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Industrial explosives are a form of blasting agents that are used in mining, quarrying, and construction activities. They include dynamite, water gel/slurry explosives, emulsion explosives, and ANFO which are designed to fragment rock for excavation. Industrial explosives are used in surface as well as underground mining activities for extracting minerals and metals. They are also used for construction activities such as road construction, tunneling, and land clearing where large rock fragmentation is required. Water gel and emulsion explosives allow precision blasting while minimizing noise and vibration. ANFO offers a cost-effective solution for large-scale quarrying and surface mining applications.
The global Industrial Explosives Market is estimated to be valued at US$ 8.95 billion in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased mining and quarrying activities would boost demand for industrial explosives over the forecast period. With growing urbanization and industrialization, demand for minerals and metals is increasing globally which is driving the mining industry. Further, infrastructure development activities are also surging in developing economies of Asia Pacific and Latin America which require large quantities of building materials such as cement, sand, and gravel. This is augmenting quarrying volumes and subsequently boosting consumption of industrial explosives for rock fragmentation in mining and quarrying end-uses. Another growth driver for the market is technological advancements in industrial explosive products. Emergence of advanced emulsion and ANFO explosives has enabled precision blasting with minimal environmental impact. They produce finer fragments with lower vibration and noise levels. This has increased their acceptance over conventional explosives.
Key players like Orica and Dyno Nobel have established global presence due to their wide product portfolio, vertically integrated production facilities and long-standing relationships with large customers worldwide.
Segment Analysis
The Industrial Explosives market is segmented into Blasting agents, initiating systems, and others. The blasting agents segment is dominating the market and accounts for more than 50% of the market share in 2021. This is because blasting agents are extensively used across underground mining, quarrying, and construction industries for various commercial construction as well as residential construction activities.
PEST Analysis
Political: Regulations related to mining explosives are set by authorities like Mine Safety and Health Administration (MSHA) which ensure safety standards. However, certain regions have trade restrictions for explosives import which impacts market growth.
Economic: Growth in construction, mining and infrastructure development activities especially in emerging economies drives demand. Post pandemic economic recovery programs also boost exploration and production spending positively impacting the market.
Social: With growing urbanization and infrastructure development projects, demand for industrial explosives rises. However, public concerns over safety and environmental issues act as a restraint.
Technological: Advancements in controlled blasting techniques help minimise environmental damage. Use of advanced e-initiation systems and precision augmented reality/GPS enabled blasting also gain traction.
Key Takeaways
The global Industrial Explosives Market is expected to witness high growth over the forecast period. The global industrial explosives market is estimated to be valued at US$ 8.95 billion in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024-2031.
The Asia Pacific region dominates the market due to high demand from several major economies like China and India. Rapid urbanization, infrastructure growth and ongoing mining projects in the region boost market value.
The key players operating in the Industrial Explosives market are Orica, MAXAM, AEL, IPL (Dyno Nobel), ENAEX, Sasol, AUSTIN, EPC Groupe, BME Mining, Yunnan Civil Explosive, Solar Explosives, Gezhouba Explosive, EPC Groupe, Anhui Jiangnan, and Guizhou Jiulian.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
