Barium nitrate is used in a considerable amount in the production of ceramic powder that is an important ingredient of electronic components, such as superconductors, capacitors, and semiconductors. The ceramic powder coating is used for device packaging, specialized mechanical components, and semiconductor devices. Besides, its application is increasing in the glass industry, as this compound helps in improving opacity and homogeneity of glasses. Moreover, it is used as an oxidizing agent during the production of glass, as it prevents crystallization of glass, thus, leading to better productivity and output.
According to P&S Intelligence, the market is expected to progress at a CAGR of 5.5% during forecast period. Countries across the world are focusing on the expansion of the military sector, on account of rising investment, thus, boosting the demand for barium nitrate products. Furthermore, the application of these products will spur in North America, Asia-Pacific (APAC), and the Middle East, due to heavy investment by barium nitrate manufacturers.
Moreover, stable and continuous demand for barium nitrate products from the pyrotechnics/fireworks sector is expected to boost the adoption of this chemical in coming years. Barium nitrate acts as an intermediate chemical in the pyrotechnic industry and as an oxidizing agent to manufacture green fireworks. It is also used as a pyrotechnic colorant compound, which gives a specific color to the burning flame. Besides, the chemical is utilized in tracer bullet that allows shooter to detect the trajectory of a bullet with the naked eye.
Thus, the broadening application base of barium nitrate is fueling the demand for this compound. This has led to the exponential growth in the production capacity of established market players, such as Angene International Ltd., Hebei Xinji Chemical Group Co Ltd., Jiaocheng Sanxi Chemical Co. Ltd., SNDB, Tennants Distribution Ltd., Basstech International Llc, Sakai Chemical Industry Co. Ltd., Solvay, and Xilan Chemicals Co. Ltd. Due to the strong presence of these companies, new players will face a lot of competition in terms of cost competitiveness, product quality, and supply reliability.
Therefore, the expansion of the military, electronics, and pyrotechnics industries will propel the demand for barium nitrate products in future.
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