Industrial Explosives Market

Industrial Explosives Market Outlook – 2030

In 2019, the global industrial explosives market had a value of $7.1 billion, and it is projected to reach $10.9 billion by 2030, growing at a CAGR of 5.5% from 2023 to 2030.

Industrial explosives are dangerous blasting explosives primarily utilized in the mining, quarrying, and construction industries. They rapidly convert into high-pressure and high-temperature gases when initiated. This detonation process leads to the fragmentation of rocks. Within milliseconds, one liter of explosive can expand up to 1,000 liters and reach temperatures ranging from 1500-4000°C. Industrial explosives have the ability to blast a larger area compared to conventional mechanical drills, reducing excavation time and saving labor costs. The choice of industrial explosives for a specific task depends on parameters such as velocity of detonation (VOD), detonation pressure, effective energy, density, water resistance, sensitivity, and storage life.

The increasing demand for earth minerals like bauxite, iron ore, coal, and rare earth metals, including gold and silver, which are found in the earth's crust, is a key driver for the growth of the global industrial explosives market. Additionally, the use of industrial explosives in the construction industry for tunneling and other applications, along with the preference of construction professionals to save time and labor costs, is fueling market growth. Furthermore, government initiatives in various economies to tap into rich underground mineral resources to achieve higher GDP are boosting the market. Currently, the global industrial explosives market is experiencing significant opportunities due to the upsurge in mining activities, especially in developing economies worldwide.

However, price fluctuations in ammonia and the implementation of stringent regulations on the storage and transportation of industrial explosives are expected to act as major restraints on the global market. Moreover, the high initial costs required for manufacturing industrial explosives are key factors hampering market growth.

The report segments the global industrial explosives market based on explosive type, end-use industry, and region. Explosive types are categorized into high explosives and blasting agents. Blasting agents include ANFO, water gel explosives, emulsion explosives, nitrogen explosives, and others. End-use industries encompass mining, construction, and others (such as seismic wave generation and oil fields). The mining segment is further divided into metal mining, non-metal mining, and quarrying. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Major players in the global industrial explosives market have focused on strategically expanding production capacities in response to increased demand in the mining industry, followed by new product developments. Some of the key companies profiled in this report include AECI Ltd., Austin Powder Company, EPC Groupe, Incitec Pivot Limited, Irish Industrial Explosives Ltd., Keltech Energies Ltd., Maxam Corp., NOF Corporation, Orica Ltd., Sigdo Koppers S.A., and Solar Industries India Ltd.

Global Industrial Explosives Market, By Region:

In the global industrial explosives market, Asia-Pacific accounted for the largest share of revenue in 2019. This can be attributed to factors such as low labor costs, the presence of abundant earth minerals, and an increasing preference for the use of explosives, especially in countries like China, India, Australia, and Indonesia. Countries in the Asia-Pacific region are focused on mining activities to extract valuable mineral resources and drive their GDP.

Global Industrial Explosives Market, By Type:

Among the different types of industrial explosives, the blasting agents segment held the largest share of revenue in 2019. This is primarily due to the growing demand for blasting agents from the mining industry. The use of blasting agents in mining activities has witnessed rapid growth, driven by the increasing demand for mineral extraction. Furthermore, these agents are widely used in construction activities due to their cost-effectiveness and ease of storage. The surge in fast excavation projects and the global need for minerals and coal significantly contribute to the growth of the blasting agents segment.

By Type

Blasting agents is projected as the most lucrative segment.

Global Industrial Explosives Market, By End-use Industry

In terms of end-use industry, the mining industry held the largest share of the industrial explosives market in 2019. Government directives aimed at efficient utilization of mineral and coal reserves, coupled with the rising demand for minerals and coal across various sectors, have led to increased mining activities. Additionally, the growing demand for coal from thermal power plants and other industries has increased the overall use of industrial explosives in the non-metal mining industry, thereby driving the market growth.

By End-use Industry

Mining is projected as the most lucrative segment.

Key Benefits For Stakeholders

• The analysis of the global industrial explosives market provides in-depth information about major industry participants.
• Porter's five forces analysis helps in assessing the potential of buyers and suppliers, as well as the competitive scenario in the industry, to develop strategies.
• Major countries are mapped based on their individual revenue contributions to the regional market.
• The report provides an in-depth analysis of the global industrial explosives market forecast for the period 2023-2030.
• Current trends in the global industrial explosives market and future estimations from 2019 to 2030 are outlined to understand the prevailing opportunities and potential investment areas.
• The key drivers, restraints, and global market opportunities, along with their detailed impact analysis, are elucidated in the study.