The insight partners’ latest market study on “Research Department Explosive (RDX) Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Explosives, Pyrotechnics, and Others) and Application (Military and Civilian),” the market was valued at US$ 8,061.38 million in 2019 and is projected to reach US$ 10,363.27 million by 2027; it is expected to grow at a CAGR of 3.3% from 2020 to 2027.The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Research department explosive (RDX) is hard, dissolvable in different solvents such as ethanol and ether, and insoluble in water. The manufacturing process of RDX comprises multiple stages, such as nitration, raw materials storing and feeding, filtration, disintegration, and transport. Various manufacturers are investing comprehensively in research & development activities to build up pioneering products to support the defense forces and fulfill ever-escalating product demand. RDX is used in various military and typical applications such as fireworks and cast PBX charges.
The growing safety concerns and increasing need to protect the national borders and boundaries are inclining the government of different nations to spend more on their respective military, defense arms, and ammunition. In 2021, the Stockholm International Peace Research Institute mentioned that the global spending on military and defense is US$ 1,917 billion, which mostly accounts for 2.2% of the global gross domestic product (GDP).
Asia Pacific held the largest share of the global research department explosive market. The rise in demand for RDX in military and civilian applications drives the market growth in Asia Pacific. In addition, RDX is increasingly used in the construction and mining industries. The mining industry requires such high-performance explosives for rock excavation and exploration activities. The market in Europe and North America is driven by increasing defense expenditure and rising mining activities across these regions.
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The global research department explosive market in North America is anticipated to witness a significant growth due to high demand from the mining, military, and construction sectors. Moreover, utilization of the private investment models to plan road construction activities in the country is projected to augment the demand for explosives in the US. Europe also held the significant market share in 2019. Mining is an important economic activity for European countries, such as such as Russia and Germany. Germany is one of the key producers of refined selenium, lignite, kaolin, potash, sulfur, crude steel, and refined copper. Increasing extraction activities of the ores are boosting the demand for the mining applications, which, in turn, bolsters the market growth.
The US, India, China, Russia, and Saudi Arabia are the top five spenders on defense and military applications and contribute to more than 60% of the global military spending. RDX is mostly used as an explosive in the military industry that can use with explosives such as TNT to make cyclotrons that produce bursting charges for mines, aerial bombs, and torpedoes well, as it can be used as a base charge for detonators. The manufacturers are spending more on R&D activities to make innovative products to help the defense industry. RDX is used in a wide range of military applications such as bombs, munition of all calibers, plastic explosives, and missile warheads. Furthermore, the increase in the number of instances of terror attacks in different countries has led them to increase the spending on military and defense applications, which drives the growth of the research development explosives (RDX) market.
Impact of COVID-19 Pandemic on Research Department Explosive Market:
The COVID-19 outbreak was first reported in Wuhan (China) in December 2019. As of January 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among of the worst affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures updated on January 2021, there are ~83,322,449 confirmed cases and 1,831,412 total deaths globally. The outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemicals & materials is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. For instance, China is the global manufacturing hub and the largest raw material supplier for various industries, and it is also one of the worst-affected countries. The lockdown of different plants and factories in China is restricting the global supply chains and disrupting the manufacturing activities, delivery schedules, and various chemicals & materials sales. Multiple companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hindering business collaborations and partnership opportunities. All these factors are impacting the chemicals & materials industry negatively and thus acting as a restraining factors for the growth of various markets related to this industry.
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Top Companies are:
BAE Systems; Chemring Group PLC; Mil-Spec Industries Corporation; Nitro-Chem SA; Eurenco; PRVA ISKRA – NAMENSKA A.D.; Austin Powder; Dyno Nobel; Ensign-Bickford Industries, Inc.; and Orica Limited are among the well-established players in the global research department explosive (RDX) market.
Table of Content (TOC):
5. Research Development Explosive (RDX) Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increased Spending on Defense and Military Applications
5.1.2 Usage of RDX in Mining and Construction Industry
5.2.1 Stringent regulatory framework
5.3.1 Growing demand for RDX in Europe
5.4 Future Trend
5.4.1 Innovations in Developing Energetic Materials
5.5 Impact Analysis of Drivers and Restraints
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