Pyrotechnic Munitions Market Research Report and Outlook by 2028

The projected size of the Pyrotechnic Munitions market is anticipated to reach approximately US$ 4,653.96 million by 2028, up from US$ 3,358.92 million in 2022, reflecting a compound annual growth rate (CAGR) of 5.6% during the period from 2022 to 2028.

Pyrotechnic munitions play a crucial role in military operations, being widely utilized by ground forces as well as in life rafts aboard naval ships and aircraft carriers. The demand for these munitions is on the rise, driven by the expanding fleets of naval vessels and aircraft carriers, which necessitate a substantial supply of pyrotechnic products for their effective functioning. The market is categorized by product type, application, and end user. The product types encompass signaling and illumination, crowd control, and training segments, while applications are divided among land, naval, and air forces. The primary end users of these munitions include military organizations and law enforcement agencies. Geographically, the market is divided into regions such as North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

In Europe, suppliers of pyrotechnic munitions are actively pursuing acquisitions of smaller, emerging companies to strengthen their market presence. For instance, in 2021, Wescom Defense acquired PW Defence Ltd., a UK-based manufacturer of military pyrotechnics, to enhance its product offerings and expand its international sales network, while also gaining access to new manufacturing and testing facilities. The presence of several key players in the region, including Rheinmetall, Primetake Ltd., Nexter Group, and Lacroix, significantly contributes to the growth of the pyrotechnic munitions market in Europe.

The Asia Pacific region is experiencing a significant upward trend in the pyrotechnic munitions market, primarily due to increased procurement of submarines and naval vessels, along with a heightened emphasis on military training programs. The demand for pyrotechnic products is particularly rising in aircraft carriers within this region. The necessity for aircraft carriers is escalating, which in turn is driving the demand for pyrotechnic munitions. According to the US Navy, the Chinese Navy aims to operate six aircraft carriers by 2040, with only two currently in service. The Jiangnan shipyard is in the process of constructing an enhanced Type-003 carrier, with expectations of additional carriers being built by 2025. Furthermore, in April 2022, India launched its sixth and final SCORPENE submarine, marking the completion of the Project 75 contract with Mazgaon Docks Limited. Additionally, in April 2022, Russia and Vietnam announced plans for joint military training exercises aimed at improving the operational skills of commanders and staff in managing combat training operations under challenging tactical conditions. These governmental initiatives to bolster defense capabilities are propelling the growth of the pyrotechnic munitions market in the Asia Pacific region.

Key players in the pyrotechnic munitions market include Rheinmetall AG, General Dynamics Ordnance and Tactical Systems, Wescom Group, Chemring Group, and Pyrotechnic Specialties Inc. The ongoing strategic initiatives and investments in the development of new products are expected to further stimulate market growth in the upcoming years.

Impact of the COVID-19 Pandemic on the Asia Pacific Pyrotechnic Munitions Market
The COVID-19 pandemic had a considerable impact on the pyrotechnic munitions market in Asia Pacific, especially in India and China, which are significant contributors to the market. Lockdown measures and a reduction in manufacturing activities disrupted the supply chains for various raw materials and pyrotechnic components. Prior to the pandemic, the adoption of advanced simulation technologies, particularly in naval and air forces, was a key driver of market growth.

As lockdown restrictions were lifted in 2021, manufacturing operations resumed, leading to a revival in the production of pyrotechnic products. This resurgence, coupled with an increase in rescue and critical missions, is expected to positively influence the growth of the pyrotechnic munitions market during the recovery phase following the pandemic.

The primary driver of the global pyrotechnic munitions market is the rising demand for pyrotechnic markers within defense forces. Additional factors contributing to market growth include an increase in border transportation operations, military cargo missions, search and rescue activities, and various ISR operations involving aircraft or helicopter movements for mission execution. Ground military forces utilize pyrotechnic markers to create signals that assist helicopter pilots in landing safely in complex environments. Moreover, pyrotechnic munitions are employed in military drills to provide realistic training experiences for personnel.

Key players in the pyrotechnic munitions market include Rheinmetall AG, General Dynamics Ordnance and Tactical Systems, Wescom Group, Chemring Group, and Pyrotechnic Specialties Inc.

The analysis of the pyrotechnic munitions market was conducted using both primary and secondary research methodologies. Initially, extensive secondary research was performed utilizing both internal and external sources to gather qualitative and quantitative data regarding market size. This process provided a comprehensive overview and forecast of the pyrotechnic munitions market across all segments. Following this, multiple primary interviews were conducted with industry experts and stakeholders to validate the data and gain deeper analytical insights into the market. Participants in these interviews included VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the pyrotechnic munitions sector.