LONDON--(BUSINESS WIRE)--The global barium nitrate market will grow at a CAGR of approximately 6% during the period 2018-2022, according to the latest market research report by Technavio. A key factor driving the market’s growth is the growth of the fireworks industry. The fireworks/pyrotechnics industry is the primary end-user of the global barium nitrate market. Although the global fireworks market is governed by stringent regulations and fireworks have adverse effects on the environment, it is still a huge market that is growing at a steady rate. The stringent regulations and environmental concerns pertaining to the use of fireworks are encouraging manufacturers to introduce environment-friendly fireworks.
Technavio’s latest market research report on the global barium nitrate market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the emergence of environment-friendly oxidizers as one of the key emerging trends in the global barium nitrate market:
Emergence of environment-friendly oxidizers
The raw materials such as oxidizers that are used in fireworks are the major causative agents of pollution. Oxidizers have high levels of oxygen that rekindle the fire in fireworks. To curb the growing pollution levels, it is very essential to use greener raw materials. These alternatives will also replace the raw materials of pyrotechnic devices that are used in military applications.
“Periodate salts emerged as one of the alternatives to develop barium- and perchlorate-free incendiary formulations. Potassium periodate and sodium periodate were introduced as pyrotechnic oxidizers that showed pyrotechnic performance. They have low hygroscopicity and high chemical reactivities that extended their applications in the fireworks and military industries,” says a senior analyst at Technavio for research on specialty chemicals.
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Barium nitrate market - segmentation analysis and forecast
This market research report segments the global barium nitrate market into the following end-users (fireworks/pyrotechnics and glass) and key regions (the Americas, APAC, and EMEA).
The fireworks/pyrotechnics segment held the largest market share in 2017, accounting for nearly 72% of the market. This application is expected to demonstrate steady growth during the forecast period.
APAC was the leading region for the global barium nitrate market in 2017, accounting for a market share of around 40%. It was followed by EMEA and the Americas respectively. APAC is anticipated to dominate the global market through 2022.
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