Barium Nitrate Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Barium Nitrate Industry Hit Worst due to Russia-Ukraine War Impact?
The global barium nitrate market size is expected to experience substantial growth backed by the increasing focus on improving defense systems and the growing glass industry that is projected to drive the demand for barium nitrate worldwide. This information is published by Fortune Business Insights in its upcoming report, titled, “Barium Nitrate Market Size, Share & Industry Analysis, By Application (Explosives, Pyrotechnics, Glass & Ceramic, Others) Others and Regional Forecast, 2022-2029.”
The novel coronavirus has led to a major downturn in the operations of several industries. Although, disruption in supply chain and raw materials has impacted the agriculture sector, it is anticipated to register steady growth during the forecast period. As the agricultural yield comes under the ambit of essential services, the demand for fertilizers are expected to remain positive due to the undergoing agricultural activities amid the widespread effect of the COVID-19.
Barium nitrate is generally an inorganic chemical compound that is colorless, water-soluble, and toxic in nature. It usually burns with a green flame and is extensively used in pyrotechnics. In addition to this, it can be used to produce barium hydroxide and barium chloride, along with extensive use in several industries.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Barium Nitrate Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Barium Nitrate Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
What does the Report Include?
The market report includes detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Focus on Defense System Enhancement to Propel Growth
According to the data by the Department of Defense, the U.S. spent around USD 934 billion on military enhancement in 2020. The growing focus on improving the defense capabilities by several countries is expected to propel the demand for advanced barium nitrate globally. It is used for multiple purposeS in the military that includes minor pyrotechnic charge that takes place in the bullet’s base. The growing glass industry presents a lucrative opportunity for the chemical manufacturers to develop innovative glasses that are free and clear from discoloration. Moreover, barium nitrate aids in improving the refractive index of the glass that is likely to contribute to the global barium nitrate market growth in the forthcoming years.
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Presence of Established Manufacturers in North America to Surge Demand
Among all the regions, North America is expected to hold the largest global barium nitrate market share in terms of revenue during the forecast period. This is attributable to the presence of established manufactures, especially in the U.S., and the growing focus on enhancing military capabilities in the region between 2019 and 2026.
The market in Europe is anticipated to experience substantial growth backed by the increasing spending on military that will surge the demand for barium nitrate in the region.
Facility Expansion by Major Companies to Intensify Industry Competition
The global market for barium nitrate comprises small, medium, and large companies striving to maintain their stronghold by focusing on expanding their facilities to cater to the growing demand from industries. Moreover, other key players are striving to maintain their presence by adopting strategies such as collaborations and partnerships to gain a competitive edge over their rivals in the global marketplace.
- November 2020 – American Elements, a leading manufacturers of advanced chemical products, announced the launch of Life Sciences & Organic Chemistry Product Group. This is expected to aid in expanding its footprint in the global market.
List of the Companies Operating in the Global Market for Barium Nitrate:
- American Elements
- Honeywell International Inc.
- Divjyot Chemicals Private Limited
- Qingdao Jiaozi International Trade Co., Ltd.
- Spectrum Chemical Manufacturing Corp.
- ProChem Inc.
- Barium & Chemicals, Inc.
- Nippon Chemical Industrial Co., Ltd.
- Sakai Chemical Industry Co., Ltd.
- CAMEO Chemicals
- Other key players
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