The research department explosive market size in North America and Europe is expected to reach USD 14.5 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 2.8% over the forecast period. The market is anticipated to be driven by proliferating defense spending and growing military activities in upcoming years.
Increasing
demand for mining industry across the U.S. will fuel the product growth across
North America. Rising construction and infrastructure development activities
across Europe is another factor driving industry growth. The military industry
across these regions is also expected to witness a significant growth over the
next few years on account of growing security concerns.
Pyrotechnics
is one of the key application segments in North America. It contributed around
15% of overall demand in 2016. These are highly effective irritant devices,
which eject small loads of irritant submunitions from a single
projective.
North
America and Europe Research Department Explosive (RDX) market participants are
adopting various strategic initiatives such as expansion of product portfolio,
new product development as well as mergers & acquisitions. Companies are
spending extensively on R&D activities in order to develop innovative
products to aid defense forces and cater to ever-increasing product demand.
Increasing
demand for rare earth metals and minerals is expected to grow over the next few
years. Usage of RDX in mining industry coupled with Increasing demand for rare
earth metals and minerals is expected to assist the market growth over the
forecast period.
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Research
Department Explosive Market Report Highlights
- The North
America and Europe Research Department Explosive (RDX) market is
anticipated to reach 2.2 million tons by 2030, at a CAGR of 2.5% from 2019
to 2030
- Military
application in North America is projected to ascend at a CAGR of 2.9% over
the forecast period
- Civilian
application accounted for a market share of around 30% in 2018 in Europe
- The U.S. RDX
demand is anticipated to exceed 990 kilo tons by 2030
- North America
is projected to witness a remarkable growth rate of 2.8% over the forecast
period, owing to the rising supply and demand of various fireworks such as
recreational fireworks, powder-actuated nail guns
- Some of the
key companies present in the market are Eurenco, Chemring Nobel, Prva
Iskra- Namenska a.d., BAE Systems, Nitro Chem S.A., Austin Powder Company,
EPC Groupe, LSB Industries Inc., Ensign Bickford Company, Dyno Nobel
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Research
Department Explosive Market Segmentation
Grand View Research has segmented
the Research Department Explosive Market report on the basis of application and
region:
Application
Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2030)
- Military
- Melt cast & pressed explosives
- Cast PBX
- Pyrotechnics
- Others
- Civilian
- Fireworks
- Demolition blocks
- Others
Regional Outlook
(Volume, Tons; Revenue, USD Million; 2014 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Spain
- Austria
- Russia
- Bulgaria
- Ukraine
- Poland
- Slovakia
- Czech Republic
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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