Research Department Explosive Market Worth USD 14.5 Billion By 2030

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.

Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/research-department-explosive-rdx-market

Further key findings from the report suggest:

• 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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