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Research Department Explosive (RDX) Market Insights 2024-2033: Analysis Report
Research Department Explosive (RDX) Market Insights
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According to The Business Research Company's, The research department explosive (rdx) market size has grown strongly in recent years. It will grow from $10.01 billion in 2023 to $10.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to increased application in military and civil industries, regulatory policies, market segmentation, increased public safety concerns.
The research department explosive (rdx) market size is expected to see strong growth in the next few years. It will grow to $12.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to increasing market growth, global recovery, industry demand, regulatory impact, military and defense expenditure. Major trends in the forecast period include technological advancements in explosives, shift toward insensitive munitions, research on energetic materials, international collaboration in defense r&d, impact of global events.
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Market Drivers and Trends:
Rising military expenditure is expected to propel the growth of the research department explosive (RDX) market going forward. Military expenditure is the financial resources allocated by a government or nation to fund its military forces, defense infrastructure, and related activities. Rising military expenditure leads to increased demand for research department explosives (RDX), as they are essential for the development and production of advanced military munitions and weapons. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based specialized institute, world military expenditure reached a new record high of $2,240 billion in 2022, which is an increase of 3.7% in real terms compared to the previous year. The top three spenders in 2022 were the United States, China, and Russia, accounting for 56% of the world total. The United States remained the world's largest military spender, with a budget of $877 billion, which was 39% of the total global military spending . Therefore, rising military expenditure is driving the growth of the research department explosive (RDX) market.
Strategic partnerships and collaborations are gaining popularity in the research department explosive (RDX) market. Major players in the research department explosive industry are forming alliances to improve their market share. For instance, in June 2022, EURENCO, a France-based company operating in the research department of explosives, partnered with ARESIA, a France-based aviation and aerospace component manufacturing company. Through this partnership, the French Ministry of Defense would address the concerns of the military through a single point of contact and effectively handle a range of export requests. Further, in April 2022, Raytheon Australia, an Australia-based defense and space manufacturing company, partnered with Lockheed Martin Australia, an Australia-based company operating in the research department of explosives. This partnership would significantly improve their capacity to maintain and produce guided weapons and components. These two firms, along with their parent corporations based in the US, are the largest providers of guided weapons to the defense sector.
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Major Key Players of the Market:
BAE Systems plc, Chemring Group PLC, Mil-Spec Industries Corporation, Chemical Plant NITRO-CHEM SA, Nippon Oil & Fats Co.Ltd., Austin Powder Company, Dyno Nobel, Explosifs Produits Chimiques S.A., Eurenco, Nitro-Chem SA, Orica Limited, PRVA ISKRA - NAMENSKA A.D., General Dynamics Ordnance and Tactical Systems, Rheinmetall AG, Svenska Aeroplan Aktiebolaget, Thales Group, Nammo AS, Poongsan Corporation, Hanwha Corporation, MAXAMCorp Holding S.L., Solar Industries India Limited, Ensign-Bickford Industries Inc., Chemring Energetics UK Ltd., Energetics Technology Center, HEXPOL Compounding LLC, ATK Thiokol, Chemico Group, AECI Limited, Arsenal Inc., Enaex S.A.
Research Department Explosive (RDX) Market 2024 Key Insights:
• The research department explosive (rdx) market size is expected to see strong growth in the next few years. It will grow to $12.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Mining Activities Fuels Research Department Explosive (RDX) Market
• Strategic Partnerships Transforming The Research Department Explosive (RDX) Market
• North America was the largest region in the research department explosive (RDX) market in 2023
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