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Industrial explosives products such as ammonium nitrate explosives (ANEs), dynamite, water gels, emulsion, and slurry explosives are extensively used in mining and construction activities for excavation and rock fragmentation purposes. These explosives help blast through hard rock, loosening and breaking up material for easier removal in mining operations as well as earthworks in construction projects. The global industrial explosives market witnesses substantial demand due to the growing need for resources and infrastructure worldwide. The widespread applications of these powerful explosives make extraction and development activities much more productive and cost-effective compared to conventional techniques.
The global Industrial Explosives Market is estimated to be valued at US$ 8.95 billion in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the industrial explosives market is the growing adoption of e-detonators. E-detonators offer improved safety and reliability compared to conventional non-electric detonators. They eliminate the risk of premature detonation due to stray currents or radio frequencies. E-detonators also allow blasting to be remotely controlled without the need for physical access or wired connections to the blast site. This significantly enhances mining and construction safety. Leading manufacturers are focusing on developing advanced e-detonator technologies with features such as wireless networking capabilities, real-time blast monitoring, and ability to customize blasting patterns according to site conditions. The integration of internet of things (IoT) and analytics is further optimizing blasting operations through remote monitoring and data-driven insights.
Key players: Key players operating in the Industrial Explosives market are Orica, MAXAM, AEL, IPL (Dyno Nobel), ENAEX, Sasol, Yunnan Civil Explosive, Solar Explosives, Gezhouba Explosive, EPC Groupe, and Poly Permanent Union Holding Group. IPL (Dyno Nobel) and Orica capture over 50% of the global market share due to their international presence and wide product portfolio.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. High capital requirements and stringent regulations act as a deterrent for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high due to the presence of many established players. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials used are commoditized in nature.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for industrial explosives.
Competitive rivalry: Competition is intense among existing players due to their global presence. Key players focus on innovation and expansion.
Key Takeaways
The global Industrial Explosives Market is expected to witness high growth. The global Industrial Explosives Market is estimated to be valued at US$ 8.95 billion in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.
North America dominated the market in 2021 due to strong demand from mining and construction industries in the US and Canada. Asia Pacific is expected to witness the fastest growth over the forecast period with China and India emerging as major markets. Asia Pacific is expected to witness the fastest growth over the forecast period. This can be attributed to increasing mining and infrastructure development activities in China and India. The Chinese government’s continued support for the mining industry is driving the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
