RDX and HMX Market: Introduction
Transparency Market Research delivers key insights on the global RDX and HMX market. In terms of revenue, the global RDX and HMX market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global RDX and HMX market.
High investment cost, increase in environmental concerns, and enactment of stringent governmental regulations are likely to hamper the global RDX and HMX market during the forecast period. On the other hand, rise in demand for RDX and HMX, owing to the increase in military expenditure, is anticipated to drive the RDX and HMX market in the near future.
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RDX and HMX Market: Dynamics
The rise in need to protect the national borders and increase in safety concerns are the major factors that are compelling governments of different countries to spend more on arms and ammunition. According to the Stockholm International Peace Research Institute, the global expenditure on military and defense stood at US$ 1,917 Bn in 2021. It accounted for 2.2% of the global GDP in the year.
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The U.S., China, Russia, India, and Saudi Arabia are the top five countries with the highest spending on defense and military applications. These countries accounted for more than 60% share of the global military spending in 2020. The U.S. military expenditure stood at ~US$ 778 Bn in 2020, an increase of 4.4% over that in 2019. China’s military expenditure of US$ 252 Bn was the second highest in the world, while India’s military expenditure stood at US$ 72.9 Bn in 2020. Thus, the rise in expenditure on defense arms and ammunition is expected to drive the market for RDX, as it is primarily used as an explosive in military applications. RDX is also used with Trinitrotoluene (TNT) to make cyclotrons to produce bursting charges.
The global RDX and HMX market for mining application has been positively impacted by the rise in the demand for metals and minerals across the globe. The increase in the demand for metals and minerals is driving the mining explosives segment. RDX and HMX are widely used in quarrying, metal mining, coal mining, and non-metal mining. Coal mining is an essential application of mining explosives.
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North America and Latin America were highly lucrative regions of the mining industry in 2020. These regions are expected to remain highly lucrative in the global mining explosives market for mining industry during the forecast period. This can be ascribed to a large number of mining activities and presence of various international mining companies in these regions. Asia Pacific is another major region of the mining industry. Key minerals in Asia Pacific are gold, iron, tin, manganese, coal, tungsten, copper, antimony, mica, lead, zinc, aluminum, silver, and precious stones. Minerals with the highest spending in the region are coal, gold, copper, and iron ore. Approximately 240 mining projects were under construction across different countries in Asia Pacific in 2020. Thus, increase in mining activities in countries such as India and China in Asia Pacific is expected to drive the RDX and HMX market. The growth in infrastructure development such as development of roads, highways, dams, and bridges in developing countries such as India, China, South Africa, and Brazil is further anticipated to drive the RDX and HMX market, as these explosives are used in demolition of mountains during the construction of highways, dams, and bridges. Governments of various countries are increasing their investment in infrastructure to meet the rising demand for such services.
RDX and HMX Market: Prominent Regions
Asia Pacific dominates the global RDX and HMX market. The arms & ammunition industry in the region is estimated to expand at a rapid pace between 2021 and 2031. This is projected to boost the demand for RDX and HMX in Asia Pacific, as RDX and HMX are widely used in the arms & ammunition industry.
China is anticipated to be a highly attractive country of the RDX and HMX market in Asia Pacific during the forecast period. End-use industries such as defense and mining are witnessing strong growth in the country. This has boosted the demand for RDX and HMX in China.
North America is likely to be another highly attractive region of the global RDX and HMX market during the forecast period. The U.S. held a major share of the global RDX and HMX market in North America in 2020.
RDX and HMX Market: Key Players
Prominent players operating in the global RDX and HMX market are Chemring Group PLC., Dahana, Eurenco, PRVA ISKRA – NAMENSKA A.D., BAE Systems, NITRO-CHEM S.A, Austin Powder, Nuberg EPC, Ensign-Bickford Aerospace & Defense Company, and REGENESIS.
