Global Barium Nitrate Market Report, published by Variant Market Research, forecast that the global market is expected to reach $3,923 million by 2024 from $2,481 million in 2016; growing at a CAGR of 5.9% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 6.5% and 6.2%, respectively, during the forecast period. Barium nitrate Ba(NO3)2 is a salt composed of barium and the nitrate ion. Barium nitrate is normally a white solid at room temperature. They are colorless crystals. and soluble in water, Barium nitrate occurs naturally as the very rare mineral nitrobarite. Barium nitrate properties makes it fit for use in various military applications, including incendiary ammunition and thermite grenades.
"Barium Nitrate Market (End-Users: Fireworks/Pyrotechnics, Glass/Ceramics, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Increase in the number of application of barium nitrate in the explosive industry drives the growth of barium nitrate market
The global barium nitrate market is mainly driven by the growing demand from the fireworks/pyrotechnics industry accompanied by their increasing use in military applications across the globe. However, toxic nature of barium nitrate is the major hindrance for the barium nitrate market growth. Moreover, expanding glass industry, and rising demand for ceramic powder used for manufacturing of semiconductor devices and passive electronic components such as capacitors is further expected to generate growth opportunities for the market in the forecast period.
Barium Nitrate Market By End-Users
The global barium nitrate market is mainly categorized on the basis of end-users, and geography. By end-users the market is further classified into fireworks/pyrotechnics, glass/ceramics, and other end-users. Based on geography, the global barium nitrate market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Fireworks/Pyrotechnics accounted for the largest market share in the end-users segment
Fireworks/Pyrotechnicsdominated major barium nitrate market share in the end-user’s segment and is expected to continue its dominance during the forecast period i.e. 2016 – 2024, owing to their capability of undergoing self-contained & self- sustained exothermic chemical reactions for the production of light, heat, gas, and smoke.
GLOBAL BARIUM NITRATE MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific dominated the market with more than one third of the total market share
Asia-Pacific generated the largest revenue accounting for 39.3% in the year 2016, owing to increasing demand from fireworks/pyrotechnics segment and growth in electronic industry. Also, in terms of growth, Asia-pacific is expected to achieve the fastest CAGR of 6.5%, during the forecast period i.e. 2016 – 2024.
The key companies profiled in the global barium nitrate market are Basstech International LLC, Barium Chemicals Co. Ltd., Solvay S. A., Degussa AG, San Yuan Chemical Co. Ltd., Sakai Chemical Industry Co. Ltd., Tennants Distribution Ltd., Sigma Aldrich Corporation, Angene International Limited, and Jiaocheng Sanxi Chemical Co., Ltd among others.