Valley Cottage, NY -- (SBWire) -- 01/31/2019 --The Asia Pacific region is anticipated to account for a major share in the overall market value of the global industrial explosives market
By value, Asia Pacific is slated to account for a major share in the global industrial explosives market and is expected to dominate the global industrial explosives market throughout the forecast period. The region is estimated to account for a share of more than 40% in the overall market by 2024 end, registering a CAGR of 6.3% during 2016-2024. The APAC region is expected to represent incremental $ opportunity of more than US$ 2,000 Mn between 2016 and 2024. A steady growth in coal production, especially in India coupled with growing construction spending are two of the key growth driving factors in the industrial explosives market in the region during the projected period. By market share, anticipated incremental opportunity and forecast CAGR, China is expected to be relatively more attractive in the overall APAC industrial explosives market during the predicted period. In terms of CAGR, India is estimated to be the most lucrative country in the APAC industrial explosives market during the period of forecast.
Increasing infrastructure and construction spending is expected to drive growth of mining and allied industries, thereby fueling demand for industrial explosives
Growing construction and mining activities in developing regions such as Asia Pacific are expected to fuel the growth of the global industrial explosives market. Countries in Asia Pacific such as India and Indonesia are focusing on increasing their infrastructure and construction spending. Moreover, the quarrying industry is anticipated to witness steady growth in the APAC region owing to increasing demand for sand and stone from the construction industry. A growing number of housing and infrastructure projects and enhancement of public transportation facilities including railways and roadways is expected to result in significant investment towards tunneling and road development projects in countries such as India. This, in turn, is expected to fuel the demand for industrial explosives in the APAC region.
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Mining and exploration companies are channelizing investment towards extracting minerals from underground mines and are deploying advanced technologies in order to extract mineral-rich resources at deeper levels. A growing number of relatively mature mines coupled with ever growing stringent regulations is expected to drive the growth in underground mining in APAC. For instance, in 2016, the Indian government announced an investment of more than US$ 100 Mn towards underground coal mines. Anticipated growth in coal-fired power generation in APAC is also predicted to drive growth in the consumption of industrial explosives in the region. With rising urbanization, there has been a substantial increase in demand for power to meet the energy requirements of the growing population. Sustained efforts towards increasing the adoption of renewable and cleaner sources of power generation are expected to gather momentum over the projected period. In Asia Pacific, India is expected to continue to witness steady growth in the consumption of coal for power generation, and this is creating robust development in the industrial explosives market in APAC.
The APAC industrial explosives market is witnessing high growth opportunity owing to the introduction of technologically advanced products. Key manufacturers of industrial explosives are focusing on product differentiation through innovation by means of investments in research & development, value-added product launches, and exploration of novel applications. Major players are focusing on offering high energy explosives, rock fragmentation explosives and explosives for underwater applications, which is creating a positive impact on the APAC industrial explosives market.
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Blasting Agents segment by type and Non-Metal Mining segment by end-use industry are expected to dominate the APAC industrial explosives market during the forecast period
By type, the blasting agents segment is expected to dominate the APAC industrial explosives market throughout the projected period. The blasting agents segment is expected to account for a share of more than 90% in overall market value by 2024 end, registering a CAGR of 6.5% during 2016-2024. By growth, the high explosives segment is anticipated to witness significant growth, registering a CAGR of 4.8% during the period of assessment. By market share, anticipated incremental opportunity and forecast CAGR, the blasting agents segment is expected to be relatively more attractive in the overall APAC industrial explosives market during the speculated period.
By end-use industry, the non-metal mining segment is expected to dominate the APAC industrial explosives market throughout the projected period. The non-metal mining segment is expected to account for a share of close to 60% by 2024 end, registering a CAGR of 6.4% during 2016-2024. The construction segment is anticipated to witness relatively fast growth, registering a CAGR of 7.2% during the predicted period. In terms of market share, anticipated incremental opportunity and forecast CAGR, the non-metal mining segment is expected to be relatively more attractive in the overall APAC industrial explosives market during the predicted period.
The Asia Pacific Region Is Anticipated to Account for a Major Share in the Overall Market Value of the Global Industrial Explosives Market
Growing construction and mining activities in developing regions such as Asia Pacific are expected to fuel the growth of the global industrial explosives market. Countries in Asia Pacific such as India and Indonesia are focusing on increasing their infrastructure and construction spending.