Industrial Explosives Market Size and Forecast (2021-2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type [High Explosives (Dynamites, Gelatins, RDX), Blasting Agents (Slurries and Emulsions, ANFO, Blends), and Low Explosives], and Application (Mining, Construction, and Others)
The scope of our recent study on the "Industrial Explosives Market Forecast to 2031 - Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type, and Application" includes the factors fuelling the industrial explosives market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The industrial explosives market size was valued at US$ 23.51 billion in 2023 and is expected to reach US$ 35.77 billion by 2031; it is estimated to register a CAGR of 5.4% from 2023 to 2031.
Using high-energy explosives enhances the fragmentation of rocks and efficiently carries out mining operations. This also has a positive impact on overall production costs. The mining industry considers blasting an essential component for the success of their operations. Ammonium nitrate is a widely used component for formulating explosives and blasting agents. Further, roads and tunnel construction play an important role in the economic development of a country. Thus, the growing mining and construction activities in developing economies are a leading factor in driving the global industrial explosives market.
Based on type, the market is segmented into high explosives, blasting agents, and low explosives. The blasting agents segment held the largest share in the global industrial explosives market in 2023, and the high explosives segment is expected to register a higher CAGR from 2023 to 2031. High explosives are the most sensitive with good water resistance. High explosives generate gas with extreme rapidity and have a shattering effect. The blasting agents' segment includes slurries and emulsions, ANFO, and blends. This agent is primarily made of inorganic nitrates such as ammonium, sodium, and carbonaceous fuels.
The industrial explosives market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest industrial explosives market share in 2023. In 2022, Japan announced the extraction of rare earth metals from the deep seabed near Minami-Torishima Island by 2024. The country planned the development of extraction technologies for efficient extraction of metals, aimed at meeting the rising metal demand for electric vehicles and hybrid vehicles, as well as reducing dependency on Chinese metal imports. In December 2022, Sumitomo Metal Mining's Hishikari mine employed Sandvik's automated loading technology in the underground mine. In June 2023, the Province of British Columbia and the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) signed a cooperation statement to advance the development of critical minerals for both countries collaboratively. The mining developments in the Asia Pacific are expected to boost the demand for industrial explosives during the forecast period.
Global Industrial Explosives Market Breakdown - by Region
The report includes the segmentation of the global industrial explosives market as follows:
The global industrial explosives market is bifurcated based on type, and application. Based on type, the market is segmented into high explosives, blasting agents, and low explosives. Based on application, the market is categorized into mining, construction, and others. Industrial explosives are widely used for loosening mineral rocks, quarrying, and other nonmetal mining. Explosives are also used in excavation of ground, development of roads, and demolition activities. Blasting operations are used to break rocks for excavation and construction of dams, tunnels, or roads. Industrial explosives are used in several mining processes, quarrying, and tunneling construction. The rising mineral exploration, mining production, and demolition activities propel the utilization of industrial explosives, which fuels the market growth.
By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is sub-segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific industrial explosives market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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