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Industrial Explosives Market to Witness Exponential Growth by 2022
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According to a new market report published by Persistence Market Research titled, “Latin America Market Study on Industrial Explosives: Metal Mining Sector to be the Largest Consumer during the Forecast Period 2016 - 2022”, the Latin America industrial explosives market is estimated to be valued at US$ 1,319.7 Mn by 2022.
Industrial explosives are an important part of mining and mineral extraction operations around the world. Due to their high stability, industrial explosives are used in applications with higher torque by mining and tunnelling companies. Two types of industrial explosives, high explosives and blasting agents, are used in numerous applications across Latin America.
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Among countries in Latin America, the market in Chile is expected to account for 29.8% volume share of the overall Latin America industrial explosives market, followed by Peru and Brazil, by 2022. Due to increased mining activities in Brazil, the industrial explosives market in the country is projected to expand at a higher than average CAGR of 8.6% between 2016 and 2022 in terms of revenue. The market in Columbia, which is anticipated to account for 16.5% revenue share of the overall Latin America market by 2022 end, is expected to be driven by the rise of the mining sector in the country. The industrial explosives market in Argentina is estimated to witness an average increase in revenue due to lower GDP growth in the country.
The high explosives market in Latin America is expected to expand at a lower than average CAGR of 4.5% in terms of volume between 2016 and 2022 when compared to blasting agents, which is expected to expand at a CAGR of 5.6% during the same period. Application of blasting agents is expected to be the highest in Chile due to their cost effectiveness as well as increasing demand for high stability in the transportation of explosives. Use of blasting agents in Brazil is expected to witness the highest growth of 6.8%, in terms of value, during the forecast period.
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By end use, mining segment is expected to expand at a higher than average CAGR as compared to other end-use segments such as construction and others, both in terms of value and volume. The increase in GDP output is one of the major factors driving the market. The industrial explosives market in Brazil, with the exponential increase in GDP, is expected to witness high revenue growth during the forecast period. Meanwhile, the market in developed economies is expected to decline in the near future due to lower GDP growth, thereby implying lower consumption compared to other economies.
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