Mining Explosives Market: Introduction
Transparency Market Research delivers key insights on the global mining explosives market. In terms of revenue, the global mining explosives market is estimated to expand at a CAGR of 3.1% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global mining explosives market.
High investment cost and increase in environmental concerns related to mining are likely to hamper the global mining explosives market during the forecast period. The increase in demand for construction materials obtained from quarrying is projected to drive the global mining explosives market in the next decade, as mining explosives are extensively employed in the quarrying industry.
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Mining Explosives Market: Dynamics
The demand for mining explosives is increasing in end-use industries. Various end-use industries such as defense, mining, and construction have been expanding significantly across the globe. This has created lucrative opportunities for the mining explosives market, as ANFO, RDX, TNT, and PETN are used extensively in these industries.
The demand for RDX is primarily driven by the growth of the arms & ammunition industry. Manufacturers of RDX are focusing more on production and processing to meet the rising demand for these explosives in various defense forces. Mining explosives are extensively used in quarrying, metal mining, coal mining, and non-metal mining industries. Coal mining is a key application segment of the mining explosives market.
RDX and ANFO are used in the manufacture of melt castable explosives, nuclear devices, plastic explosives, rocket fuels, and booster charges that are employed in military applications. Rise in need to protect national borders and increase in safety concerns are the major factors that are driving governments of various countries to spend more on arms and ammunition. This is projected to create new opportunities for the RDX market, thus propelling the mining explosives market.
The establishment of mining explosive plants entails high capital costs. Reactors used in the manufacture of RDX are expensive with high upfront investment costs. Returns on these investments are high, but the payoff takes place at a slow pace – often several years. Furthermore, obtaining the necessary regulatory nodes for construction of such plants entails various approvals from government authorities.
Thus, high investment cost, rise in environmental concerns, and implementation of stringent government regulations due to chemical pollution are anticipated to the restrain the mining explosives market in the near future.
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Mining Explosives Market: Prominent Regions
Asia Pacific dominates the global mining explosives market. Coal mining is estimated to rise at a rapid pace in the region between 2021 and 2031. This, in turn, is expected to boost the demand for mining explosives in Asia Pacific.
China is anticipated to be a highly attractive country of the mining explosives market in Asia Pacific during the forecast period. The construction materials industry in China is witnessing strong growth, owing to the rise in economy. This has boosted the demand for quarrying, thus driving the mining explosives market in the country.
Europe is likely to be another highly attractive region of the global mining explosives market during the forecast period. Germany held major share of the mining explosives market in Europe in 2020. Investments in the construction sector have increased in Germany in the recent years. This is driving the demand for mining explosives in the country.
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Mining Explosives Market: Key Players
Major players operating in the global mining explosives market are Omnia Holdings Limited, Chemring Group PLC, Dahana, Orica Limited, Yahua Group, EPC-UK, Solar Explosives, ENAEX, Eurenco, Dyno Nobel, SBL Energy Limited, NITRO-CHEM S.A., Austin Powder, and Ensign-Bickford Aerospace & Defense Company.
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