Industrial explosives are extensively used in mining and construction industries for various applications such as coal mining, quarrying, construction, and demolition due to their ability to break and shift large rock masses. They are composed of explosive materials that are chemically unstable and produce large amounts of gas when detonated. Some commonly used industrial explosives include ANFO (ammonium nitrate-fuel oil), TNT (trinitrotoluene), dynamite, water gels, slurries, and emulsions. They find applications in large construction and infrastructure projects such as roads, bridges, tunnels, highways, and hydraulic fracturing. The global construction industry has been witnessing significant growth in recent years owing to rapid urbanization, increasing investments in public infrastructure, and the development of smart cities. This has propelled the demand for raw materials and machinery required for construction works including industrial explosives.
The global Industrial Explosives Market is estimated to be valued at US$ 8.03 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the industrial explosives market is the rising adoption of emulsion explosives. Emulsion explosives are gaining traction compared to other conventional explosive types due to their ease of use, versatility, and negligible environmental impact. They offer higher strength, are safer to handle and transport, and produce less vibration and noise. Leading manufacturers are focusing on developing advanced emulsion explosive technologies and formats such as blended emulsions to expand their product portfolios. For instance, Orica offers blended oil and water-based emulsions under the brands of Primacy and Anthropic for varied mining and construction applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the industrial explosives market is moderate. Starting an industrial explosives manufacturing business requires significant capital investment for establishing manufacturing facilities, achieving safety and quality certifications.
Bargaining power of buyers: The bargaining power of buyers in the industrial explosives market is high. Buyers have numerous options to choose from as there are many established players operating in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials such as ammonium nitrate, fuel oil, aluminum powder have a significant influence on the overall supply chain.
Threat of new substitutes: The threat of new substitutes is low. There are limited product substitutes available for industrial explosives.
Competitive rivalry: The competitive rivalry in the industrial explosives market is high. Players compete based on product quality, innovation, reliability of supply and pricing.
Key Takeaways
The Global Industrial Explosives Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis- Asia Pacific region dominates the global industrial explosives market and is expected to witness the fastest growth over the forecast period. Factors such as increasing mining and infrastructure development activities in countries like China and India are driving the growth of the market in the region.
Key players operating in the industrial explosives are Orica Limited, Irish Industrial Explosives Limited, Dyno Nobel Pty Limited/ Incitec Pivot Ltd., NOF Corporation, AEL Mining Services Ltd. / AECI Group, EURENCO, Enaex S.A., Austin Powder Holdings Company, Maxamcorp Holding S.L., and Exsa S.A. These players are focusing on new product launches and expansion strategies to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
