[FURL=https://www.industryarc.com/Report/15950/barium-nitrate-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Barium Nitrate Market[/FURL] 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.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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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.
Barium Nitrate Market Drivers
Increasing Demand from Glass/Ceramics industry
Increase in demand from electronics industry
Barium Nitrate Market Industry Outlook
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
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