With the presence of a large pool of participants, the global barium nitrate market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Solvay S.A., Degussa AG, Jiaocheng Sanxi Chemical Co. Limited, and Angene International Limited are some of the key vendors of barium nitrate across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the barium nitrate market study.
Citing an instance, in June 2014, chemists at Ludwig Maximilian University of Munich developed a new formulation for creating green flames. Researchers have found that the new combination of reactants is ecologically supportive and contains combination of barium nitrate, which emits green light after its combination with chorine, and potassium perchlorate, which serves as oxidizing agent. Analysts believe that the new non-toxic formulation will help in reducing the environmental degradation in the years ahead. The strategic move is anticipated to impel the growth of barium nitrate industry in the upcoming years.
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As estimated in this report, the global barium nitrate market stood at US$2,498.79 million in 2017. Witnessing a tremendous rise during the period from 2017 to 2023, the revenue in this barium nitrate market is expected to reach US$3,704.44 million by the end of the forecast period.
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Escalating Product Demand In Military Activities To Augment Market Size
“Burgeoning product application in fireworks that are used during festivals, major sports activities, and media events across the globe is expected to spur the growth of barium nitrate market in the years ahead, “says the author of this study. Apart from this, the compound has found a spectrum of applications across the defense sector as well as tracer bullets. In addition, the use of product in manufacturing glass will further drive the growth of barium nitrate market in the ensuing years.
The product is highly toxic and this is likely to hinder the growth of barium nitrate market over the coming years. In addition, rise in environmental pollution witnessed as a result of fireworks can hinder the barium nitrate market progress in the coming years. Nevertheless, the extensive use of barium nitrate in myriad industries along with new innovations in the product is expected to create lucrative opportunities for barium nitrate market over the next few years. This, in turn, will normalize the impact of hindrances on the barium nitrate market in the near future, reports the study.
Growing Fireworks Popularity To Support APAC’s Regional Dominance
Regionally, Asia Pacific has been leading the worldwide barium nitrate market and is anticipated to continue on the dominant position in the years to come, states the barium nitrate market study. Massive demand for fireworks in the emerging economies of India and China is the main factor behind the dominance of the Asia Pacific barium nitrate market. The high number of market players being headquartered in Asia Pacific is another significant factor that is supporting the growth of this regional barium nitrate market.
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The global barium nitrate market is segmented as follows:
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
This review is based on a report by Zion Market Research, titled “Barium Nitrate Market for Fireworks/Pyrotechnics, Glass/Ceramics and Other Applications by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2023.”- Report at http://www.zionmarketresearch.com/report/barium-nitrate-market