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.
Global Key Player:
·
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
·
Ideal Industrial Explosives Ltd.
Segment Analysis
The Dynamite
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 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.
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.
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