Segment
Analysis
The
global explosives market is segmented on the basis of grade, type, application,
and region. Based on the type, explosives are segmented as bulk explosives,
cartridges of explosives, ammonium nitrate fuel oil (ANFO), nitroglycerine, and
others.The bulk explosives accounted for 47% share of the market in 2016
followed by ANFO and cartridges of explosives.
The
adoption of the bulk emulsion explosives is increasing owing to the
cost-effectiveness as compared to cartridge emulsion explosives. Ammonium
nitrate fuel oil is prominent and cost-effective blasting agent available for
use in small to large size diameter applications. It is basically dry,
free-flowing explosive, formulated to ensure effective use in underground
development and tunneling applications. Moreover, ample supply of ammonium
nitrate, a key raw material for the production of explosives from countries
like China, Russia, India, the United States, and Africa is expected to drive
the demand for ANFO based explosives in the coming years.
Dynamite
Market
is further classified as high and low explosives based on grade. Low explosives
tend to deflagrate and releases a large number of gases and heat. Propellant of
gunpowder and pyrotechnics are a common application of low explosives.
Subsequently, high explosives are gaining importance in explosives market on
account of high demand for ANFO, RDX and PETN materials across end-user
industries including mining and construction.
Based
on the application, explosives are used in mining, construction, quarrying, and
defense industry. Among the aforementioned applications, mining industry
accounted for 68% share of the market in 2016 and is estimated to reach USD
12,414.9 million by 2023. Coal mining is the most prominent application of
mining industry. Increase in government expenditure towards extraction of coal
from the surface or underground mines and deploying advanced technologies to
extract mineral rich resources at a deeper level are anticipated to drive the
explosives market in mining segment.
For
instance, the government of India announced an investment of USD 100 million
for underground mines. Additionally, increasing private and public
infrastructure activities, especially in emerging economies and public
transportation, are likely to boost the overall market growth. Rising
consumption of explosives for quarrying operations, which inherently relate to
rise in the demand for stone and sand for construction activities accounts for
9% of world mining market. With a substantial increase in the demand for power
to meet global demand of growing population are expected to gather momentum
over the forecast period.
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Geographic Analysis:
Geographically, Asia
Pacific region dominates the global Dynamite Market. The region is estimated to
reach USD 8,298.4 million by 2023 at a CAGR of 6.05% by the end of the forecast
period 2017-2023. China and Australia are leading countries in this
region due to rich in mineral deposits and growing number of infrastructural
projects. Manufacturers are investing in advance technology for mineral
extraction at a deeper level to meet the demand of metal and non-metal
industry. Furthermore, Indian government initiative of 100% FDI in the
construction industry coupled with defense expenditure of USD 53 billion by
2017-2018 is likely to boost the overall explosives market. Europe and North
America witnessed a sluggish growth. Substantial growth in road development
projects and transportation industry is expected to drive the explosives market
in aforementioned regions.
Market
Overview:
Market
Research Future (MRFR) recognizes the following companies as the key players in
the global Dynamite Market: Hanwha Corp., Incitec Pivot Ltd, Pakistan Ordnance
Factory, Austin Powder Gmbh, Eurenco SA, Explosia, Inc., EPC Groupe, Yara,
Nitroerg SA, Forcit Group, Titanobel, Solar Industries India Ltd, MAXAMCorp
Holding, S.L., Orica Limited, IDL Explosives, Enaex, Anhui Jiangnan, China Poly
Group Corporation, BME, NOF Corporation and Ideal Industrial Explosives Ltd.
among others.
Market
Highlights:
Global
dynamite (explosives) market is projected to reach USD 17,973.7 million by 2023
at a CAGR of 5.67% by the end of the forecast period 2017-2023. Increasing
development projects such as roads, airports, and railways coupled with growing
number of housing projects are expected to augment the market growth.
Higher
production of coal implies higher penetration of explosives. Thus, economic and
infrastructural growth leads to a rise in the coal demand. Moreover, increasing
demand for ammunition products for the national security of the region and
acute need for higher energetic explosives are encouraging R&D investments
in end-use industries. However, stringent regulations regarding health safety
and toxic emission may hinder the market growth.
Currently,
the market is witnessing a high demand for energy due to industrialization and
urbanization. For instance, the global energy consumption was pegged at 575
quadrillion British thermal units (Btu) in 2015 which is expected to be pegged
at 736 quadrillion Btu towards the end of 2040. Thus, considering this growth
coupled with the increasing population and rising investment in the mining
industry, the global market for explosives is expected to register a healthy
growth over the forecast period.
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