Surge in mineral extraction activities, increase in demand for industrial explosives in open-pit mining and rise in tunnel construction and development projects

PORTLAND, OREGON, UNITED STATES, September 29, 2021 /EINPresswire.com/ -- Allied Market Research recently published a report, "Industrial Explosives Market by Type [High Explosives and Blasting Agents (Ammonium Nitrate Fuel Oil (ANFO), Water Gel Explosives, Emulsions, Nitrogen Explosives, and Slurries)]and End-use Industry (Mining, Construction, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global industrial explosives industry was pegged at $7.1 billion in 2019, and is expected to reach $10.9 billion by 2027, witnessing a CAGR of 5.5% from 2020 to 2027.

Major drivers of market growth:

Surge in mineral extraction activities, increase in demand for industrial explosives in open-pit mining, and rise in tunnel construction and development projects have boosted the growth of the global industrial explosives market. However, surge in natural gas prices and limitations in transportation and storage hamper the growth of the market. On the contrary, government initiatives in the mining sector are expected to create lucrative opportunities for the market players in the future.

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COVID-19 scenario: The global industrial explosives market has greatly affected by the outbreak of Covid-19.

Due to lockdown in various countries and social distancing regulations, the mining and construction activities are temporarily suspended.
There is a dearth of skilled labor during lockdown across various countries and need to take corrective measurements after lockdown to protect workforce, which would hamper the construction and mining activities.
Blasting agents segment dominated the market:

By explosive type, the blasting agents segment held the largest share in 2019, accounting for more than four-fifths of the global industrial explosives market. Moreover, the segment is expected to register the highest CAGR of 5.6% during the forecast period. This is owing to increase in use in the mining and construction industry because of its safety and security, excellent resistance to water, increased velocity of detonation, transport, handling and storage, savings in drilling operations, and low gas emissions. The report also analyzes the high explosives segment.

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Mining segment to manifest highest CAGR through 2027:

By end-use industry, the mining segment is expected to portray the highest CAGR of 5.6% during the forecast period. However, the segment held the largest share in 2019, accounting for more than three-fourths of the global industrial explosives market, due to increased use of industrial explosives for rock fragmentation in the extraction of minerals and coal. The research also discusses segments including construction and others.

Asia-Pacific held the largest share:

By region, the global industrial explosives market across Asia-Pacific region held the largest share in 2019, contributing to more than two-fifths of the market. Moreover, the region is expected to register the highest CAGR of 6.5% during the forecast period, owing to the presence of large mineral reserves coupled with a steadily growing demand for industrial minerals. The research also discusses regions including North America, Europe, and LAMEA.

Major market players

AECI Ltd.
EPC Groupe
Austin Powder Company
Irish Industrial
Incitec Pivot limited
Keltech Energies Ltd.
Explosives Ltd.
NOF Corporation
Maxam Corp.
Sigdo Koppers S.A.
Orica Ltd.
Solar Industries India Ltd.

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About Us:
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Analytics LLP
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