Industrial Explosives Market Value To Cross $10.9 billion By 2027 | Top Companies and Industry Growth Insights

Industrial explosives are hazardous blasting explosives primarily used in the mining, quarrying, and construction industry. When initiated efficiently, it rapidly gets converted into gases at high pressure and temperature. This process of initiation of industrial explosives is known as detonation and leads to rock fragmentation. One liter of explosive can expand up to 1,000 liters with in milli seconds, and can attain a temperature range of 1500-4000°C.Industrial explosives can blast a larger amount of area as compared to conventional mechanical drills when deployed for the same task, there by reducing excavation time and saving labor costs. The choice of industrial explosive for a particular task depends on some major parameters, which include velocity of detonation (VOD), detonation pressure, effective energy, density, water resistance, sensitivity, and storage life.

According to the report, the global industrial explosives industry was pegged at $7.1 billion in 2019, and is expected to reach $10.9 billion by 2027, witnessing a CAGR of 5.5% from 2020 to 2027.

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Major drivers of market growth:
Surge in mineral extraction activities, increase in demand for industrial explosives in open-pit mining, and rise in tunnel construction and development projects have boosted the growth of the global industrial explosives market. However, surge in natural gas prices and limitations in transportation and storage hamper the growth of the market. On the contrary, government initiatives in the mining sector are expected to create lucrative opportunities for the market players in the future.

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COVID-19 scenario: The global industrial explosives market has greatly affected by the outbreak of Covid-19:
• Due to lockdown in various countries and social distancing regulations, the mining and construction activities are temporarily suspended.
• There is a dearth of skilled labor during lockdown across various countries and need to take corrective measurements after lockdown to protect workforce, which would hamper the construction and mining activities.

Blasting agents segment dominated the market:
By explosive type, the blasting agents segment held the largest share in 2019, accounting for more than four-fifths of the global industrial explosives market. Moreover, the segment is expected to register the highest CAGR of 5.6% during the forecast period. This is owing to increase in use in the mining and construction industry because of its safety and security, excellent resistance to water, increased velocity of detonation, transport, handling and storage, savings in drilling operations, and low gas emissions. The report also analyzes the high explosives segment.

Key Market Players:
• EPC Groupe
• Austin Powder Company
• Irish Industrial
• Incitec Pivot limited
• Keltech Energies Ltd.
• Explosives Ltd.
• NOF Corporation
• Maxam Corp.
• Sigdo Koppers S.A.
• Orica Ltd.
• Solar Industries India Ltd.

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