce environment-friendly fireworks, concurrently driving the demand for raw materials such as barium nitrate.
The growing demand of barium nitrate in military applications for explosive industry is major driver for the growth of barium nitrate market due to its water solubility properties, it can spread over the great distances. Baratol product is an explosive composed of barium nitrate, TNT and binder, which is used in military. Many emerging countries are expanding their armed forces, leading to increasing investment, the demand for barium nitrate is likely to gain a huge traction in the forecast period.
Global barium nitrate market accounted for over USD 2,585 million in 2017 and is expected to grow at a CAGR of 5.8% during the forecast period, 2019–2026.
Global barium nitrate market is segmented by type and applications.
By type, the market is segmented into reaction with barium carbonate, reaction with barium sulphate and combination with barium chloride.
By application, the barium nitrate market is segmented chemicals, military and defense, recreational, others. Due to increasing demand for manufacturing destructive explosives for hand grenades from military and defense sector, the segment acquires the major market of barium nitrate in the forecast period. The barium nitrate is also used in optical fiber, and ceramic powder, which led to increase the growth of the market.
Geographically, the global barium nitrates market is segmented into five regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
North America barium nitrates market witness significant growth on account of strong presence of prominent manufacturing facilities and availability of superior technology. As per world economic forum, in 2018, the US accounted for 45.69% of the global increase in defence spending, U.S is a major importer of barium chemicals for the manufacturing of the barium nitrate and other products also U.S is one of the leading military powers in the world.
Asia Pacific is likely to lead the barium nitrate market due to the rising demand for fireworks, pyrotechnics, and electronics in this region. China is one of the major manufacturers and exporter of fireworks across the globe, which propel the market in the forecast period. According to Stockholm International Peace Research Institute, China increased its spending by 5.68%, while India is fifth largest spendor on military expenditure across the globe.
Barium nitrates market witness stagnant growth in the Europe region, due to less spending and lack of cooperation between member states in the field of defence and security. In 2017, the EU collaborate with the research projects in the areas of drones, strategic technology foresight and soldier protection and equipment, which will help Europe region to grow in the defence sector. As per Munich security report, around 81.23% of defence procurement is run on a purely national basis, leading to a costly duplication of military capabilities.
Latin America military spending rose over the last year by, but as per the Stockholm International Peace Research Institute released data in 2017, showing that Middle East, Latin America and the Caribbean’s military spending fell the most which largely affected by the overall downward trend among oil-exporting countries. Among Latin American countries, though Brazil is suffering from a severe recession and political scandals,but country is the largest spender on defence in Latin America.
MEA is expected to witness steady growth in the barium nitrate market. With the slowdown in the economic growth in the region, the barium nitrate industries have suffered a certain impact, but still maintained an optimistic growth during the forecast period.
Some of the key players in the global barium nitrates market are Solvay, Barium Chemicals, Sakai Chemical, Sigma Aldrich, Angene International, Hummel Chemical, Evonik Industries, San Yuan Chemical, HaoHua Chemical, and Meritop Chemicals.
Barium Nitrates Market Segmentation
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