The global barium nitrate market generated revenue of $2,368.3 million in 2015 and is expected to attain $3,451.8 million in 2022, growing with a CAGR of 5.5% during the forecast period (2016–2022). The market is witnessing growth due to the increasing applications of the compound in numerous military areas and the expanding glass and ceramic industry, which is boosting the demand for barium nitrate. A salt composed of nitrate and barium ions, it appears in the form of colorless crystals with a melting point of 592 degrees Celsius.
On the basis of end-user, the barium nitrate market is categorized into glass/ceramics, fireworks/pyrotechnics, and others. The leading category in the market was that of fireworks/pyrotechnics during the historical period (2012–2015), with a share of 75.84% in the 2015, in terms of volume. As a key characteristic of barium nitrate is green flames, it is used as a pyrotechnic colorant compound in fireworks. It is also used in tracer bullets, as it allows the shooter to see the trajectory of a bullet with the naked eye.
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When region is taken into consideration, Asia-Pacific is projected to contribute the highest revenue to the market ($1,419.4 million) in 2022, registering a CAGR of 6.3% during the forecast period, in terms of value. Barium nitrate is majorly used by the manufacturers of fireworks/pyrotechnics in this region. In India, almost 80.0% of the salt is used by the firecracker industry. Furthermore, the consumption of barium nitrate is also boosted by the expansion of the electronics industry in China.
One of the major driving factors of the barium nitrate market is the growing application of the compound in military areas. Barium nitrate is often mixed with thermite in order to form Thermate-TH3, which is a significant component of military thermite grenades. Other applications of barium nitrate within the military sector include the production of green flares, detonators, and tracer bullets. Moreover, majority of the countries are focusing on expanding their military, which is leading to the rising investments in the field, which is further driving the requirement for barium nitrate.
Another factor leading to the growth of the barium nitrate market is the expanding ceramic and glass industry, which is boosting the demand for the salt and derived products. The salt is used for the manufacturing of ceramic powder, which is an important ingredient of various electronic components, such as superconductors, capacitors, and semiconductors. Furthermore, barium nitrate helps in improving opacity and homogeneity, and thus it serves as a vital constituent in manufacturing optical glasses. It also works as an oxidizing, enhancing the output and productivity of glass by preventing crystallization.
Thus, the increasing applications of the compound by the military and the growing glass and ceramic industry are leading to the rising requirement for barium nitrate products.