Press release
Dynamite Market Global Shares 2023 - Hanwha Corp., Incitec Pivot Ltd, Austin Powder Gmbh, Eurenco SA, Explosia, Inc., EPC Groupe, Yara, Nitroerg SA, Forcit Group, Titanobel, IDL Explosives, Enaex, Anhui Jiangnan, BME and Ideal Industrial Explosives Ltd
Rising demand for mineral extraction across the globe is fueling the overall explosives market growth at a CAGR of 5.67%
Global Dynamite Market is projected to reach USD 17,973.7 million by 2023 at a CAGR of 5.67% by the end of the forecast period 2017-2023. Increasing development projects such as roads, airports, and railways coupled with growing number of housing projects are expected to augment the market growth. Higher production of coal implies higher penetration of explosives. Thus, economic and infrastructural growth leads to a rise in the coal demand. Moreover, increasing demand for ammunition products for the national security of the region and acute need for higher energetic explosives are encouraging R&D investments in end-use industries. However, stringent regulations regarding health safety and toxic emission may hinder the market growth.
Currently, the market is witnessing a high demand for energy due to industrialization and urbanization. For instance, the global energy consumption was pegged at 575 quadrillion British thermal units (Btu) in 2015 which is expected to be pegged at 736 quadrillion Btu towards the end of 2040. Thus, considering this growth coupled with the increasing population and rising investment in the mining industry, the global market for explosives is expected to register a healthy growth over the forecast period.
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Segment Analysis
The Global Dynamite Market is segmented on the basis of Grade, Type, Application, and Region. Based on the Type, explosives are segmented as bulk explosives, cartridges of explosives, ammonium nitrate fuel oil (ANFO), nitroglycerine, and others. The bulk explosives accounted for 47% share of the market in 2016 followed by ANFO and cartridges of explosives. The adoption of the bulk emulsion explosives is increasing owing to the cost-effectiveness as compared to cartridge emulsion explosives. Ammonium nitrate fuel oil is prominent and cost-effective blasting agent available for use in small to large size diameter applications. It is basically dry, free-flowing explosive, formulated to ensure effective use in underground development and tunneling applications. Moreover, ample supply of ammonium nitrate, a key raw material for the production of explosives from countries like China, Russia, India, the United States, and Africa is expected to drive the demand for ANFO based explosives in the coming years.
Dynamite is further classified as high and low explosives based on Grade. Low explosives tend to deflagrate and releases a large number of gases and heat. Propellant of gunpowder and pyrotechnics are a common application of low explosives. Subsequently, high explosives are gaining importance in explosives market on account of high demand for ANFO, RDX and PETN materials across end-user industries including mining and construction.
Based on the Application, explosives are used in mining, construction, quarrying, and defense industry. Among the aforementioned applications, mining industry accounted for 68% share of the market in 2016 and is estimated to reach USD 12,414.9 million by 2023. Coal mining is the most prominent application of mining industry. Increase in government expenditure towards extraction of coal from the surface or underground mines and deploying advanced technologies to extract mineral rich resources at a deeper level are anticipated to drive the explosives market in mining segment. For instance, the government of India announced an investment of USD 100 million for underground mines. Additionally, increasing private and public infrastructure activities, especially in emerging economies and public transportation, are likely to boost the overall market growth. Rising consumption of explosives for quarrying operations, which inherently relate to rise in the demand for stone and sand for construction activities accounts for 9% of world mining market. With a substantial increase in the demand for power to meet global demand of growing population are expected to gather momentum over the forecast period.
Geographically, Asia Pacific region dominates the Global Dynamite Market. The region is estimated to reach USD 8,298.4 million by 2023 at a CAGR of 6.05% by the end of the forecast period 2017-2023. China and Australia are leading countries in this region due to rich in mineral deposits and growing number of infrastructural projects. Manufacturers are investing in advance technology for mineral extraction at a deeper level to meet the demand of metal and non-metal industry. Furthermore, Indian government initiative of 100% FDI in the construction industry coupled with defense expenditure of USD 53 billion by 2017-2018 is likely to boost the overall explosives market. Europe and North America witnessed a sluggish growth. Substantial growth in road development projects and transportation industry is expected to drive the explosives market in aforementioned regions.
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