Pyrotechnic Munitions Market is expected to grow at a CAGR of 5.6% from 2022 to 2028.

The pyrotechnic munitions are type of non-lethal munitions products used by military forces and law enforcement agencies for critical missions, and rescue operations as well as for training purposes. It includes products such as signaling smokes, flares and infrared markers, illumination for solar flare, smoke grenades, air launched illuminations and other products. The military forces such as ground forces, naval forces, and air forces along with law enforcement agencies are the prominent users for the pyrotechnic products. The growing initiatives from the defense agencies to improve their efforts to protect civilian areas from attacks and threats is further generating the demand for strengthening their respective military forces across different countries that is leading to increase in number of military exercises. Such factors are propelling the pyrotechnic munition product demand and thus resulting in higher market growth.

Rheinmetall AG, General Dynamics Ordnance and Tactical Systems, Wescom Group, Chemring Group, and Pyrotechnic Specialties Inc. – Prominent Market Participants in Pyrotechnic Munitions Market

The demand for pyrotechnic munitions products are increasing owing to rising the regional conflicts among the countries. The rise in regional conflicts emerges the need for training and drill exercise for the armed forces. The growing demand for pyrotechnic markers across defense forces is fueling the market growth. Thus, such trending prospects across the globe is anticipated to fuel the pyrotechnic munitions market growth. In addition, collaboration of companies with defense forces for live simulation training in order to supply adequate volume of pyrotechnic munitions products is another major factor bolstering the pyrotechnic munitions market growth. Furthermore, the pyrotechnic munition products are also used in life rafts of naval vessels and aircraft carrier vessels. Each of the lifeboat comprises of 6 hand flares, 4 units of rocket parachute flares, and 2 units of buoyant smoke signals. Thus, wide scope usage of pyrotechnic munitions products in aircraft carriers and naval vessels along with growing fleet of naval vessels and aircraft carriers across the globe are fueling the market growth over the projected period.

Geographic diversification across different North American countries and major pyrotechnic munitions manufacturers, such as General Dynamics Corporation (US) and Pyrotechnic Specialties Incorporated (US) and other small players, are major factors driving the market growth in North America. North America is leading the global market owing to higher adoption of pyrotechnic munition products in rescue and search operations, as well as critical missions and training programs, in the region. Large number of enforcement agencies and highly established military forces in North America are the key end users of pyrotechnic products. The US hugely contributes to the defense budget for adopting and procuring pyrotechnic munition products for training programs. The US military forces are forming agreements with neighboring countries for conducting military exercises and collaborating with pyrotechnic manufacturers for procuring products. Due to these factors, North America was regarded as the largest market for pyrotechnic munitions in 2021 and is expected to continue dominating during the forecast timeframe.

The pyrotechnic munitions market in Asia Pacific is expected to witness a notable growth, which is attributed to several factors such as expansion of submarines and growing number of military training programs. Pyrotechnic munitions are used in aircraft carriers on a large scale. In addition, the surge in need for aircraft carriers is strengthening the demand for pyrotechnic munition products. As per the US Navy, the Chinese Navy may operate 6 aircraft carriers by 2040; currently, only 2 are operational. The third one, which is improved and enlarged Type-003, is under construction at Jiangnan. It is also expected that one or more additional carriers will be built in Jiangnan by 2025. This will also boost the deployment of a large number of life rafts, which will be deployed in those aircraft carriers. Thus, these growth prospects in Asia Pacific are likely to fuel the demand for pyrotechnic munitions over the coming years.