The global industrial explosives market was valued at $7.1 billion in 2019, and is projected to reach $10.9 billion by 2027, growing at a CAGR of 5.5% from 2020 to 2027.
Industrial explosives are high hazard blasting explosives primarily used in the mining, quarrying, and construction industries. When initiated efficiently, it rapidly gets converted into gases at high pressure and temperature. This process of initiation of industrial explosives is known as detonation and leads to rock fragmentation. One liter of explosive can expand up to 1,000 liters within milliseconds, and can attain a temperature range of 1500–4000?C. Industrial explosives can blast a larger amount of area as compared to conventional mechanical drills when deployed for the same task, thereby reducing excavation time and saving labor costs.
The growth of the global industrial explosives is driven by rise in demand for minerals, coal, and rare earth metals, such as gold and silver, which are present inside the earth crust. Moreover, increase in use of industrial explosives in the construction industry for tunneling and other applications along with rise in inclination of construction professionals toward the use of industrial explosives to save time and labor costs is fueling the growth of the market. Furthermore, initiatives by governments of various economies to tap rich underground mineral resources to achieve higher GDP drives the market growth. Currently, the global industrial explosives market has witnessed vivid opportunities due to increase in mining activities, especially in developing economies across the globe.
However, fluctuating prices of ammonia and implementation of stringent regulations on the storage and transportation of industrial explosives are expected to act as a restraints of the global market. Moreover, high initial costs required for the manufacture of industrial explosives hampers the market growth.
The global industrial explosives market is segmented into explosive type, end-use industry, and region. On the basis of explosive type, the market is fragmented into high explosives and blasting agents. The blasting agents segment is further divided into ANFO, water gel explosives, emulsion explosives, nitrogen explosives, and others. By end-se industry, the global market is categorized into mining, construction, and others (seismic wave generations and oil fields). Mining is subsegmented into metal mining, non-metal mining, and quarrying. Region wise, the industrial explosives market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies profiled in this report are AECI Ltd., Austin Powder Company, EPC Groupe, Incitec Pivot limited, Irish Industrial, Explosives Ltd., Keltech Energies Ltd., Maxam Corp., NOF Corporation, Orica Ltd., Sigdo Koppers S.A., and Solar Industries India Ltd.
KEY BENEFITS FOR STAKEHOLDERS
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future estimations of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
- The major countries across four major regions have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are elucidated in the study.
- The profiles of key players along with their key strategic developments are enlisted in the report.
KEY MARKET SEGMENTS
- By Type
- High Explosives
- Blasting Agents
_ Ammonium Nitrate Fuel Oil (ANFO)
_ Water Gel Explosives
_ Nitrogen Explosives
_ Others (Slurries)
- By End-use Industry
_ Metal Mining
_ Non-metal Mining
- By Region
- North America
- ·Rest of Europe
- ·Rest of Asia-Pacific
- ·South Africa
- ·Rest of LAMEA