NEW YORK, March 31, 2021 /PRNewswire/ -- Growing demand for coal and metals across various industrial sectors is one of the leading driving factors for the growth of the global industrial explosives market. The mining sector has witnessed significant growth in the past few years, which is expected to continue over the coming years as well. Increasing demand from automotive and construction industries is expected to fuel growth of the mining sector. Demand for bulk industrial explosives is extremely high, and this segment will continue to enjoy a huge market share over the next ten years.
As per analysis by Persistence Market Research, the global industrial explosives market is estimated to expand at a healthy CAGR of more than 6% over the forecast period of 2021-2031.
Key Takeaways from Market Study
- Demand for bulk explosives has seen prominent growth in recent years, as they are used as a blasting material with an interesting ratio performance/price.
- Increasing demand for packaged explosives from the construction sector is expected to complement market growth.
- Increasing requirement for coal has led to significant growth in demand for industrial explosives.
- Demand for metals from various industries has seen tremendous growth over the decades. As such, the need for industrial explosives has been rising steadily over the past few years for related applications, especially in nations such as India, China, and Russia.
- Currently East Asia is the most lucrative market for industrial explosives due to increased domestic demand for metals and coal, and rising construction activities.
- Due to the COVID-19 pandemic, industrial activities were hit, thereby diminishing demand for explosives. In 2020, the market witnessed a growth of only 0.9%. However, with activities gradually increasing across sectors, growth in 2021 is pegged at close to 5%.
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"Demand for industrial explosives in high from the mining sector across regions, which holds a market share of more than 80%," says an analyst of Persistence Market Research.
Competitive Landscape
The global industrial explosives market has been identified as a significantly fragmented market, with the organized sector occupying a major section of the overall industry. Tier-1 manufacturers account for maximum share. Some of the leading players included in the report are Orica Limited, NOF corporation, Enaex S.A., African Explosives Limited, Dyno Nobel, Exsa S.A. Maxam corp Holdings, Austin Powder Company, Irish Industrial Explosives Ltd, Ideal Industrial Explosives Limited, Sichuan Yahua Industrial Group Co., Ltd, BME Mining, Solar Industries, LSB Industries, and Eurenco S.A., which are anticipated to create a tough competitive environment at the global level.
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Conclusion
Demand for industrial explosives is anticipated to increase substantially owing to the growing mining as well as construction sector due to rapid urbanization and industrialization across the globe. Volatile demand due to the cyclic process in mining industry has a significant impact on demand. Increasing housing and infrastructure projects and enhancement of public transportation facilities - including railways and roadways - is expected to result in growth in the number of intensive tunnelling and road development projects in countries such as India and the MEA region. Increasing use of industrial explosives in the construction industry for tunnelling and other applications along with inclination of construction professionals toward the use of industrial explosives to save time and labour costs is leading toward growing use of explosives in the construction industry.
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More Valuable Insights
Persistence Market Research, a research and consulting firm has published a market research report on the industrial explosives market that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031. The report provides in-depth analysis of the market through different segments, namely, type, end use, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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