The growing application of TNT as explosive in the military munition, mining and in a deep well and underwater blasting is key areas driving the market application. Increase in spending by various governments over the defense and national security is driving the market growth. Ongoing activities for innovation of advanced explosion technologies are further contributing the market growth. TNT posses high explosive power, chemical, and thermal stability, better compatibility at a relatively lower cost has increased its application in military ammunition, high explosive shells, and bombs.
The latest report by Value Market Research expects the Global Trinitrotoluene Market to reach USD 456.23 million by 2022. It was valued USD 624.39 million in 2030. The report foresees a 4% CAGR from 2022 to 2030.
MILITARY GRADE DOMINATED THE SEGMENT
On the basis of type, military-grade emerged as the leading segment in 2018. Increase in spending on military and national security by the governments to ensure safety is driving the market growth. Ongoing R&D for the development of more efficient explosion technologies is fueling the segment growth.
MILITARY LED THE APPLICATION SEGMENT
In 2018, Military dominated the application segment and has accounted for maximum market share. The increased threat of terror attacks has generated a high demand for advanced ammunition and defense equipment. This is driving the segment growth. Also, increased investment for defense and military is again fueling the segment growth.
ASIA PACIFIC EMERGED AS THE LEADING REGIONAL MARKET
Regionally, Asia Pacific dominated the market in 2018. Increasing the defense budget on account of rising terror attacks and war conditions in between neighboring nations is driving the regional market growth.
KEY PLAYERS OF THE MARKET
Accurate Energetic Systems, LLC, AEL, AUSTIN Powder, BME - Omnia Holdings Limited, Eurenco, Hangzhou Dayangchem Co.Ltd., Hunan Nanling Civilian Blasting Equipment Inc. , MAXAM, Mil Spec Industries Corporation, Nitro-Chem, POLY TECHNOLOGIES INC., Prva Iskra - Namenska, Solar Explosives, and Zarya Ltd. are some of the players ruling the trinitrotoluene market.