Barium Nitrate Market to Advance at 5.5% CAGR

Barium nitrate [Ba(NO3)2] is a white crystalline solid at room temperature, which is used as an important chemical ingredient in various industries. One of its major application is in the military, where it is used for manufacturing signal flares for use in the field. Further, for making thermite grenades, the chemical is often mixed with thermite to form Thermate-TH3. Additionally, barium nitrate is also used in the manufacturing of tracer bullets; here, it provides a small pyrotechnic charge to the bullet’s base. The bullet becomes visible to the naked eye because of the pyrotechnic flare it emits on being fired. As countries become financially sound and increase their investments in the defense sector in a race to equip their forces with the latest technology and weapons, the demand for barium nitrate is set to rise in the coming years. 

A study conducted by P&S Intelligence estimated that from $2,368.3 million in 2015, the barium nitrate market will advance at a 5.5% CAGR in the near future to ultimately amass revenue of $3,451.8 million. In 2015, the highest demand for this chemical was generated from the fireworks/pyrotechnics industry, where it is used as a colorant compound to impart the green color to the flame. Even though the use of fireworks is seasonal, they are used on different occasions all throughout the year, therefore resulted in the high demand for Ba(NO3)2. In the coming time as well, the highest demand for barium nitrate is expected to be generated by this industry.

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Another major application area of this highly versatile chemical is the flourishing glass and ceramic industry. It is widely used in the manufacturing of ceramic powder, which is one of the chief constituents used in coating various electrical components, such as superconductors, semiconductors, specialized mechanical components, and capacitors. Besides the electronics industry, ceramic powder is extensively used in the glass industry. As barium nitrate helps in enhancing the opacity and homogeneity of glass, it is an important ingredient of optical glasses. Additionally, owing to its superior oxidizing ability, barium nitrate is used as an oxidizing agent in the manufacturing of glass to prevent its crystallization and provide better productivity and output.

 The barium nitrate market has a significant presence across Asia-Pacific (APAC), North America, and Europe. The highest consumption of barium nitrate in 2015 was observed in the APAC region. As fireworks are used in the region in large amounts, the demand for the chemical was the highest here. In the near future, the same region is expected to witness the highest demand for barium nitrate. Apart from the larger number of fireworks industries in APAC compared to any other region, the extensive demand for the chemical can also be attributed to the presence of a humongous electronics industry. India and China are expected to witness the fastest growth in terms of contributing revenue to Ba(NO3)2 manufacturers in the coming time due to the flourishing electronics and firecracker industries.