Explosives Market Growth Potential 2022-2031 by Share, Demand and Analysis of Key Players

Explosives Market Growth Potential 2022-2031 by Share, Demand and Analysis of Key Players

Explosives global market opportunities and strategies to 2031 from Altus Market Research provides the strategists; marketers and senior management with the critical information they need to assess the global explosives market as it emerges from the COVID-19 shut down.

This report describes and explains the explosives market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.

The global explosives market reached a value of nearly $36,568.4 million in 2021, having grown at a compound annual growth rate (CAGR) of 0.4% since 2016. The market is expected to grow from $36,568.4 million in 2021 to $40,093.2 million in 2026 at a rate of 1.9%. The market is then expected to grow at a CAGR of 1.7% from 2026 and reach $43,605.4 million in 2031.

Growth in the historic period resulted from increasing military expenditure, low interest rates, an increase in demand for natural stones and government initiatives towards the mining industry. Going forward, an increase in territorial and political conflicts, global population growth and urbanization, increasing infrastructure development expenditure by governments and increasing construction activities will drive the growth. Factors that could hinder the growth of the explosives market in the future include stringent regulations, focus towards renewable energy sources and the Russian-Ukrainian war.

The explosives market is segmented by type into C4, HMX, PETN, RDX, Dynamite, ANFO, other types. The ANFO market was the largest segment of the explosives market segmented by type, accounting for 23.8% of the total in 2021. Going forward, the PETN market is expected to be the fastest growing segment in the explosives market segmented by type, at a CAGR of 2.0% during 2021-2026.

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The explosives market is segmented by application into military, mining, quarrying, construction and other applications. The mining market was the largest segment of the explosives market segmented by application, accounting for 47.5% of the total in 2021. Going forward, the mining market is expected to be the fastest growing segment in the explosives market segmented by application, at a CAGR of 2.0% during 2021-2026.

The explosives market is segmented pyrotechnics application into display, consumer, proximate, and other pyrotechnics applications. The proximate market was the largest segment of the explosives market segmented by pyrotechnics application, accounting for 42.3% of the total in 2021. Going forward, the proximate market is expected to be the fastest growing segment in the explosives market segmented by pyrotechnics application, at a CAGR of 2.0% during 2021-2026.

Asia-Pacific was the largest region in the explosives market, accounting for 32.0% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the explosives market will be Asia Pacific, and, Eastern Europe where growth will be at CAGRs of 2.1% and 2.0% respectively. These will be followed by Africa, and, North America where the markets are expected to grow at CAGRs of 1.88% and 1.86% respectively.

The explosives market is fairly fragmented, with a large number players in the market. The top ten competitors in the market made up to 19.69% of the total market in 2021. The explosives market is highly competitive due to presence of prominent and large players in the market. The major players operating in the market have focused on strategic expansion of production capacities, due to rise in demand for explosives in various industries, followed by new product developments. Orica Limited was the largest competitor with 6.22% share of the market, followed by AECI Limited with 2.77%, Incitec Pivot Ltd. with 2.42%, Hanwha Corporation with 2.37%, ENAEX S.A. with 2.11%, Austin Powder Company with 1.21%, Omnia Group with 1.17%, China Poly Group Corporation with 1.11%, Chemring Group with 0.27%, and Maxamcorp Holding S.L. with 0.05%.

The top opportunities in the explosives market segmented by type will arise in the ANFO segment, which will gain $818.9 million of global annual sales by 2026. The top opportunities in segment by application will arise in the mining segment, which will gain $1,764.8 million of global annual sales by 2026. The top opportunities in segment by pyrotechnics application will arise in the proximate segment, which will gain $1,575.5 million of global annual sales by 2026. The explosives market size will gain the most in China at $731.0 million.

Market-trend-based strategies for the explosives market include adopting various sustainable or green approaches to develop smart blasting, leveraging digital technologies in operations, using advanced technologies for explosion activity and focusing on product differentiation and innovation.

Player-adopted strategies in the explosives market include bringing technology advancements for bulk explosives, strengthening market position through strategic mergers and acquisitions, developing high-grade industrial explosives and initiating systems and forming joint ventures with companies.

To take advantage of the opportunities, Altus Market Research recommends the explosives companies to adopt green approaches for smart blasting, continue to focus on new product offerings, develop high-demand explosive types, expand in emerging markets, focus on regions with high military expenditure, offer market-based pricing, focus on building long-term relationships with end-users, focus on fast-growing applications and focus on governments.

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