Industrial Explosives Market is Expected to Double Its Size by Upcoming Years

There is a surge in mineral extraction activities worldwide, boosting the demand for industrial explosives.

WILMINGTON, DELAWARE, UNITED STATES, July 23, 2024 /EINPresswire.com/ -- Allied Market Research recently published a report titled “Industrial Explosives Market by Type [High Explosives and 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.” According to the report, 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.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/1590

Market Drivers

- Increased Mineral Extraction Activities: There is a surge in mineral extraction activities worldwide, boosting the demand for industrial explosives.
- Open-pit Mining Demand: The rise in demand for industrial explosives in open-pit mining has significantly contributed to market growth.
- Tunnel Construction and Development: The increase in tunnel construction and development projects has further driven the market.

Market Restraints

- Natural Gas Prices: Fluctuations and increases in natural gas prices have hindered market growth.
- Transportation and Storage Limitations: Challenges related to the transportation and storage of explosives pose significant constraints.
Opportunities
- Government Initiatives: Various government initiatives in the mining sector are anticipated to create lucrative opportunities for market players in the near future.

COVID-19 Impact

The COVID-19 pandemic has significantly affected the global industrial explosives market:

- Temporary Suspension of Activities: Lockdowns and social distancing regulations led to the temporary suspension of mining and construction activities.
- Labor Shortage: A dearth of skilled labor during the lockdown period has further hampered these activities.
- Post-lockdown Measures: There is a need for corrective measures to protect the workforce post-lockdown, impacting the pace of construction and mining activities.

Market Segmentation

By Explosive Type

Blasting Agents: Dominated the market in 2019, accounting for over four-fifths of the global market. The segment is expected to grow at the highest CAGR of 5.6% due to its safety, security, and other benefits like excellent resistance to water and low gas emissions.

High Explosives: Also analyzed in the report.

By End-use Industry

Mining: Expected to register the highest CAGR of 5.6% through 2027, holding the largest market share in 2019. The increased use of industrial explosives for rock fragmentation in mineral and coal extraction drives this growth.

Construction and Others: These segments are also discussed in the report.

Regional Analysis

- Asia-Pacific: Held the largest share in 2019, contributing to more than two-fifths of the market. The region is expected to register the highest CAGR of 6.5% during the forecast period due to large mineral reserves and growing demand for industrial minerals.
- North America, Europe, and LAMEA: These regions are also analyzed in the research.

Key Market Players

- AECI Ltd.
- EPC Groupe
- Austin Powder Company
- Irish Industrial
- Incitec Pivot Limited
- Keltech Energies Ltd.
- Explosives Ltd.
- NOF Corporation
- Maxam Corp.
- Sigdo Koppers S.A.
- Orica Ltd.
- Solar Industries India Ltd.

This comprehensive analysis offers valuable insights into the industrial explosives market, providing stakeholders with the information needed to make informed decisions and capitalize on emerging opportunities.

Interested in Procuring this Report? Visit Here: https://www.alliedmarketresearch.com/purchase-enquiry/1590

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X