According to the latest report by Persistence Market Research (PMR), global sales of industrial explosives reached ~ 1,900,000 tons in 2018. In particular, the report analyzes the Latin American industrial explosives market, which is estimated to reach $1 billion in revenue by the end of 2019.
Industrial Explosives Market in Latin America is anticipated to reach ~5% CAGR during the forecast period 2022-2029. The increasing depth of underground mining and an increasing number of tunneling and road development projects are expected to boost demand for industrial explosives in Latin America.
The regional economy relies heavily on the mining sector for development, justifying healthy investment in the mining and quarrying industry, thereby driving market growth.
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The rapid transition from open pit to underground mining and increasing preference of explosives over conventionally used mechanical drills in tunneling are some of the factors expected to drive the growth in demand for industrial explosives in this region during the forecast period.
However, the challenges posed by higher raw material prices and strict government regulations for the use of industrial explosives are expected to remain the main impediments to rapid market growth for the foreseeable future.
Explosives remain in demand
Mining is one of the main drivers of economic growth in several Latin American countries. The thriving mining sector in countries such as Brazil, Peru, Mexico and Argentina is expected to create healthy demand for industrial explosives in the Latin American region. Governments and mining companies in these countries focus on the development of important natural resources through mining and quarrying in order to fuel the respective countries’ economic growth and improve and maximize development.
For example, in January 2015, the Peruvian government invested about US$62 billion in mining projects to increase the mining capacity of minerals such as zinc, copper and gold. Such initiatives by local governments are expected to fuel the growth of the industrial explosives market in the region.
Explosives are expected to experience significantly higher demand compared to explosives in the industrial explosives market. The segment is also expected to grow at a higher CAGR over the forecast period due to the high demand of infrastructure projects and mineral exploration activities in the region.
In terms of end use, the mining segment is expected to account for over 80% of the total demand for industrial explosives by volume throughout the forecast period .
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Domestic players account for 50% market share
PMR’s analysis of the competitive landscape of the Latin American Industrial Explosives Market demonstrates the competitive structure and provides actionable insights into the most preferred development strategies employed by prominent market players. It is estimated that the global industrial explosives market is significantly consolidated, with leading domestic manufacturers accounting for more than 50% of the total market share.
Some of the major players identified in the Latin American Industrial Explosives Market are AEL Mining Services, Enaex SA, ORICA Ltd., MaxamCorp Holding SL, Exsa SA and Austin Powder Company.
The use of nitrogen-based industrial explosives is a resurgent trend in the Latin American industrial explosives market. Mining companies rely on the use of explosives based on nitrogen compounds due to their cost-effectiveness and stable behavior. Nitrogen compound based explosives such as ANFO (Ammonium Nitrate Fuel Oil) are inherently relatively stable compared to other explosives as they require a detonator to detonate. D
In addition, such explosives are inexpensive, which has prompted market players in the industrial explosives market to actively develop nitrogen-based explosives in order to achieve greater profit margins and provide a product desirable to consumers.
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