The global explosives market is
expected to reach USD 31.95 billion by 2024, according to a new report
by Grand View Research, Inc. The global explosives and pyrotechnics
market is expected to grow significantly over the forecast period on
account of increasing use of the product in construction and mining
activities.
Rising
number of projects for infrastructure development in Asia Pacific is
expected to drive the demand for explosives as a blasting agent.
Increasing government spending for infrastructure development in Asia
Pacific and the Middle East on account of increasing domestic output is
expected to play a significant role in amplifying construction
activities in these regions.
In
2013, Asia Pacific contributed to approximately 44% of the total global
construction spending, an increase of 4% from the previous year. Also,
the development of new construction and building projects in Asia is
likely to boost market growth. The demand for explosives in the region
is expected to be 14.93 million tons by 2024.
To Request for Sample Copy of this report: http://www.grandviewresearch.com/industry-analysis/explosives-pyrotechnics-market
Further key findings from the report suggest:
- Positive outlook towards the mining sector in Chile, and Peru, and owing to government policies to open opportunities for investments by foreign players, to improve the economic conditions, is expected to drive the demand for explosives subsequently. The segment is projected to witness volume growth at a CAGR of 4.9% over the forecast period.
- Coal mining was the largest application within the mining sector accounting for 49.8% of the volume in 2015. However, the outlook towards coal is likely to be bleak over the forecast period on account of increasing shifting trends of consumers towards alternative sources of energy including natural gas and renewable energy. However, metal mining is expected to witness tremendous growth on account of rising demand for metals including rare earth elements.
- Consumer pyrotechnics accounted for 36.2% of the global volume in 2015 and is expected to grow on account of increasing demand for recreational fireworks, model rocket motors, and powder-actuated nail guns.
- Key market players include Orica Mining Services, ENAEX, Maxam Corp., Sasol Limited, Austin Powder Company, AEL Mining Services, Chemring Group, Incitec Pivot, AECI Group, Pyro Company Fireworks, ePC Group, Alliant Techsystems, Titanobel SAS, Hanwha Corp., Solar Industries India, and LSB Industries.
- Companies are focusing on product innovation to cater to the growing demand for safe & effective explosives. For instance, in September 2016, Orica launched a new product, Vistis Bulk System, catering to the growing consumer demand in Australia.
Read Our Blog: http://www.grandviewresearch.com/blogs/bulk-chemicals
Grand
View Research has segmented the global explosives & pyrotechnics
market on the basis of product, application and region:
Global Explosives Product Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
- Blasting agents
- Propellants
- Pyrotechnics
- Others
Global Explosives Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
- Mining
- Construction
- Military
- Others
Global Pyrotechnics Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
- Proximate pyrotechnics
- Consumer pyrotechnics
- Display pyrotechnics
- Others
Global Explosives Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2013 - 2024)
- North America
- US.
- Europe
- Germany
- UK
- Asia Pacific
- China
- India
- Latin America
- Brazil
- Middle East & Africa (MEA)
Browse Press Release of this Report: http://www.grandviewresearch.com/press-release/global-explosives-pyrotechnics-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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