Global Military Explosives Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Military Explosives Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Military explosives are a mixture of high-energy organic materials with high purity, high explosive power, high energy, and fast detonation velocity. Military explosives include blasting charges, propellants, priming charges, pyrotechnics, and pyrotechnic charges. Typical representatives are 2,4,6-trinitrotoluene (TNT), dinitrotoluene (DNT), RDX, HMX (1,3,5,7-tetranitro-1,3, 5,7-Tetraazacyclooctane), etc.

Market Overview:

The latest research study on the global Military Explosives market finds that the global Military Explosives market reached a value of USD 788.93 million in 2022. It’s expected that the market will achieve USD 1034.52 million by 2028, exhibiting a CAGR of 4.62% during the forecast period.

Demand for Military Explosives in Military Operations

Governments across the globe are inclined to strengthen the military forces of their countries, which increases the demand for military explosives. This is because most countries do not have peaceful relations with their neighbors, which increases the threat of war or cross-border disputes. As a result, these countries are constantly developing and strengthening their military forces against worst-case scenarios, while increasing their defense budgets year after year. For example, the United States has been investing heavily in its own defense sector. NATO countries are also focusing on increasing their defense budgets to counter threats from the Middle East and Russia. In addition, countries such as China, India, and Japan have also increased their defense spending significantly. This increased budgetary allocation has attracted numerous key players operating in the industry to develop and introduce their high-efficiency explosives products. This increased product development and budget allocation boosts the demand for military explosives in military operations and is expected to boost the growth of the global market.

Growing Security Concerns and Need to Protect National Borders Drive Military Explosives Market Growth

Increased security concerns and an increased need to secure national borders have made governments of various countries inclined to spend more in the military, defense weapons, and ammunition sectors. Most emerging economies such as India, China, Russia, and Saudi Arabia are modernizing their defense forces. This has led to an increase in defense spending on ammunition procurement and R&D activities across the globe over the past few years, driving the growth of the military explosives market. Manufacturers are currently increasing R&D activities to create innovative products to help the defense industry. Moreover, the rising number of terrorist attacks in various countries has led them to increase spending on military and defense applications, which is driving the growth of the military explosives market.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Americas (42.84% in 2022).

Company Overview:

BAE Systems, Inc. is the U.S. subsidiary of BAE Systems plc, an international defense, aerospace and security company which delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services.

Segmentation Overview:

By type, Solid segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Defense segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Military Explosives market covered in Chapter 3:

Explosia
Australian Munitions
NITRO-CHEM
Prva iskra namenska
BAE Systems
Poongsan Defense
Pakistan Ordnance Factories
Eurenco
Solar Group
General Dynamics

In Chapter 4 and Chapter 14.2, on the basis of types, the Military Explosives market from 2018 to 2029 is primarily split into:

Liquid
Solid
Gel

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Military Explosives market from 2018 to 2029 covers:

Military
Defense

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)