Explosives & Pyrotechnics Market will surpass USD 23 billion by 2025; according to a new research report. Triggered by growing demand of explosives in military operations, explosive market is expected to gain momentum in the projected time period. Explosive weapons are generally used in mounted grenade and under barrel launchers, missile systems, aircraft bombs and in rocket systems.
In 2018, global defense and aerospace industry has recovered and has experienced, high growth rate supported by rise in military expenditure worldwide. For instance, the U.S. has been strongly investing in defense sector of the nation. Moreover, NATO countries are also focusing on stretching their defense budgets in order to counter threats from the Middle East and Russia. Furthermore, countries such as China, India and Japan have also been witnessing a significant increase in defense expenditure.
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Asia pacific attained a major chunk of the overall explosives and pyrotechnics market driven by increasing mining activities in Indonesia and Australia. Coal production in Indonesia has been rising for the last 15 years triggered by growth in new coal mine licensing. Also, government initiatives in the sector is highly responsible for sector growth. For instance, in 2015, government of Indonesia has begun a “Clean and Clear” program aimed at screening mining licenses and to check for compliance as per specific conditions to ensure regularization in the industry. North America is expected to witness high growth rate as a result of increasing military expenditure in defense system along with growing oil & gas production in the U.S.
Stringent government regulations to reduce carbon emissions is one of the major hurdles likely to impact the market growth. For instance, UK is following an international treaty known as Kyoto protocol which is majorly focused towards climate change. This protocol commits various countries to adopt approaches to reduce carbon emissions.
The market is categorized into end user industries of pyrotechnics and explosive market. Military and mining sector attained a major share in the global market with a share of around 48% and 40% respectively. Rising coal mining activities in order to fulfill power generation demand is one of the key drivers of the segment. Also, growing explosives use in oil & gas exploration is likely to drive the market growth. Growing oil demand from transportation sector especially from developing regions is expected to further propel the market growth. On the other hand, countries like the U.S. has been experiencing a rise in oil production from tight oil reserves which marks the need for explosives in the process.
Technological innovation in the mining industry such as digital mining technology is reshaping the mining sector which has been attracting new players in the market. Also, in countries like India, there has been a monopoly in mining sector for about a decade and is now inviting commercial mining in the nation to improve growth. These government initiatives coupled with new technological invention can drive the explosives market growth in the near future.
Pyrotechnics are mostly used for entertainment purposes. Products such as oxygen candles, safety matches, fasteners and explosive bolts fall under pyrotechnics purview. Several countries have pyrotechnic festivals conducted at a large scale. For instance, Cannes festival in France aims at celebrating the day with lights and fireworks. Also, Mexico has National Pyrotechnics Festival which continues for nine days and is held annually. The festival generally has participation of around 1,000 people and hence is celebrated at a very large scale. Apart from this, Pyrotechnics are used in music concerts, displays and in several other areas.
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