The pyrotechnic munitions market in Asia Pacific is expected to grow from US$ 808.27 million in 2022 to US$ 1,283.39 million by 2028; it is estimated to grow at a CAGR of 8.0% from 2022 to 2028.
The rising fleet of naval and aircraft carrier vessels operates continuously across the borders of Asia Pacific countries. Every aircraft carrier ship includes either 254 units of MK7 life rafts or 127 units of MK8 life rafts, while each lifeboat comprises six hand flares, four units of rocket parachute flares, and two units of buoyant smoke signals. Hence, the rising adoption of lifeboats in naval ships or vessels is likely to boost the adoption of pyrotechnic munitions across the naval forces. It is also driven by the rising military expenditure across the region. Both countries are increasingly strengthening their respective naval fleet to secure their borders from naval threats. However, China currently has only two aircraft carriers that use life rafts in large quantities. Further, China is investing in procuring new naval vessels that will procure more pyrotechnic munitions through the deployment of life rafts in those vessels. For instance, in 2022, the Indian Navy awarded a contract worth US$ 114 million to L&T Limited for the manufacturing and development of multi-purpose vessels under the ‘Buy Indian’ category. Due to the increased focus on the naval fleet, the adoption of frigates, corvettes, and aircraft carriers is growing, boosting the requirement for various types of pyrotechnic products for naval applications. Such instances are likely to boost the demand for pyrotechnic munitions during the forecast period and are expected to generate huge opportunities for market vendors during the forecast period.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific pyrotechnic munitions market at a substantial CAGR during the forecast period.
Asia Pacific Pyrotechnic Munitions Market Revenue and Forecast to 2028 (US$ Million)
Asia Pacific Pyrotechnic Munitions Market Segmentation
The Asia Pacific pyrotechnic munitions market is segmented into type, application, end user, and country. Based on type, the market is segmented into signaling and illumination, crowd control, and training. In 2022, the signaling and illumination segment held the largest share of the market. Further, the training segment is expected to register the highest CAGR during the forecast period. Based on application, the Asia Pacific pyrotechnic munitions market is segmented into land forces, naval forces, and air forces. The land forces segment held the largest market share in 2022, and it is also expected to register the highest CAGR in the market during the forecast period. Based on end user, the market is bifurcated into military and law enforcement agencies. In 2022, the military segment held a larger market share, and it is also expected to register a higher CAGR during the forecast period. Based on country, the Asia Pacific pyrotechnic munitions market is segmented into Australia, China, India, Japan, South Korea, and Rest of APAC. In 2022, China held the largest market share. However, India is expected to register the highest CAGR during the forecast period.
LACROIX, WESCOM GROUP, Chemring Group PLC, ARSENAL, and Rheinmetall AG are among the leading companies operating in the Asia Pacific pyrotechnic munitions market.