As per analysis by Persistence Market Research, the global industrial explosives market is estimated to expand at a healthy CAGR of more than 6% over the forecast period of 2021-2031.
Growing demand for coal and metals across various industrial sectors is one of the leading driving factors for the growth of the global industrial explosives market. The mining sector has witnessed significant growth in the past few years, which is expected to continue over the coming years as well. Increasing demand from automotive and construction industries is expected to fuel growth of the mining sector. Demand for bulk industrial explosives is extremely high, and this segment will continue to enjoy a huge market share over the next ten years.
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Key Takeaways from Market Study
- Demand for bulk explosives has seen prominent growth in recent years, as they are used as a blasting material with an interesting ratio performance/price.
- Increasing demand for packaged explosives from the construction sector is expected to complement market growth.
- Increasing requirement for coal has led to significant growth in demand for industrial explosives.
- Demand for metals from various industries has seen tremendous growth over the decades. As such, the need for industrial explosives has been rising steadily over the past few years for related applications, especially in nations such as India, China, and Russia.
- Currently East Asia is the most lucrative market for industrial explosives due to increased domestic demand for metals and coal, and rising construction activities.
- Due to the COVID-19 pandemic, industrial activities were hit, thereby diminishing demand for explosives. In 2020, the market witnessed a growth of only 0.9%. However, with activities gradually increasing across sectors, growth in 2021 is pegged at close to 5%.
“Demand for industrial explosives in high from the mining sector across regions, which holds a market share of more than 80%,” says an analyst of Persistence Market Research.
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Competitive Landscape
The global industrial explosives market has been identified as a significantly fragmented market, with the organized sector occupying a major section of the overall industry. Tier-1 manufacturers account for maximum share. Some of the leading players included in the report are Orica Limited, NOF corporation, Enaex S.A., African Explosives Limited, Dyno Nobel, Exsa S.A. Maxam corp Holdings, Austin Powder Company, Irish Industrial Explosives Ltd, Ideal Industrial Explosives Limited, Sichuan Yahua Industrial Group Co., Ltd, BME Mining, Solar Industries, LSB Industries, and Eurenco S.A., which are anticipated to create a tough competitive environment at the global level.
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