Barium Nitrate Market Overview and Growth Factors:
Barium nitrate is an inorganic salt of barium and nitrate ions. It is a colorless, odorless, and water-soluble solid compound. Barium nitrate is an oxidizing agent, which releases oxygen, barium oxide, and nitrogen dioxide when heated up to a temperature of 500-700ºC. The product occurs naturally in nitro barite and can be manufactured by two processes. The first process involves the reaction of barium carbonate with a nitric acid and then precipitating, evaporating, and filtering iron impurities. The second way to produce the compound is to heat sodium nitrate solution with barium chloride which results in barium nitrate crystals. It forms Thermate- TH3, military thermite grenades when mixed with thermite. When mixed with aluminum and zinc, it forms a flash powder, which is highly explosive. It is used as an oxidizer to produce fireworks and flares, especially green colored.
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Barium Nitrate Market Key Players:
Some of the prominent manufacturers in the global COVID-19 analysis on barium nitrate market segment are Basstech International (U.S), Solvay (Belgium), SAKAI CHEMICAL INDUSTRIES CO., LTD (JAPAN), Mil-Spec Industries Corp. (New York), Spectrum Chemical Manufacturing Corp. (U.S), Pro Chem, Inc. (Georgia), GFS Chemicals, Inc. (U.S), Aldon Chemicals (U.S), Barium & Chemicals, Inc (U.S), All-Chemie, Ltd. (U.S), Divjyot Chemicals Private Limited (India), Qingdao Jiaozi International Trade Co., Ltd (China), Hongkong Sheng Shi Jiao Zi Industrial Co., Ltd (China), Merck KGaA (Germany), and Jiaocheng Sanxi Chemical Co., Ltd (China).
Barium Nitrate Market Segmentation:
The global barium nitrate industry is segmented on the basis of its application and region.
Based on the application, the global market is segmented into explosives, glass manufacturing, ceramics, fireworks/pyrotechnics, tracer bullets, detonators, vacuum tube production, other barium compounds production, and others.
The global Barium Nitrate Market is segmented into five key regions namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds a major share of the market. The region accounts for about a quarter share of the market on account of the advancing military and defense industries. The U.S is the major contributor to this regional market growth owing to the presence of many prominent manufactures. The U.S is one of the leading military powers and is aspiring to enhance its defense capabilities in the coming years, which is expected to propel the growth of the market during the assessment period.
The regional barium nitrate market in Europe is witnessing a significant growth due to the sizeable investments in the defense sector. The high production of various types of explosives in Russia is driving the demand for the product in this regional market.
The Asia Pacific is the fastest emerging region in the global barium nitrate market due to the increasing demands from pyrotechnics and electronics industries. Countries such as China, India, and Japan are the major contributors to the market growth in this region. At present, China is the major manufacturer and exporter of fireworks, which is one of the prominent factors propelling the market growth in this regional market. The increasing demand for the electrical and electronic devices in developing countries such as India and Japan is expected to favor the market growth during the forecast period.
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