by Market Overview:
Industrial explosives are extensively used in various industries like mining, construction, and oil & gas. In mining, explosives help blast the rock material to extract ores and minerals. In construction, explosives facilitate excavation, seismic activities, and demolition work. The oil & gas industry uses perforating explosives to bore holes in the earth for drilling activities. Common industrial explosive products include dynamite, explosives, ammonium nitrate emulsions, and slurries.
Market Dynamics:
Rising infrastructure development activities: Rapid urbanization and industrialization have boosted infrastructure development projects globally. Mega construction projects for roads, railways, airports, ports, dams, tunnels, etc. require heavy use of explosives for excavation and blasting work. This drives the demand for industrial explosives.
Mining industry growth: With the growing population and rising need for minerals and metals, mining production has increased substantially over the years. Explosives are integral in surface and underground mining operations to break and displace rock material. The expanding mining industry acts as a key growth driver.
The global Industrial Explosives Market Demand is estimated to be valued at US$ 8.03 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The industrial explosives market can be segmented based on type into high explosives, blasting agents and other types. High explosives dominates the market with over 60% share due to its ability to detonate in a fraction of second and produce maximum impact and heat.
PEST Analysis
Political: Regulations regarding the transportation, usage and storage of explosives are becoming stricter globally, especially in developed countries which is positively impacting the market.
Economic: robust growth of the mining, infrastructure and construction industries due to increasing development activities worldwide is driving demand.
Social: Increasing concerns about safety and environmental hazards caused by explosives are pushing manufacturers to develop safer and eco-friendly alternatives.
Technological: Advanced technologies for efficient transportation, tracking and activation of explosives is being adopted to reduce accidents and increase productivity.
Key Takeaways
The global Industrial Explosives market is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing mining and infrastructure development activities worldwide. The Asia Pacific region is expected to dominate the market owing to large mining and construction industries in countries like China and India.
Regional analysis: The Asia Pacific region dominates the market with over 40% share led by China and India. This is attributed to significant mining and infrastructure development projects underway in these countries. The Middle East and Africa is also expected to grow at a fast pace during the forecast period.
Key players: Key players operating in the industrial explosives market are Orica Limited, Irish Industrial Explosives Limited, Dyno Nobel Pty Limited/ Incitec Pivot Ltd., NOF Corporation, AEL Mining Services Ltd. / AECI Group, EURENCO, Enaex S.A., Austin Powder Holdings Company, Maxamcorp Holding S.L., and Exsa S.A. These players are focusing on developing innovative and safer products to strengthen their position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
