by The industrial explosives market comprises explosives that are commercially manufactured and used across applications such as mining, infrastructure development, and military among others. Industrial explosives help in excavation, fragmentation of rocks, tamping and grading of land primarily for mining and infrastructure activities.
The global industrial explosives market is estimated to be valued at US$ 8.03 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Rising mining and infrastructure development activities across the world has been a major factor driving the demand for industrial explosives in recent years. With growing population and rapid urbanization, the demand for minerals and metals used in construction has increased significantly. This has prompted mining companies to scale up their production activities through extensive excavation and drilling operations where industrial explosives play a vital role. Furthermore, government investments towards development of roads, rail networks, bridges and other infrastructure is also contributing to the consumption of industrial explosives. Between 2023-2030, Asia Pacific region is expected to witness substantial infrastructure development which will boost the adoption of industrial explosives during the forecast period.
SWOT Analysis
Strength: Industrial explosives are extensively used in mining, construction, and other infrastructure development projects. Rising investments in these industries will drive the demand for industrial explosives.
Weakness: Strict regulations regarding the storage, transportation, and usage of explosive materials pose operational challenges. Improper handling could lead to accidents.
Opportunity: Growth opportunities exist in developing regions such as Asia Pacific and Latin America due to increased mining and industrial activities. Technological advancements are also improving the precision and effectiveness of industrial explosives.
Threats: Fluctuations in raw material prices directly impact the production cost of industrial explosives. Environmental concerns around mining operations using explosives could lead to greater restrictions.
Key Takeaways
The Global Industrial Explosives Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Rapid urbanization and growth of infrastructure are driving the demand from construction industries while rising mining activities are boosting consumption across metal and coal mining industries.
Regional analysis: Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period. This can be attributed to strong economic growth in countries such as China and India along with rising mining and infrastructure development activities. Countries in Latin America are also emerging as prominent regional markets due to investments in mining and energy & power projects.
Key players: Key players operating in the industrial explosives market are Orica Limited, Irish Industrial Explosives Limited, Dyno Nobel Pty Limited/ Incitec Pivot Ltd., NOF Corporation, AEL Mining Services Ltd. / AECI Group, EURENCO, Enaex S.A., Austin Powder Holdings Company, Maxamcorp Holding S.L., and Exsa S.A. Manufacturers are focusing on capacity expansions and new product development activities to strengthen their positions in major global and regional markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
