8th January 2020 – Global Explosives
Market is expected to grow at a significant CAGR in the upcoming period
as the scope and its applications are rising enormously across the globe. An
“Explosive” is termed as a device or substance that contains a high amount of
potential energy that could explode by expansion of gas within. Chemical,
mechanical, and nuclear are three key fundamental types. Friction, heat, shock,
or a grouping of these circumstances ignites explosion. Base of explosive may
be a liquid or solid.
Growing demand from manufacturers of
iron ore, coal, and others, high profit margins from mining industries, and
rising expansion activities are documented as the major driving factors to
Explosives Market that are estimated to enhance the growth in the years to
come. However, rising safety and security regulations may restrain overall
market growth in the years to come. Explosives Market is segmented based on
product type, application, and region.
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Emulsion explosive, ammonium nitrate
explosives, and ammonium nitrate/fuel oil (ANFO) are the types that could be
explored in Explosives in the forecast period. Pyrotechnics, blasting agents,
propellants, and other product types could be explored in Explosives in the
forecast period. The blasting agent sector accounted for the substantial market
share of Explosives in 2017 and is estimated to grow at the highest CAGR in the
years to come.
The market may be categorized based on
applications like military, mining, construction, and others that could be
explored in the forecast period. Mining sector comprises metal mining, coal
mining, and nonmetal and quarrying mining. The mining sector accounted for the
substantial market share of Explosives and is estimated to lead the overall
market in the upcoming period. This may be due to high demand for silver &
gold and growing mineral extraction. Also, construction sector is estimated to
grow at the fastest pace in the years to come.
Globally, Asia Pacific accounted for the
substantial market share of Explosives and is estimated to lead the overall
market in the near future. The reason behind the overall market growth could be
presence of key manufacturers in the region and growing population, which is
dependent on coal for energy. The developing countries like India and China are
the major consumers of Coal Mining in this region.
Europe and North America are also estimated
to have a positive influence on the future growth. Europe is the second largest
region with significant market share. North America is estimated to remain
moderate in the foremost period. As such, the region has shifted to the other
alternatives of energy.
The key players of Explosives Market are
Titanobel SAS, Orica Mining Services, AEL Mining Services, Sasol Limited,
Alliant Techsystems, Austin Powder Company, ePC Group, Chemring Group, Pyro
Company Fireworks, ENAEX, AECI Group, and Maxam Corp. These players are
concentrating on inorganic growth to sustain themselves amidstfierce
competition.
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