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The industrial explosives market size is projected to reach US$ 35.77 billion by 2031 from US$ 23.51 billion in 2023. The market is expected to register a CAGR of 5.4% during 2023–2031. Research and development of environment-friendly explosives are likely to set trends in the market during the forecast period.
Industrial Explosives Market Analysis
In the past few years, there has been a significant rise in mining activities and large-scale metal mining operations. These operations often require substantial quantities of explosives for various applications such as rock fragmentation, overburden removal, and access to mineral deposits. With the growing demand for metals, mining companies increasingly focus on improving safety measures and operational efficiency. This includes advancing mining explosive technologies and formulations that can optimize blasting operations. Industrial explosives with better fragmentation capabilities, reduced vibrations, and improved safety features can help increase productivity and minimize environmental impacts. The growing mining industry, coupled with rising innovations in the industrial explosives market, is expected to favor the market growth.
Industrial Explosives Market Overview
The mining industry operates in a complex network of national, regional, and local regulatory frameworks. Navigating these regulatory requirements can be time-consuming and resource-intensive for mining companies. In addition, obtaining permits for mining operations can be a lengthy and bureaucratic procedure in many countries. The use of industrial explosives has its challenges and risks, as safety is a paramount aspect of consideration. In order to mitigate the risks of handling explosives, stringent regulations and standards govern the use of explosives. Governments of various countries implement rigorous explosive safety standards such as adherence to specific production processes, utilization of advanced safety technologies, and safety management systems. The growing environmental awareness, stringent regulations, and the need for sustainable practices in various applications such as mining, construction, and avalanche control are fostering the research on several environment-friendly explosives. Environment-friendly explosives or green explosives are developed to minimize their environmental impact while maintaining or improving performance and safety.
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Industrial Explosives Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Industrial Explosives Market: Strategic Insights
Shejal
Have a question?
Shejal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Industrial Explosives Market Drivers and Opportunities
Surge in Government Support for Infrastructure Development to Favor Market
Industrial explosives play a major role in infrastructure development, providing an efficient and cost-effective means for large-scale excavation and demolition. Their applications span from the construction of roads, dams, tunnels, and other civil engineering projects. The utilization of industrial explosives allows for the rapid breaking of rock and other hard materials, which is essential for creating foundations and facilitating the extraction of resources. In May 2023, South Korea and Saudi Arabia signed two memorandums of understanding with an aim to enhance business opportunities in the transport and logistics industries, including public transport, air transport, roads, ports, railways, and logistics. Thus, the surge in government support for infrastructure development fuels the market growth.
Utilization of Explosives for Avalanche Control
Avalanche mitigation or avalanche blasting is achieved for the protection of human lives, infrastructure, and recreational areas from the destructive force of avalanches. The utilization of industrial explosives for avalanche control presents a significant opportunity to enhance safety and accessibility in hilly and mountain regions. Critical infrastructure such as roads, railways, and communication lines often traverse avalanche-prone areas. The utilization of explosives for avalanche control helps protect the infrastructure from damage. The costs for repairs and maintenance are minimized by reducing the risks of large avalanches. In remote or high-risk areas, helicopters are used to deliver explosives, which further allows rapid deployment and precise targeting of unstable snowpacks.
Industrial Explosives Market Report Segmentation Analysis
Key segments that contributed to the derivation of the industrial explosives market analysis are type and application.
- Based on type, the industrial explosives market is segmented into high explosives, blasting agents, and low explosives. The blasting agents segment held the largest share of the market in 2023.
- Based on application, the industrial explosives market is segmented into mining, construction, and others. The mining segment dominated the market in 2023.
Industrial Explosives Market Share Analysis by Geography
The geographic scope of the industrial explosives market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific dominated the industrial explosives market. According to the report published by the US Geological Survey in 2022, China is the producer of 16 critical minerals out of 25 listed minerals. According to research conducted by the Norwegian Institute of International Affairs in 2022, Central Asia recorded a presence of 38.6% of global manganese ore reserves, 30.07% of chromium, 20% of lead, 12.6% of zinc, 8.7% of titanium, 5.8% of aluminum, and 5.3% of copper. China's well-established mining infrastructure and expertise in rare earth metal extraction enable efficient extraction of scandium-containing ores, ensuring a steady supply to meet domestic and global demand. China, Tajikistan, Australia, Vietnam, and other countries account for major antimony mine production and reserves worldwide. In July 2024, Koh Samui municipality (Thailand) suspended a Chinese-owned luxury resort project on Koh Samui due to permit issues, resulting in possible demolition. Therefore, growth in mining and demolition operations bolsters the demand for industrial explosives in Asia Pacific.
Industrial Explosives Market Report Scope
Industrial Explosives Market News and Recent Developments
The industrial explosives market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the industrial explosives market are listed below:
- Dyno Nobel and a Saudi investment company announce entry into a non-binding MOU for the development of an ammonium nitrate plant in Saudi Arabia. (Source: Dyno Nobel, Press Release, January 2024)
- Enaex SA and NYK Bulk & Projects Carriers Ltd, a member of the NYK Group, signed a memorandum of understanding (MoU) to jointly research the feasibility of supplying low-carbon ammonia to ammonia-fueled ships. (Source: Enaex SA, Press Release, February 2024)
Industrial Explosives Market Report Coverage and Deliverables
The "Industrial Explosives Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Industrial explosives market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Industrial explosives market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed Porter's Five Forces analysis and SWOT analysis
- Industrial explosives market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the industrial explosives market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The industrial explosives market value is estimated to be US$ 35.77 billion by 2031.
The industrial explosives market is expected to register a CAGR of 5.4% during 2023–2031.
Orica Ltd, Austin Powder Company, Dyno Nobel Ltd, Solar Industries India Ltd, and Keltech Energies Ltd are the leading players operating in the industrial explosives market.
Research and development of environment-friendly explosives are likely to set trends in the upcoming years.
Asia Pacific dominated the industrial explosives market in 2023.
Growth of the mining industry and surge in government support for infrastructure development are among the factors accelerating the industrial explosives market growth.
The List of Companies - Industrial Explosives Market
- Orica Ltd
- AECI Ltd
- Austin Powder Company
- Dyno Nobel Ltd
- Enaex SA
- MaxamCorp Holding SL
- Solar Industries India Ltd
- EPC Groupe
- Keltech Energies Ltd
- Hanwha Corp
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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