Barium Nitrate Market Overview
Barium Nitrate Market Size is expected to grow from 2459.3 million USD In 2020, to reach 2586.4 Million USD by 2027
Market Research Future (MRFR) analysed the global barium nitrate market 2020 along the review period till 2027. As per MRFR study, the barium nitrate market is set to garner considerable revenue by 2027 at prominent CAGR. The increasing demand for pyrotechnics/fireworks, ceramics, glass manufacturing, tracer bullets, vacuum tube production, and detonators, which are high end-users of barium nitrate are expected to support the market upsurge. Festivals that are distributed throughout a year demands for fireworks that consume barium nitrate. In addition, the upscaling requirement for barium nitrate in the manufacturing of destructive explosives for hand grenades for defence and military applications can positively influence the barium nitrate market through the study period.
The growing popularity and application of barium nitrate in the production of optical fiber due to demand for end product, such as; low thermal expansion, improved refractive index, and high quality, can benefit the market through the study span. The expansion of the electronic sector and the growing demand for barium nitrate to produce superconductors, capacitors, and semiconductors is expected to bolster the market in the review period. On the contrary, the high-water solubility of barium nitrate and the absorption of the chemical by aquatic and marine animals that adversely impact aquatic food chain can hinder the market expansion. Moreover, the growing awareness about the high toxicity of barium nitrate and its ability of induce skin and eye irritation, and stomach flu due to ingestion can restrain the market along the review period.
Market Segmentation
The segment study of the global barium nitrate market is done on the basis of its application.
The applications-based segments of the global barium nitrate market are ceramics, explosives, glass manufacturing, detonators, fireworks/pyrotechnics, tracer bullets, vacuum tube production, and barium compounds production among others.
The increasing utility of barium nitrate in the production of pyrotechnics or fireworks, tracer bullets, glass manufacturing, vacuum tube, ceramic powder, and detonators among others can support the market expansion. The rise of the global barium nitrate market can be attributed to the growing demand for the manufacturing of explosives that are extensively used for defense and military purpose. The gradual expansion of the electrical and electronics industries and the increase in production of capacitors, semiconductors, and superconductors can promote the market during the study period. Moreover, the surging demand for glass that is one of the high end-user of barium nitrate due to increase in need for crystal glass and optical, art can fuel the market surge during the study period.
Regional Analysis
North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific are some regions that are assessed for the global barium nitrate market.
In North America, the barium nitrate market is expected to thrive due to the surge in the production of barium nitrate. The increasing utility of barium nitrate in the powerful defense and the expansion of military ammunitions base are expected to bolster North America market in the coming years. The U.S. is likely to hold largest share of the global market, following Canada. After North America, Europe is expected to fuel the barium nitrate market on a global scale. The surge in heavy investments in the well-developed defense sector is expected to contributor to the market across the region. The high production of barium nitrate due to the increase in need for explosives in defense and military base can favor the market in the EU. In Asia Pacific region, barium nitrate market is observed as the rapidly growing region. India, and Japan are reputed to have large electronic base and the growing demand for semiconductors in the region is expected to prompt the market rise. The increasing need for fireworks, electronics, and pyrotechnics, and in the region is expected to underpin the market rise in China. The adoption of barium nitrate by exporter and manufacturer of fireworks across the globe can also favor the market growth.
Competitive Analysis
GFS Chemicals, Inc. (U.S), Solvay (Belgium), Mil-Spec Industries Corp. (New York), SAKAI CHEMICAL INDUSTRIES CO., LTD (JAPAN), Basstech International (U.S), Spectrum Chemical Manufacturing Corp. (U.S), Pro Chem, Inc. (Georgia), Barium & Chemicals, Inc (U.S), Qingdao Jiaozi International Trade Co., Ltd (China), Divjyot Chemicals Private Limited (India), All-Chemie, Ltd. (U.S), Merck KGaA (Germany), Hongkong Sheng Shi Jiao Zi Industrial Co., Ltd (China), Aldon Chemicals (U.S), and Jiaocheng Sanxi Chemical Co., Ltd (China) are some top-notch companies that are enlisted by MRFR to gain in-depth understanding for the market.
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