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Global Barium Nitrate Market (Size of $2,368.3 Million in 2015) to Witness 5.51% CAGR during 2016 – 2022
The global barium nitrate market was valued at $2,368.3 million in 2015, and it is expected to grow at a CAGR of 5.51% during 2016 - 2022. The factors driving the growth of the global market include growing demand from the fireworks/pyrotechnics industry along with their increasing use in military applications across the globe.
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The key trend witnessed in the global barium nitrate market includes continuous and stable demand for the barium nitrate products from the fireworks/pyrotechnics industry which is expected to keep the market healthy in the coming years. Barium nitrate is an important intermediate chemical for the pyrotechnic industry. It is also used to as an oxidizer to make green fireworks. Barium nitrate is used as a pyrotechnic colorant compound, which causes a flame to burn with a particular color. It is also used in tracer bullets that allow the shooter to trace the trajectory of a bullet with naked eye. Use of fireworks is seasonal and mostly arises in festival seasons. However, the trend of celebrations with firecrackers on New Year or the start of any big event across the globe surges the demand for firecrackers. Hence, a stable demand for barium nitrate products from firework industry leads to barium nitrate industry observing a healthy growth.
Barium Nitrate can also be used as an oxidizer in glass manufacturing process to avoid spontaneous crystallization during the process, as barium nitrate serves in improving homogeneity & opacity in porcelain-enamels and as an ingredient in optical glasses. The powder has a wide range of applications such as coating for specialized mechanical component, device packaging, semiconductor devices, superconductor devices, etc. the demand of barium nitrate from glass/ceramic segment is expected to grow during the forecast period, owing to the growth of glass industry & electronic industry.
In 2015, Asia-pacific held the largest share (39.25%) in the global barium nitrate market. Asia-Pacific is expected to be the largest market because of the increasing demand from fireworks/pyrotechnics segment and growth in electronic industry. The increasing use of barium nitrate for pyrotechnics and for military applications is further boosting the demand for barium nitrate.
The information and data in the publication “Global Barium Nitrate Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of bottom-up approach has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
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.
GLOBAL BARIUM NITRATE MARKET SEGMENTATION
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