Explosives Market Size, Share, Growth, Trends and Industry Analysis Reportby Susan Hill Business Consultant
The global explosives market is expected to reach USD 31.95 billion by 2024, according to a new report by Grand View Research, Inc. The global explosives and pyrotechnics market is expected to grow significantly over the forecast period on account of increasing use of the product in construction and mining activities.
Rising number of projects for infrastructure development in Asia Pacific is expected to drive the demand for explosives as a blasting agent. Increasing government spending for infrastructure development in Asia Pacific and the Middle East on account of increasing domestic output is expected to play a significant role in amplifying construction activities in these regions.
In 2013, Asia Pacific contributed to approximately 44% of the total global construction spending, an increase of 4% from the previous year. Also, the development of new construction and building projects in Asia is likely to boost market growth. The demand for explosives in the region is expected to be 14.93 million tons by 2024.
Further key findings from the report suggest:
outlook towards the mining sector in Chile, and Peru, and owing to
government policies to open opportunities for investments by foreign
players, to improve the economic conditions, is expected to drive the
demand for explosives subsequently. The segment is projected to witness
volume growth at a CAGR of 4.9% over the forecast period.
- Coal mining was
the largest application within the mining sector accounting for 49.8% of
the volume in 2015. However, the outlook towards coal is likely to be
bleak over the forecast period on account of increasing shifting trends of
consumers towards alternative sources of energy including natural gas and
renewable energy. However, metal mining is expected to witness tremendous
growth on account of rising demand for metals including rare earth
pyrotechnics accounted for 36.2% of the global volume in 2015 and is
expected to grow on account of increasing demand for recreational
fireworks, model rocket motors, and powder-actuated nail guns.
- Key market
players include Orica Mining Services, ENAEX, Maxam Corp., Sasol Limited,
Austin Powder Company, AEL Mining Services, Chemring Group, Incitec Pivot,
AECI Group, Pyro Company Fireworks, ePC Group, Alliant Techsystems,
Titanobel SAS, Hanwha Corp., Solar Industries India, and LSB Industries.
- Companies are focusing on product innovation to cater to the growing demand for safe & effective explosives. For instance, in September 2016, Orica launched a new product, Vistis Bulk System, catering to the growing consumer demand in Australia.
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Created on Nov 14th 2019 07:35. Viewed 245 times.