Barium Nitrate Market Size Estimated to Reach $2,723.6 Million by 2026
Barium Nitrate Market size is expected to be valued at $2,723.6 Million by the end of the year 2026 and is set to grow at a CAGR of 5.6% during the forecast period from 2021-2026. Barium nitrate is formed from the reaction of hydrochloric acid and nitric acid with barium sulfide. Barium nitrate is extensively used in pyrotechnics and in the production of explosives such as Baratol, owing to barium’s fast precipitation kinetics and low solubility in alkaline environments. Barium nitrate is also used in the production of barium carbonate which is further widely used in the ceramics industry as an ingredient in glaze and as flux. Barium nitrate is widely used in assembling clay powder/ceramic powder which is a basic material used in the production of various electronic parts such as semiconductors, capacitors, superconductors and others. Therefore, the increase in demand from end-use industries like electrical and electronics industry, defense industry and others are driving the barium nitrate market.
COVID-19 impact
Amid the Covid-19 pandemic, the barium nitrate market witnessed a major downfall owing to the various restrictions laid, following the global pandemic. The trade activities, movement of people and other resources were largely restricted due to the social distancing norms issued by various countries across the world. This restricted the movement of the barium nitrate market which further affected the production, sales and distribution in the barium nitrate market. The situation is however set to improve by the end of the year 2021.
Barium Nitrate Market Segment Analysis – By Purity
>99% of purity level segment held the largest share in the barium nitrate market in the year 2020. 99% level of purity and more is the purest form of barium nitrate which is used in various applications across various end use industries. Barium nitrate with purity level of 99% and more is used in the manufacture of special glasses and ceramics, production of explosives in the defense industry, in fireworks industry and for green-fire in pyrotechnics and others. Therefore, the increase in the growth of such key use industries is one of the major factors contributing to the growth of >99% of purity level segment in the barium nitrate market.
Barium Nitrate Market Segment Analysis – By Application
Explosives segment held the largest share in the barium nitrate market in the year 2020, with a growing CAGR of 10.5% during the forecast period 2020-2026. The increase in the production of explosives such as Baratol, is majorly driving the barium nitrate market. Barium nitrate is preferred in the production of Baratol, as barium nitrate has high density, which also gives Baratol the density of 2.5 g/cm³. Baratol is an explosive and detonator that is widely used in the defense industry. The increase in the demand from the defense and military industry is increasing the demand for barium nitrate in the explosives segment.
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Barium Nitrate Market Segment Analysis – By End-Use Industry
Optical industry held the largest share in the barium Nitrate market in the year 2020. Optical glasses are extensively used in applications such as precision lens, viewing windows, pressure sensors, laser systems, instrument windows, beam displacement and others. The increase in demand for optical glasses can be attributed to the properties of the glass such as chemical resistance, water resistance, humidity tolerant, varied densities and optical properties such as high refraction index, light protection, heat transmission and absorbance. Barium nitrate is used in the production of glass components which is majorly used in the optical industry. Glass optics sustain extreme conditions for longer time as compared to other types of optic materials. These advantages and properties of glass is driving the demand for glass optics which is further driving the demand for barium nitrate from the optical industry.
Barium Nitrate Market Segment Analysis – By Geography
North American region held the largest share of 35% in the Barium Nitrate market in the year 2020. The increase in demand for barium Nitrate from various end use industries is driving the demand for barium Nitrate in the North American region. In North America, the trend towards optical technologies is comparatively more in the consumer markets with high-technology scientific methods and enhanced government programs related to specialized industrial applications and defense systems. The increase in innovation and development in the optical industry is driving the demand for barium nitrate market as it is used in the production of glasses and optical glasses. For instance, Mexico’s aim of becoming the Latin American leader of the optics and photonics industry has led to the creation of a Mexican Photonics Cluster to work towards helping optics and photonics startups. Thus, growing development in various optics sectors in this region will further drive the market for optical glass in the forecast period, which will further drive the demand for barium nitrate market.
Barium Nitrate Market Drivers
Increasing Demand from Glass/Ceramics industry
The increase in the production and exports of ceramic products is increasing the demand for barium nitrate market as barium carbonate is majorly used in the production of ceramic powders/clay powder which is further used in the manufacture of ceramics and glass. For instance, according to ceramic world web, the world exports of ceramics grew by 1.1% during the year 2019 as compared to the exports in the year 2018. Furthermore, according to Glass Alliance Europe, the glass production in Europe reached 37.2 million tonnes, an increase of 1.8% compared to the previous year 2018. Likewise in the US, according to the Bureau of Economic Analysis of US, the total value of glass and glass product manufacturing industry was valued at US$3.83 trillion in the year 2020, an increase of 0.26% from the previous year value. The increase in the production of glass and ceramics is driving the demand for barium nitrate, as barium carbonate is used in the production of ceramic powders.
Increase in demand from electronics industry
The increase in the use of semiconductors owing to the increase in the demand and use of electronics devices is driving the growth in consumer electronics for optical materials such as ceramics and glass. According to Semiconductor Industry Association, the global sales of semi-conductors increased at a 6.5% to US$439 billion in the year 2020 from the year 2019. The growing need of consumer electronics will further drive the market for optical materials in the forecast period. For instance, according to the IBEF report, the consumer electronics market of India was valued at US $ 145 billion in the year 2020, which will further fuel the demand for optical materials. This will further increase the demand for barium nitrate market.
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Barium Nitrate Market Challenges
Adverse effects of Barium Nitrate
Barium Nitrate has various side effects on the human body as well as the environment, which could also be fatal in certain cases. Barium nitrate is a chemical compound which is fully soluble in water. Barium nitrate is mostly exposed to the environment by fireworks/pyrotechnics. This further leads to exposure of barium nitrate in the air and water bodies nearby. This can further enter into human bodies by entering into the food chain. These toxic chemical compounds can cause various health complications in the human body which can also lead to various dangerous diseases. This is one of the major challenges restricting the growth of the barium nitrate market.
Barium Nitrate Market Industry Outlook
Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the Barium Nitrate Market. The major players of the market include:
Solvay S.A.
Barium Chemicals Co. Ltd.
Sigma Aldrich Corporation
Nippon Chemical Industries
Merck KGaA
Sakai Chemical Industry Co. Ltd.
Mil-Spec Industries Corp.
Basstech International LLC.
Degussa AG
Angene International Limited
Key Takeaways
North American market held the largest share in the barium nitrate market owing to the growing trend related to optical technologies in consumer industry and increase in demand for production of explosives from the military.
The increase in demand for barium carbonate, a by-product of barium nitrate, which is used in production of ceramic powders used in electronic devices is driving the demand for barium nitrate.
The growing glass industry is also one of the significant factors driving the demand for barium nitrate as it provides advantages such as mistiness and improving homogeneity.
Amid the Covid-19 pandemic, the barium nitrate market witnessed a slow growth owing to the various restrictions laid down by countries across the world.
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