Global Gun Powder Market-Trends, Top Manufactures, Market Demands, Industry Growth Forecast: 2024
The forecast gun powder market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Gun Powder on a global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to the report the global gun powder market is projected to grow with the help of healthy CAGR over the forecast period of 2018-2024.
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Gunpowder was invented by Chinese alchemists in the 9th century. Gunpowder is a mixture of chemical substances including sulfur, charcoal, and wallpaper. Gunpowder is also known as a black powder. Gunpowder is a low-explosive substance that is used as a propellant in firearms. The sulfur and charcoal act as fuels while the saltpeter is an oxidizer. Owing to its incendiary properties and the amount of heat and gas volume that it generates, gunpowder has been widely used as a propellant in firearms, artillery, rockets, and fireworks and as a blasting powder in quarrying, mining, and road building. Gunpowder is distinguished from "high" explosives—dynamite and TNT because of its lower burning speed that produces a slower pressure wave, which is less likely to damage the barrel of a gun. Gunpowder is frequently used as an ingredient in fuses, both for fireworks and explosives.
Gunpowder has a wide number of applications. It is used in mining for carrying out the explosion in a controlled environment. In fireworks in conjunction with other chemicals to create explosive, colorful visuals in fireworks and in the entertainment industry to provide special effects in movies, televisions and stage production. These aforementioned factors are mainly responsible for driving the gunpowder market. Besides this, Gunpowder has been widely used as a propellant in firearms, artillery, grenades and in several other military applications. However, gunpowder firearms are limited primarily to hunting, target shooting, and bullet-less historical reenactments. Furthermore, it is also used as medicine to cauterize wounds in emergency situations. Moreover, Farmers use gunpowder to clear fields. On the other hand, the adoption of newer alternatives such as dynamite and ammonium nitrate/ fuel oil has been growing in modern weapons and for industrial purpose, owing to the low cost of the alternate product. This, in turn, to hamper the growth of the gunpowder market. Also, there are strict regulations in various jurisdictions for unsafe or insecure storage of explosive materials such as gunpowder. Also, it requires licenses to engage in the business of importing, manufacturing and/or distributing explosives materials.
Among the geographies, North America dominated the gunpowder market in 2017 and is expected to dominate the same throughout the forecast period owing to the vast use of gunpowder in the military, construction and entertainment industry. APAC region is the second largest region in the Gunpowder market. Countries like China, India, and Australia are responsible for driving growth in the Asia Pacific Region.
Numerous Applications of Gun Power to Promote the Growth of Gun Powder Market
Gunpowder has a wide number of applications. It is used in mining for carrying out the explosion in a controlled environment. In fireworks in conjunction with other chemicals to create explosive, colorful visuals in fireworks and in the entertainment industry to provide special effects in movies, televisions and stage production. These aforementioned factors are mainly responsible for driving the gunpowder market. Besides this, Gunpowder has been widely used as a propellant in firearms, artillery, grenades and in several other military applications.
North America Dominated the Gun Powder Market
Among the geographies, North America dominated the gunpowder market in 2017 and is expected to dominate the same throughout the forecast period owing to the vast use of gunpowder in the military, construction and entertainment industry. APAC region is the second largest region in the Gunpowder market. Countries like China, India, Australia are responsible for driving growth in the Asia Pacific Region.
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Turkey's Defense, Aviation Sector Exports on the Rise
In August 2018, the Defense and Aerospace Industry Exporters' Association announced that Exports by Turkey's defense and aviation sector rose 77 percent to $197 million in July. Among all sectors, the defense and aviation sector showed the best performance in terms of growing exports.
The gunpowder is an integral component of the defense systems. With the on-going increase in exports and rising investments in military expenditures throughout the globe. This on-going investment activity in military expenditure to benefit global gunpowder.
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