London, March 15, 2024 (GLOBE NEWSWIRE) -- Global industrial explosives market is anticipated to reach US$11.6 Bn by 2030. The market valued at US$7.8 Bn in 2022 and further expected to surge at a CAGR of 5.9% during the period from 2023 to 2030 suggested by a newly released report by Fairfield Market Research. The market is expanding due to the beneficial steps taken by the government authorities of various nations to encourage the use of industrial explosives for extracting valuable underground mineral resources.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$7.8 Bn | |
| Estimated Market Size in 2030 | US$11.6 Bn | |
| CAGR | 5.9% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The market for industrial explosives is expected to grow as a result of the increased demand for explosives in the mining sector. Furthermore, it is projected that market expansion will be supported by the mining industry's expansion. Industrial explosives are used by mining corporations because they are more advantageous economically and practically than mechanical excavation techniques. Ammonium nitrate is the main basic ingredient used to make industrial explosives.
Key market companies engage in merger and acquisition activities in an effort to achieve a sizable competitive edge. For instance, Rheinmetall (RHMG.DE), a German maker of military equipment, stated in November 2022 that it had signed an agreement to acquire Expal Systems, a Spanish business that specialised in explosives and ammunition. The acquisition agreement had a US$1.24 Bn value.
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Key Research Insights
- North America region is anticipated to account for the highest share of the global industrial explosives market.
- The Asia Pacific will have the significant rate of growth in the industrial explosives market.
- The blasting agent category held for the significant revenue share in 2022.
Insights into Segmentation Analysis
The Mining Category is Predicted to Grow Significantly in the Market
- Industrial explosives have taken the place of traditional mechanical drills, labour-intensive open-pit mining methods, and human labour.
- Different mining giants employ industrial explosives like trinitrotoluene (TNT), dynamite, ANFO, and emulsion to create a profitable blast hole and recover various metals and minerals.
- Depending on the mineral or metal that needs to be extracted, different industrial explosives are employed for different mining operations. Furthermore, the construction category is expected to expand significantly.
- Construction companies are increasingly turning to the usage of industrial explosives since it lowers costs overall and saves time and manpower. As explosions occur in hard rocks and mountains, tunnelling calls for high-density explosives.
- One of the main trends in the industrial construction explosives market is the preference of civil engineers for industrial explosives to shorten the total process time, as well as labour costs and the necessity to achieve efficient blasting, particularly for tunnelling applications.
Blasting Agents is Dominating the Market
- The blasting agents segment dominated the market in 2022. Blasting agents are explosives made of fuels like fuel oil or aluminum, oxidizers like ammonium nitrate, and sensitizers such microscopic air bubbles or air pockets. These explosives are non-explosives on their own and can only be set off by adding a high explosive charge.
- Blasting agents can be safely stored in a dry environment and are substantially less susceptible to shock or heat.
- The high explosives category is expected to grow significantly over the forecast period. Any chemical concoction that detonates with a reaction velocity of more than 5,000 feet per second is a high explosive. It is used for military, mining, and demolition purposes.
- Tetrazene, lead azide, and mercury fulminate are examples of primary high explosives, whereas trinitrotoluene (TNT), and dynamite are examples of secondary high explosives.
- A prominent element that is projected to create profitable growth potential for the high explosives market is the rise in demand for mineral extraction, particularly in developing nations like China, and India.
Key Report Highlights
- Major market companies engage in merger and acquisition activities in an effort to achieve a sizable competitive edge.
- The mining industry's increased need for industrial explosives, which in turn spurs the market's expansion, is greatly influenced by the surge in demand for iron and bauxite ores from a variety of industrial uses.
- Rapid urbanization and infrastructure development projects in emerging economies stimulate demand for industrial explosives.
Insights into Regional Analysis
North America Continues to Contribute the Largest Share
- The region with the largest market share for industrial explosives is expected to be North America during that forecast period. North America has emerged as one of the mining industry's most lucrative areas thanks to the presence of numerous international mining and construction firms.
- A significant factor boosting the demand for explosives is the implementation of strict government restrictions for the use of industrial explosives to recover the most amount of underground mineral reserves.
- A significant component boosting the industry in the region is also the rise in demand for precious metals like copper, gold, iron, and zinc, particularly from Mexico, and the United States.
Asia Pacific to Witness Significant Growth
- The market for industrial explosives is expanding at significant rate in Asia Pacific, which presents a significant opportunity for the industry. Due to growing mining and mineral extraction operations in the area, Asia Pacific is predicted to show a stable expansion in the market.
- The rise in coal mining and iron ore reserves is largely responsible for the increase in demand for industrial explosives in the Asia Pacific region, particularly in China, Australia, and India.
- The demand for industrial explosives is mostly fueled by elements like low labour costs, an abundance of earth materials, and the region's mining giants' propensity to make significant profits.
- The governments of many developing markets in the Asia Pacific region have placed a priority on exploiting valuable mineral resources to boost their economies and encourage foreign mining corporations and investors to participate in these nations.
Key Companies Profiled in the Industrial Explosives Market
- Enaex S.A.
- Orica Limited
- NOF Corporation
- African Explosives Limited
- Maxam corp Holdings
- AECI Limited
- Dyno Nobel
- BME Mining
- LSB INDUSTRIES
- Austin Powder Company
- Irish Industrial Explosives Ltd
- Sichuan Yahua Industrial Group Co., Ltd.
- Ideal Industrial Explosives Limited
- Eurenco S.A.
- Solar Industries India Limited
Global Industrial Explosives Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Type Coverage, By End-use Industry Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/industrial-explosives-market
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