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Global Barium Nitrate Market Size, Share, Development, Growth And Demand Forecast To 2022
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Global barium nitrate market is driven by the growing demand from the fireworks/pyrotechnics industry along with their increasing use in military applications across the globe. Barium Nitrate are majorly used in firecrackers to produce green flares, tracer bullets, detonators, glass/ceramics along with other industries such as chemicals, vacuum tube and primers. The growing demand for ceramics powder used for the manufacture of superconductor devices, semiconductor devices and passive electronic components such as capacitors has further boosted the global barium nitrate market. Expanding glass industry is also driving the demand for the barium nitrate products.
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The term "barium nitrate" describes the salts of barium and nitrate ions, and are colorless crystals having a melting point of 592 degree Celsius. It is soluble in water and exists as a white solid. Barium nitrate occurs naturally as rare mineral nitro-barite. Its properties make it appropriate for use in several military applications, including incendiary ammunition and thermite grenades. Other applications of barium nitrate include production of green signal lights, production of barium oxide and removal of gases from vacuum tubes. One of the main characteristics of barium nitrate is easy decomposition as well as its characteristic green flame. 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.
Barium nitrate is used as a pyrotechnic colorant compound, which causes a flame to burn with a particular color. Barium nitrate is used to produce green colors in fireworks. 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. This in turn, has boosted the demand for barium nitrate from fireworks/pyrotechnics industry across the globe.
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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. 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.
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