Press release
Demand for Industrial Explosives Market to Gain Momentum in the 2029 End-use Industry During the Forecast Period
The regional economy heavily relies on the mining sector for development which warrants healthy investments in mining and quarrying industries, thereby pushing the market growth.
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Rapid transition from open-pit mining to underground mining, and growing preference for blasting agents over conventionally used mechanical drills in tunneling activities are some of the factors anticipated to drive the demand growth of industrial explosives in this region during the forecast period. However, challenges posed by raw material prices on a higher side and stringent government regulations on the use of industrial explosives are expected to remain key barriers to rapid market growth in the foreseeable future.
Blasting Agents Remain Sought-after
Mining is one of the primary economic growth contributors in several Latin American countries. Flourishing mining sector in countries like Brazil, Peru, Mexico, and Argentina is expected to create healthy demand for industrial explosives in the Latin American region. Government and mining firms in these countries are focusing on tapping on major mineral resources through mining and quarrying to drive the economic growth of the respective countries in order to enhance and maximize development. For instance, in January 2015, the government of Peru invested approximately US$ 62 Bn on mining projects to increase the extraction capacity of minerals including zinc, copper, and gold. Such initiatives by local governments are anticipated to drive the growth of the industrial explosives market in the region.
Blasting agents are anticipated to witness significantly higher demand as compared to high explosives in the industrial explosives market. The segment is also estimated to grow at a higher CAGR over the forecast period, owing to the high demand from infrastructural projects and mineral extraction activities in the region. In terms of end use, the mining segment is anticipated to account for over 80% of the total demand for industrial explosives in terms of volume, throughout the forecast period.
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Domestic Players Account for 50% Market Share
PMR's analysis of the competition landscape of Latin America industrial explosives market reveals the competitive structure and offers actionable insights on the most preferred developmental strategies of prominent market players. The global industrial explosives market is estimated to be significantly consolidated with leading domestic manufacturers accounting for more than 50% of the total market share. Some of the key players identified in the Latin America industrial explosives market are AEL Mining Services, Enaex S.A., ORICA Ltd., MaxamCorp Holding S.L., Exsa S.A, and Austin Powder Company.
Use of nitrogen-based industrial explosives has been a resurging trend in the Latin America industrial explosives market. Mining companies are deploying the use of nitrogen compound-based explosives due to their cost effectiveness and their stable behavior. Nitrogen compound-based explosives such as ANFO (Ammonium Nitrate Fuel Oil) are relatively stable in nature as compared to other explosives as they need a detonator for their initiation. Moreover, such explosives are cost effective which has been driving the market players in the industrial explosives market to actively develop nitrogen-based explosives in order to turn in greater profit margins and deliver a product that is desirable to the consumers.
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