The global explosives market is
expected to reach USD 31.95 billion by 2024, according to a new report by Grand
View Research, Inc. The global explosives and pyrotechnics market is expected
to grow significantly over the forecast period on account of increasing use of
the product in construction and mining activities.
Rising number of projects for
infrastructure development in Asia Pacific is expected to drive the demand for
explosives as a blasting agent. Increasing government spending for
infrastructure development in Asia Pacific and the Middle East on account of
increasing domestic output is expected to play a significant role in amplifying
construction activities in these regions.
In 2013, Asia Pacific
contributed to approximately 44% of the total global construction spending, an
increase of 4% from the previous year. Also, the development of new
construction and building projects in Asia is likely to boost market growth.
The demand for explosives in the region is expected to be 14.93 million tons by
2024.
In depth research report on Explosives Market
Further key findings from the report suggest:
•
Positive outlook towards the
mining sector in Chile, and Peru, and owing to government policies to open
opportunities for investments by foreign players, to improve the economic
conditions, is expected to drive the demand for explosives subsequently. The
segment is projected to witness volume growth at a CAGR of 4.9% over the forecast
period.
•
Coal mining was the largest
application within the mining sector accounting for 49.8% of the volume in
2015. However, the outlook towards coal is likely to be bleak over the forecast
period on account of increasing shifting trends of consumers towards
alternative sources of energy including natural gas and renewable energy.
However, metal mining is expected to witness tremendous growth on account of
rising demand for metals including rare earth elements.
•
Consumer pyrotechnics accounted
for 36.2% of the global volume in 2015 and is expected to grow on account of
increasing demand for recreational fireworks, model rocket motors, and
powder-actuated nail guns.
•
Key market players include
Orica Mining Services, ENAEX, Maxam Corp., Sasol Limited, Austin Powder
Company, AEL Mining Services, Chemring Group, Incitec Pivot, AECI Group, Pyro
Company Fireworks, ePC Group, Alliant Techsystems, Titanobel SAS, Hanwha Corp.,
Solar Industries India, and LSB Industries.
•
Companies are focusing on
product innovation to cater to the growing demand for safe & effective
explosives. For instance, in September 2016, Orica launched a new product,
Vistis Bulk System, catering to the growing consumer demand in Australia.
Grand View Research has
segmented the global explosives & pyrotechnics market on the basis of
product, application and region:
Global Explosives Product Outlook (Volume, Kilo Tons;
Revenue, USD Million; 2013 - 2024)
•
Blasting agents
•
Propellants
•
Pyrotechnics
•
Others
Global Explosives Application Outlook (Volume, Kilo Tons;
Revenue, USD Million; 2013 - 2024)
•
Mining
•
Construction
•
Military
•
Others
Global Pyrotechnics Application Outlook (Volume, Kilo
Tons; Revenue, USD Million; 2013 - 2024)
•
Proximate pyrotechnics
•
Consumer pyrotechnics
•
Display pyrotechnics
•
Others
Global Explosives Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million; 2013 - 2024)
•
North America
o
U.S.
•
Europe
o
Germany
o
UK
•
Asia Pacific
o
China
o
India
•
Latin America
o
Brazil
•
Middle East & Africa (MEA)
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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