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Industrial Explosives Market Expected to Reach $10.9 Billion by 2027—Allied Market Research

 
2022
Industrial Explosives Market

Report Code : A01265

quote “The global industrial explosives market is heading to wardan expansion phase. This is majorly attributed to a significant surge in demand for coal, metals, and nonmetals. Although coal is a primary feed stock for electric power generation in most of the countries, minerals such as iron ore, manganese, cobalt, and copper are required by the automotive and construction sectors. Thus, increase in mining activities,majorly metal mining and nonmetal mining, considerably boosts the need for industrial explosives. In addition, raise in focus of government and mining companies on extracting mineral resources efficiently and increase in disposable in come have resulted in an increase in the use of industrial explosives for mining activities, thereby augmenting the global market growth. Furthermore, the North America and Asia-Pacific act as lucrative regions for the industrial explosives market, owing to the fact that large mines and major mining companies are positioned in these regions.” quote

Eswara Prasad
Manager, Chemical and Material at Allied Market Research

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According to a new report published by Allied Market Research, titled,   Industrial Explosives Market By Type and By End-use Industry: Opportunity Analysis and Industry Forecast, 2019–2027,” 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 agents used for quarrying, mining, and construction activities. As industrial explosives yield higher torque, they are widely used by tunneling companies across the globe. Industrial explosives are either deflagrated or detonated. Deflagration of industrial explosives refers to the explosion caused due to a flame, where as detonation is caused due to an explosive shock wave traversing through the explosive. After explosion, industrial explosives produce a strong torque accompanied by heat, light, sound, and pressure. Explosives that detonate are called high explosives, where as explosives that are deflagrated are known as blasting agents or low explosives.

Increase has been witnessed in the demand for industrial explosives especially blasting agents such as ammonium nitrate fuel oil (ANFO), emulsions, and slurries along with upsurge in use of explosives as an alternative to mechanical machines used in tunneling and construction activities. These factors are expected to drive the growth of the global industrial explosives market. Moreover, initiatives by governments of various economies to tap rich underground mineral resources to achieve pace in the ever-growing competition and upsurge in GDP are some of the key driving factors of the market. Furthermore, increase in percapita disposable income boosts the demand for precious metals such as gold and silver, the extraction of which involves intense mining, there by fueling the overall demand for industrial explosives across the globe. In addition, rise indemand for earth minerals, such as bauxite, iron ore, and coal from various industries such as automotive, thermal, and chemicals coupled with increase in inclination of construction professionals toward the use of industrial explosives to save time and labor costs fuels the growth of the global industrial explosives market. However, fluctuation in prices of raw materials such as ammonia, high initial costs required for manufacturing industrial explosives, enforcement of stringent regulations on the storage & transportation of industrial explosives are some of the key factors hampering the growth of the market.

On the basis of explosive type, the market is segmented into high explosives and blasting agents. The blasting agents segment is further divided into ANFO, water gel explosives, emulsion explosives, nitrogen explosives, and others. ANFO accounted for more than half of the global industrial explosives market share by explosive type, due to its stability, as ANFOs are sensitive to mechanical impacts during mechanical loading to shot-holes.

Depending on end-use industry, the global industrial explosives 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. The mining industry accounted for the largest market share, and is expected to exhibit highest growth during the forecast period, owing to increase in global mining activities along with preference of industrial explosives over mechanical drilling.

Region wise, the industrial explosives market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to garner the highest share of the total industrial explosives market size during the forecast period, due to expansion of mining and construction sector in the region, which augments the demand for more mineral resources, there by boosting the growth of the industrial explosives market. Infrastructural developments such as construction of dams are anticipated to offer remunerative opportunities to the market growth during the forecast period. 

Key Findings Of The Study

  • The industrial explosives material market is projected to grow at a CAGR of nearly 5.5%, in terms of revenue, during the forecast period.

  • The mining end-use industry is anticipated to witness moderate growth rate of 5.6%, in terms of revenue, during the forecast period.

  • Asia-Pacific dominated the industrial explosives market with a revenue share of over 42.74% in 2019.

  • The blasting agents segment is anticipated to witness moderate growth rate of 5.6%, in terms of revenue, during the forecast period.

The key players operating in the global industrial explosives market include 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.
 

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quote Industrial Explosives Market by Type [High Explosivesand Blasting Agents (Ammonium Nitrate Fuel Oil (ANFO), Water Gel Explosives, Emulsions, Nitrogen Explosives, and Slurries)]and End-use Industry (Mining, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

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