Barium Nitrate Market Overview
The global barium nitrate market was valued at $2,368.3 million in 2015 and is expected to grow at a CAGR of 5.5% during 2016 – 2022, to reach $3,451.8 million by 2022. The market will be growing at a significant rate due to the the growing applications in military areas and expanding glass/ceramic industry.
In terms of the end-user, the barium nitrate market includes fireworks/pyrotechnics, glass/ceramics and others. Some of the end-user industry considered in other segment includes vacuum tube industry, chemical industry, and ammunition. The fireworks/pyrotechnics segment was the largest end-user segment of the barium nitrate industry, with 75.84% share in terms of volume, followed by glass/ceramics segment which held 12.24% share. The glass/ceramics segment is expected to be the fastest growing segment during the forecast period.
Taking into account of geographical landscape, Asia-Pacific is expected to account for the highest consumption of barium nitrate in 2022, valued at $1,419.4 million. The region is expected to experience a CAGR of 6.3% between 2016 and 2022, highest among all nations. Majority of the barium nitrate in the region is consumed by the fireworks/pyrotechnics segment. More than 80% of the barium nitrate consumed in India is by firecracker industry. Electronic industry in China also accelerated the consumption of barium nitrate in the country. These factors are expected to boost barium nitrate market in Asia-Pacific during the forecast period.
Barium Nitrate Market Dynamics
Barium nitrate market is experiencing high growth in demand due to its growing usage for manufacturing ceramic powder. Ceramic powder is an essential ingredient for various electronic components such as semiconductors, superconductors and capacitors. The ceramic powder coating can be used for specialized mechanical component, device packaging, semiconductor devices, superconductor devices, etc. Expanding glass industry is also driving the demand for the barium nitrate products. Since barium nitrate helps in improving homogeneity and opacity, it serves as an important nutrient for manufacturing optical glasses. Other benefits of barium nitrate include its usage as an oxidizing agent during the manufacturing of glass. Being a good oxidizer prevents crystallization of glass, hence, leading to better output and productivity.
Also, stable demand from the fireworks/pyrotechnics for the generic barium nitrate products is one of the growth drivers for the barium nitrate market. Besides fireworks/pyrotechnics, military areas are emerging as one of the major end users of the barium nitrate products. With majority of the countries expanding their military process, leading to increasing investment, the demand for barium nitrate products is expected to experience significant growth. The effect of this driver is more in regions such as North America and Asia-Pacific, and Middle-East. During the forecast period, even more investments are expected, presenting tremendous opportunities for the barium nitrate manufacturers.
The major factor restraining the growth of the barium nitrate market is its toxicity issues. Barium nitrate is a chemical compound, which is fully soluble in water and is many-a-times exposed in the environment due to its usage in fireworks/pyrotechnics. This leads to exposure of barium nitrate to water bodies, the compound thereby entering to the food chain. These toxic compounds have severe impact on human health in case of any accidental exposure.
Barium Nitrate Market Competitive Landscape
The intensity of rivalry in the barium nitrate market is expected to shift from low to medium during the forecast period. The market is currently highly consolidated in nature, with only limited number of large players and higher number of small players operating in the market. New players are expected to face a lot of competition, both in terms of matching the product quality, cost competitiveness and supply reliability.
Some of the major companies operating in the global barium nitrate market include Angene International Limited, Basstech International Llc, Hebei Xinji Chemical Group Co Ltd, Hummel Croton Inc., Jiaocheng Sanxi Chemical Co., Ltd., Sakai Chemical Industry Co. Ltd., SNDB, Solvay, Tennants Distribution Ltd, and Xilan Chemicals Co. Ltd.