At 5.4% CAGR Industrial Explosives Market Size to Reach $35.77 Billion By 2031 | The Insight Partners
Surge in Government Support for Infrastructure Development Propels Industrial Explosives Market Growth, full analysis by Product, Application, Source, Manufacturing, and Geography.
NEW YORK, Oct. 29, 2024 /PRNewswire/ -- According to a new market research by The Insight Partners, the Global Industrial Explosives Market is observing significant growth owing to the growing mining industry and surging government support for infrastructure development. The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the industrial explosives market comprises a wide range of industrial applications that are expected to register strength in the coming years.
The report from The Insight Partners, provides several stakeholders—including raw material suppliers, manufacturers, distributors, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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Overview of Report Findings
- Market Growth: The industrial explosives market is expected to reach US$ 35.77 billion by 2031 from US$ 23.50 billion in 2023; it is expected to record a CAGR of 5.4% during the forecast period. Mining and construction industries require explosives to fragment or loosen rock and consolidate material prior to excavation. Explosives are essential in breaking mineral rocks. Surface mines in the coal and metal/nonmetal sectors rely extensively on explosives to uncover mineral deposits. Ammonium nitrate is a widely used component for formulating explosives and blasting agents. The utilization of high-energy explosives enhances the fragmentation of rocks, which helps conduct mining operations efficiently. This also has a positive impact on overall production costs.
- Growth of Mining Industry: Manufacturing high-end products requires a steady supply of raw materials such as metals and minerals. The higher demand for metals necessitates increased mining activity to extract and produce the required raw materials, ultimately leading to extensive use of mining explosives to access ore deposits, remove overburden, and fragment rocks. In addition, with the growing demand for metals, mining companies increasingly focus on improving safety measures and operational efficiency. This includes advancements in mining explosive technologies and formulations that can optimize blasting operations. Industrial explosives with better fragmentation capabilities, reduced vibrations, and improved safety features can help increase productivity and minimize environmental impacts.
- Surge in Government Support for Infrastructure Development: Industrial explosives play a major role in infrastructure development, providing an efficient and cost-effective means for large-scale excavation and demolition. The applications of industrial explosives span from the construction of roads, dams, tunnels, and other civil engineering projects. The utilization of industrial explosives allows for the rapid breaking of rock and other hard materials, which is essential for creating foundations and facilitating the extraction of resources. In mountainous regions, tunnels are constructed to ensure the passage of roads and railways. Blasting allows engineers to efficiently carve through rocks, resulting in the formation of stable tunnels. The development of dams and reservoirs also relies heavily on industrial explosives. Controlled blasting techniques are used for the removal of substantial amounts of rock.
- Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on type, the industrial explosives market is segmented into high explosives, blasting agents, and low explosives. The blasting agents segment held the largest share of the market in 2023.
- In terms of application, the industrial explosives market is categorized into mining, construction, and others. The mining segment dominated the market in 2023.
- The industrial explosives market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: A few major companies operating in the industrial explosives market include Orica Ltd; AECI Ltd; Austin Powder Company; Dyno Nobel Ltd; Enaex SA; MaxamCorp Holding, S.L.; Solar Industries India Ltd; EPC Groupe; Keltech Energies Ltd; and Hanwha Corp.
- Trending Topics: Mining, metallurgy, construction explosives, and quarrying, among others.
Global Headlines on Industrial Explosives
- "Austin Powder—a Leading Provider of Industrial Explosives and Engineered Blasting Solutions—Partners with American Industrial Partners to Accelerate Its Growth Strategy "
- "Dyno Nobel Announces Entry Into a Non-Binding MOU with Saudi Chemical Company Limited for Development of Ammonium Nitrate Plant in Saudi Arabia "
- "Enaex and NYK Group's NBP Jointly Explore Low-Carbon Ammonia Supply for Transport of Copper Products from Chile to Far East."
- "Orica Ltd Launched 4D Bulk Explosives System—An Advanced Bulk System For Underground—Surface Coal And Surface Metal Mining Applications"
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Conclusion
The rising demand from mining and construction industries drives the industrial explosives market. Several developing countries perform significant mining activities and large-scale mining operations. These operations often require substantial quantities of explosives for various applications such as rock fragmentation, overburden removal, and access to mineral deposits. Further, government-supported infrastructure projects generally include roads, dams, bridges, tunnels, ports, airport pavements, and highways. The growing investments from government organizations lead to a rise in infrastructure construction. In 2022, the Department for Transport of the UK announced the funding of US$ 34.83 million to develop net zero highways. This project aimed to improve traffic safety and flow and eliminate overlapping traffic spots. Thus, the surge in government support for infrastructure development fuels the industrial explosives market growth.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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