The military propellants and explosives market is growing at a high rate. As defines budgets increase, the demand for military propellants and explosives continues to rise.
The main drivers of the Military Propellants and Explosives Market are as follows:
•Increase in investments towards the development of military pilots
•Growing adoption of intelligent munitions and increase in production of smart weapons.
•Increased demand for propellants and explosives due to rising border tensions between nations and the need for advanced weapon systems.
The advantages of the Military Propellants and Explosives Market
The advantages of the Military Propellants and Explosives are
The Military Propellants and Explosives Market is expected to offer high growth with a high compound annual growth rate (CAGR) due to the rise in demand for arms and ammunition.
- Military Propellants and Explosives have wide applications in small arms, artillery, missiles, aircraft bombs, torpedoes, and other military hardware.
- Military Propellants and Explosives possess features such as high energy density, long shelf life, low vulnerability to extreme weather conditions such as hot or cold climate.
Market value and CAGR of the Military Propellants and Explosives Market
The current market value and CAGR is expected to continue during the forecast period of 2020-2025. The market is currently valued at USD 3842 Mn dollars as of 2021 and the market has been growing at a CAGR of 4.82% for the next decade The major drivers for this market are the increase in investments in research and development activities, modernization of defines systems, and demand from end-user industries. However, stringent environmental regulations are limiting the growth of this market.
Challenges of the Military Propellants and Explosives Market
The challenges of the Military Propellants and Explosives Market include the regulatory framework surrounding the production and utilization of military propellants and explosives. The health hazards related to the handling and use of these products is another important challenge facing Market participants.
In addition, the availability of cheap substitutes for certain types of military propellants and explosives is a key challenge facing Market growth over the forecast period. As mentioned previously, foam plastics are widely used as an alternative to solid rocket fuel in order to reduce costs and increase efficiency. Similarly, water gel-based high explosive can be used as an alternative to conventional military explosives such as TNT or HMX.
However, the market is rising due to the current political tensions across countries and the demand will continue to be steady over the coming future.
Some of the key players operating in the Military Propellants and Explosives Market include General Dynamics Corporation, Cheering Group PLC, Olin Corporation, Namo AS, Arenco S.A., Auster Pty Ltd., Yongsan Corporation, Day & Zimmermann Inc., MAXAM Corp., L3Harris Technologies Inc., Orbital ATK Inc., Lockheed Martin Corporation, Denel SOC Ltd., Thales Group, 3M (US), E.I. du Pont de Nemours and Company (US), General Dynamics Ordnance and Tactical Systems (US), Honeywell International Inc. (US), LyondellBasell Industries N.V. (Netherlands), Nagase America Corporation (US), Olin Corporation (US), Rockwell Collins, Inc. (US).
Segment Analysis into type, application, end user and region in Military Propellants and Explosives Market
The most in demand product of the Military Propellants and Explosives Market is
High explosives (HE) are the type of propellants that are extensively used in military applications due to its wide range of capabilities. The HE can be used for a large number of purposes such as in artillery shells, demolition charges, and torpedoes etc. It is also used as an ingredient in improvised explosive devices (IEDs). The high demand for HE is due to its ability to produce very high energy output within a short time frame. The availability of military-grade HE has resulted in the growth of this product segment. For example, the Russian company Tel produces various types of RDX and HMX under military grades.
North America accounts for the largest share in global Military Propellants and Explosives Market
due to its dominance in the miliary and power as a whole which is why there is such a large amount of demand from America.
Impact of Covid-19 on the Military Propellants and Explosives Market
The outbreak of the Covid-19 pandemic has had a significant impact on the military propellants and explosives market. The global supply chain for these products has been disrupted, with many manufacturers forced to shut down operations due to the lockdown measures implemented in various countries. This has led to a shortage of raw materials and finished products, and a rise in prices. The demand for military propellants and explosives has also decreased due to the reduction in military spending by many governments in response to the economic slowdown caused by the pandemic.
However due to the rising tensions across countries and need for security, the demand is expected to rise again as countries are concerned about their borders and the amount of power they have over others. After Covid-19, the demand is slowly starting to get back and will remain so in the near future with the amount of hostility seen around the globe.
Key innovations and development in the Military Propellants and Explosives Market
In January 2019, Dyne tics Inc. has been selected by NASA for developing new technologies for advanced clusters from solid rocket motors (SRMs).
In November 2018, Solvay has introduced new products under the brand name AEROSIL® R 7200. These products are used in the paint and lacquer industry as a thixotropic agent. It is suitable in applications where high performance and long-term stability is required, such as car lacquers and protective coatings.
In September 2017, Energetic Materials Research & Testing Centre (EMRTC) at New Mexico Institute of Mining and Technology announced that it will redesign a liquid rocket propulsion system being used on spacecrafts to help protect astronauts during missions to repopulate Mars in the future.
Military Propellants and Explosives Market Scope
|Revenue forecast in 2030
|USD 3842 Million
|CAGR of 4.82 % during 2021-2030
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|General Dynamics Corporation, Cheering Group PLC, Olin Corporation, Namo AS, Arenco S.A., Auster Pty Ltd., Yongsan Corporation, Day & Zimmermann Inc., MAXAM Corp., L3Harris Technologies Inc., Orbital ATK Inc., Lockheed Martin Corporation, Denel SOC Ltd., Thales Group, 3M (US), E.I. du Pont de Nemours and Company (US), General Dynamics Ordnance and Tactical Systems (US), Honeywell International Inc. (US), LyondellBasell Industries N.V. (Netherlands), Nagase America Corporation (US), Olin Corporation (US), Rockwell Collins, Inc. (US).
Key Segments of the Military Propellants and Explosives Market
Type Overview, 2021-2031 (USD Billion)
• Military Propellants
• Military Explosives
Application Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa