The prices for high explosives were high as compared to other industrial explosives in 2015; however, the prices are expected to witness a significant drop by 2022 due to increase in innovations in the manufacturing of high explosives.
Portland, OR -- (SBWIRE) -- 06/26/2017 -- Industrial Explosives Market report, published by Allied Market Research, forecasts that the global market was valued at $10,180 million in 2015, and is expected to garner $15,888 million by 2022, registering a CAGR of 6.7% during the forecast period 2016 to 2022. Mining segment dominated this market, occupying more than four-fifths share of the market revenue in 2015.
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The market for industrial explosives is on a continuous rise due to rapid increase in mining activities, especially in the developing economies globally. Moreover, increase in demand for earth minerals, such as bauxite, iron ore, coal, and rare earth metals, such as gold and silver, is a key factor fueling the market growth. In addition, growth in use of industrial explosives, especially in the construction industry for tunneling and other applications, along with increase in inclination of construction professionals toward the use of industrial explosives to save time and labor costs drive the growth of the market.
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Furthermore, initiatives by governments of various economies to tap rich underground mineral resources to achieve pace in the ever-growing competition and higher GDP are some of the factors that accelerate the market growth. However, fluctuating prices of ammonia along with stringent regulations on the storage and transportation of industrial explosives along with high initial costs required for the manufacture of industrial explosives are some of the key factors that hamper the market growth. Moreover, maintenance & aging costs and compliance with quality, specifications, and testing are some major factors that hinder the growth of the market.
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In the year 2015, the mining segment occupied around 80% of the overall industrial explosives market revenue and is expected to maintain its lead throughout the forecast period. This is due to increase in investments in mining activities to tap rich mineral resources to fulfil the rise in demand for the same global. Blasting agents dominated high explosives, as they are used in bulk quantities to detonate mines and mountains.
Key Findings of the Industrial Explosives Market
- Blasting agents segment is anticipated to grow at the fastest rate during the analysis period.
- Asia-Pacific is estimated to continue to lead the market, growing at a CAGR of 5.7% in terms of volume.
- China occupied more than one-third of the total share of the Asia-Pacific industrial explosives market in 2015.
- India is estimated to grow at the highest CAGR of 8.1% in terms of revenue.
- Nonmetal mining end-use industry accounted for half of the mining segment in 2015.
Asia-Pacific and LAMEA collectively accounted for more than half of the market in 2015, and are expected to maintain this trend throughout the forecast period. This is due to the increase in mining and mineral exploration activities due to abundance of rich mineral resources in these regions, especially in China, India, Chile, Peru, Brazil, and others.
Key players in the global industrial explosives market focus on acquiring local players to strengthen their market reach as well as to expand their customer base. Major companies profiled in the report include AEL Mining Services, Orica Ltd., EXSA S.A., Enaex S.A., MAXAM Corp., Austin Powder Company, Hubei Kailong Chemical Group Co., Ltd, Solar Industries India Limited, Dyno Nobel, and Davey Bickford.