Industrial Explosives Market to Witness Growth Supported by Application

The global industrial explosives market is estimated to be valued at US$ 8.48 Bn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the industrial explosives market 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 development of advanced blasting techniques like electronic detonators and efficient emulsion explosives to maximize productivity while minimizing vibrations.

The key opportunities in the Industrial Explosives Market Demand include increasing mining and infrastructure activities in emerging economies of Asia Pacific and Latin America. Additionally, implementation of digital technologies in blasting operations is helping mines optimize explosives usage and enhance safety.

Application of advanced blasting techniques like electronic detonators and efficient emulsion explosives is enabling uniform fragmentation of rocks for easier extraction and transportation. This is supporting productivity in mining and quarrying industries.

Market drivers

One of the key drivers for the industrial explosives market is growing construction activities worldwide. Mega infrastructure projects in sectors such as roads, railways, dams and power plants require large quantities of construction materials which is boosting demand for quarrying and mining explosives. Additionally, rising investments in mineral extraction industries especially for metals and coal is augmenting consumption of explosives for both surface and underground mining. Rapid industrialization and urbanization are also propelling the need for explosives in developing regions.