Wilmington, Delaware, United States, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Rise in adoption of digital tools and advanced explosives delivery technologies are continuously enriching mining explosives market outlook, found an in-depth business intelligence study by TMR. A thriving coal and metal mining activities in several countries around the world will create substantial streams of mining explosives market revenue. The size of the global mining explosives market is forecast to reach US$ 32.69 Bn by the end of 2031.
Ongoing trends of mining explosives market indicate that digital tools have witnessed strong penetration in the mining industry in recent years. The need for digital technologies is rising, anchored in the need among mining companies for improving bench productivity and overall drill & blast activities, especially for cost gains. Stridently, firms in the mining explosives market are capturing value by providing tools that improve rock breaking operations.
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Key Findings of Mining Explosives Market Study
- Digital Technologies Enrich Value Chain in Mining Explosives Market: Need for improving downstream operations has created lucrative avenues in the mining explosives market. In particular, the demand for new formulations that contribute to improved blasting outcomes opens up a lucrative frontier for players in the market. On the other hand, in some countries, smuggling of explosives is rampant, which has spurred mining companies to adopt track and trace technologies.
- Coal Mining and Metal Mining Activities Offering Enormous Revenue Potential: The authors of the study found that abundant demand for mining explosives in coal mining, metal mining, and quarrying activities has boosted the market. Of note, there is an abundant demand for construction aggregates that can be obtained from quarrying, thus spurring demand for products in the mining explosives market. The value chain has been enriched by the growing inclination of miners to adopt precise and sustainable mining technologies. For the mining of rare earth metals, there is need for novel formulations, whereby players witness incredible value-grab opportunities. Demand for coal mining is strong and will generate sizable opportunities. The study found that the coal mining segment is projected to advance at a CAGR of 2.6% during the forecast period (2021-2031).
- Rise in Non-metal Mining to Expand Profitable Avenue: Non-metal mining application presents an incredible avenue. Digital tools are gaining rapid adoption for non-metal mining operations. The trend is catalyzing the mining explosives market prospects.
- Coal Mining and Metal Mining Activities Offering Enormous Revenue Potential: The authors of the study found that abundant demand for mining explosives in coal mining, metal mining, and quarrying activities has boosted the market. Of note, there is an abundant demand for construction aggregates that can be obtained from quarrying, thus spurring demand for products in the mining explosives market. The value chain has been enriched by the growing inclination of miners to adopt precise and sustainable mining technologies. For the mining of rare earth metals, there is need for novel formulations, whereby players witness incredible value-grab opportunities. Demand for coal mining is strong and will generate sizable opportunities. The study found that the coal mining segment is projected to advance at a CAGR of 2.6% during the forecast period (2021-2031).
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Mining Explosives Market: Key Drivers
- Increased emphasis on making mining sustainable worldwide is a key driver of the mining explosives market. Of note, digitalization of mining processes has opened up a new frontier.
- In several countries, such as in Asia Pacific, Latin America, and North America, mining activities are making promising strides, which will expand the avenues. Proliferating demand for metals and minerals in various industrialized nations will drive the growth of the mining explosives market.
Mining Explosives Market: Regional Growth Dynamics
- Asia Pacific has been a remarkably lucrative region in the global mining explosives market. The growth was propelled by rising mining activities pertaining to obtaining coal, copper, iron, and gold. Use of mining explosives for non-metal mining & quarrying activities will expand the avenues. India and China have contributed sizable revenue shares to the regional market.
- North America and Latin America have been highly lucrative geographies in the year 2020. These are expected to remain prominent markets until the end of the forecast period. Rise in uptake of mining explosives for mining of metal and non-metals has spurred the growth. Furthermore, the presence of some of globally prominent companies will bolster the market prospects in the next few years.
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Mining Explosives Market: Key Players
Some of the key players in the mining explosives market are Austin Powder, NITRO-CHEM S.A., Dyno Nobel, Eurenco, Solar Explosives, EPC-UK, Yahua Group, Orica Limited, Dahana, and Chemring Group PLC. Key players are relentlessly working to bring value to mining companies by providing technologically advanced explosives and blasting systems.
Mining Explosives Market Segmentation
- Type
- ANFO (Ammonium Nitrate Fuel Oil)
- RDX (Research Department Explosive)
- TNT (Trinitrotoluene)
- PETN (Pentaerythritol Tetranitrate)
- Others (Monomethylamine Nitrate)
- Application
- Coal Mining
- Metal Mining
- Quarrying & Non-metal Mining
- Others (Mineral Mining)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Russia
- Ukraine
- Poland
- Czech Republic
- Japan
- China
- India
- Mongolia
- ASEAN
- Brazil
- Mexico
- GCC Countries
- South Africa
- Ghana
- Mali
- Guinea
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