New York, NY -- (SBWIRE) -- 10/18/2016 -- Industrial explosives are blasting explosives with significant hazards, which are majorly used in construction, quarrying and mining industries. To enter into the industry, manufacturers require an explosives license to sell as well as sore industrial explosives or in some cases, they are exempted by the Explosives Act and Regulations. Various types of explosives and their accessories are manufactured in the industry such as safety fuse, detonating fuse, detonators, gun powder, nitro compound, ANFO (Ammonium nitrate – Fuel Oil) based explosives, cartridge explosives, bulk explosives and nitrate mixtures. Asia Pacific dominated the global industrial explosives market in terms of production with more than 30 key players involved in industrial explosives industry. Some of them include Indian Oil Corporation, Hubei Kailong Chemical Group Co., and Solar Industries India Limited among others. Europe accounts for the second largest manufacturer for industrial explosives, followed by North America, particularly United States and Canada.
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The global industry for industrial explosives has been witnessing significant growth due to growth of its end user industries such as mining and construction. Emerging economies such as India serves as a huge opportunity for the industrial explosives industry and its accessories. The industry in India has noticed a major shift from complete dependence on imports over the past few decades to increased production and exportable surplus currently. The industry for industrial explosives comprises the activities such as selling and producing the explosives in bulk, catridge, gun powder, and ANFO based explosives of the nitrate mixture, nitro compound including boosters and PETN as well as explosives accessories such as safety fuse, detonating fuse and detonators. The mining industry accounts for the largest market share in overall industrial explosives market with coal mining dominating the mining industry for explosives, due to increasing demand for coal. This growth can be mainly attributed to the increasing demand for coal, cement and electricity in the country thus driving the market. The global market is largely driven by bulk explosives. In addition, accessories such as detonators are also leading the market due to its strong governmental policies and regulations coupled with growing usage in initiating an explosive charge. The industry for these explosives remains concentrated with various companies such as Solar Industries India Limited being one of the prominent players on account of the company's thriving record of project execution as well as a strong brand name in the field of industrial explosives.
Rising construction activities as well significant growth of the mining industry is expected to boost the demand for various materials such as coal, electricity and cement. This factor is expected to drive the demand for industrial explosives which are to be used in the mining and construction activities. However, price variations in explosives are expected to slow down the growth of the market. Increasing focus towards product innovation and technological advancements as well as focus on market expansion in developing and emerging regions is expected to provide new opportunities for the industrial explosives market.
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AEL Mining Services Ltd., Enaex, EPC Groupe, Gulf Oil Corporation Limited, Guizhou Panjiang Chemical Plant, Hubei Kailong Chemical Group Co., Ltd, Indian Oil Corporation Limited, and Solar Industries India Limited are some of the major players present in the industrial explosives industry.
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