Increased mining activities and rising expenditure on defense & military applications drive the growth of the Research Department Explosive (RDX) market
PORTLAND, Ore., Nov. 2, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Research Department Explosive (RDX) Market by Type (Explosives, Pyrotechnics, and Others), Application (Military and Civilian), and Sales Channel (Domestics and International): Global Opportunity Analysis and Industry Forecast, 2021–2030."According to the report published by Allied Market Research, the global Research Department Explosive (RDX) market was estimated at $9.83 billion in 2020 and is expected to hit $13.92 billion by 2030, registering a CAGR of 3.4% from 2021 to 2030.
Increased mining activities and rising expenditure on defense & military applications drive the growth of the Research Department Explosive (RDX) market. On the other hand, stringent regulatory frameworks and availability of alternate methods for mining & blasting restrain the growth to some extent. However, surge in demand for RDX in military operations and innovation & development toward offering advanced products are expected to create lucrative opportunities in the segment.
COVID-19 Scenario of RDX Market -
There was a huge disruption in the supply chain in the chemicals & materials industry along with falling business confidence, especially during the initial phase, which in turn impacted the global Research Department Explosive (RDX) market negatively.
However, as the global situation is getting better, the market is anticipated to revive soon.
The explosives segment to retain the lion's share-
On the basis of type, the explosives segment held the major share in 2020, garnering nearly half of the global Research Department Explosive (RDX) market, due to the increased mining and construction activities carried out across the globe. The Pyrotechnics segment is expected to cite the fastest CAGR of 3.6% throughout the forecast period.
The military segment to dominate by 2030-
On the basis of application, the military segment contributed to the lion's share in 2020, holding more than three-fourths of the global Research Department Explosive (RDX) market, owing to the increased production of military ammunition, war heads, explosives & other war based products. However, the civilian segment is projected to cite the fastest CAGR of 4.4% from 2021 to 2030. This is attributed to the fact that international companies have been operating in the industry since a long period of time.
Asia-Pacific, followed by North America, held the major share in 2020-
By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering more than two-fifths of the global Research Department Explosive (RDX) market, due to the presence of countries which are inclined toward increasing their annual defense budget quite frequently. Simultaneously, the LAMEA region is expected to cite the fastest CAGR of 4.6% throughout the forecast period. Increased infrastructural developments in the province fuels the market growth.
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