The Pyrotechnic Chemicals Market
size is estimated to reach US$2.8 billion by 2027, after growing at a CAGR of 4.2% during the forecast period 2022-2027. The use of Pyrotechnic Chemicals in automotive has increased significantly. A pyrotechnic composition is a substance or mixture of substances such as calcium nitrate, cinnamic acid, potassium chlorate and potassium nitrate that produce an effect through heat, light, sound, gas/smoke, or a combination of these as a result of non-detonative self-sustaining exothermic chemical reactions. Pyrotechnics chemicals are used in a variety of automotive applications, including airbags and belt pretensioners. The market for pyrotechnic chemicals is being driven by rising transportation demand. According to the Energy Information Administration (EIA), there will be 1.7 million automobiles on the road worldwide by 2035.
Pyrotechnic Chemicals Market: Leading Segment in Automotive Market
On the basis of the end-use industry, the Pyrotechnic Chemicals market can be segmented into the transportation, consumer goods, mining industry, building & construction, entertainment and others. During the forecast period 2022-2027, the automotive segment is expected to grow with a CAGR of 4.9%. With increased global automotive production, demand for pyrotechnic chemicals for various applications is expected to rise, boosting the pyrotechnic chemicals industry growth in the automotive industry during the forecast period. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the first nine months of 2021; to 57.26 million vehicles, up from 52.15 million units in the same period last year.
Pyrotechnic Chemicals Market: Leading Region in Asia-Pacific
On the basis of geography, the Pyrotechnic Chemicals market can be segmented into North America, South America, Europe, APAC, and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 38.9% share of the total revenue earned by the market globally. Asia-Pacific countries including the India and China are ahead comparatively in terms of consuming automotive products. According to India Brand Equity Foundation, in 2021, the Indian passenger car market was valued at US$ 32.70 billion and it is expected to grow to US$ 54.84 billion by 2027. According to International Trade Administration, China remains the world's largest vehicle market in terms of both annual sales and manufacturing output, with domestic output expected to reach 35 million vehicles by 2025. The Pyrotechnic Chemicals market will also gain demand from the North American region. The U.S. and Canada are emerging as competitive countries in the Pyrotechnic Chemicals market.
Pyrotechnic Chemicals Market: Competitive Landscape
Key companies holding major shares in the Pyrotechnic Chemicals market are Solar Industries India, Melrose Pyrotechnics, Zambelli Fireworks, Pyro Company Fireworks, Angelfire Pyrotechnics, Howard & Sons, Skyburst, Entertainment Fire-works, Supreme Fireworks, Celebration Fireworks
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