Pune, India, Jan 2022, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Mining Explosives Market.
Market Synopsis
According to the MRFR analysis, the global Mining Explosives market size was valued at USD 15,193.30 million in 2020 and is expected to reach USD 9,185.82 million by the end of 2028 at a CAGR of 6.78%.
Explosives are a reactive mixture of a high-energy substance that explodes under high pressure and temperature. Explosives are classified as detonating (high explosive) or deflagrate (low explosive) based on the rate at which they explode (low explosive). In the global mining explosive market, packaged and emulsion explosives are gaining traction. Furthermore, mining resource extraction has resulted in global industrial development, particularly the emergence of new players such as Africa, Latin America, and Asia. As a result, the mining explosives market's growth prospects are heavily reliant on the metal and coal mining industries.
Mining Explosives has a high demand in coal mining industries. Explosives are used to extract coal mostly from underground mines compared to surface mines. Coal is among the important and reliable energy resources covering 30% of the global energy consumption. Increasing global demand for energy and the subsequent increase in the coal-fired thermal plant is expected to spur the demand for coal mining. The major coal-producing countries are China, the U.S., India, Indonesia, and South Africa. Furthermore, it is also widely used in the extraction of minerals. The surge in commodity demand from high technology-driven and industrializing countries has pushed the price of metals, minerals, and oil. This, in turn, has led to substantial growth in mining investment, of which increment share is concentrated in emerging markets. However, stringent regulations and effects on health are estimated to hamper the growth of the global Mining Explosives market as it contains blasting agents such as ANFO, bulk emulsions, explosives, and slurries, which are hazardous to the environment. Nonetheless, the promising growth of mining industry in Middle East is expected to create lucrative opportunities for the players operating in the global market during the review period.
COVID-19 Analysis
COVID-19 has had a negative impact on overall chemical production, particularly mining explosive production, owing to supply chain disruptions around the world. The metal and mining industry's average share price has decreased over 10%, and many standalone companies have lost 40-50 percent of their market value. The pandemic has had an impact on global operations of various industries. Some of the industry's main companies, including BHP Billiton, Rio Tinto, and Anglo American, have reported partial shutdowns, resulting in a production loss of about 30%. Furthermore, raw materials procurement was difficult, as the majority of raw materials suppliers in the market were forced to shut down their operations due to the outbreak of COVID-19. Many companies have halted production facilities around the world as a result of the situation. Some large companies that are still operating are only operating at 40-60% efficiency. However, by the end of 2021, the market is expected to return to normalcy.
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Competitive Landscape
The global Mining Explosives market is highly fragmented and consists of many organized and unorganized industry players. Manufacturers focuses mainly on expansion of production capacities, continuous product launch, and collaborations with key stakeholders to gain a competitive advantage over other players. Key players include EPC Groupe (France), Hanwa Corp (South Korea), Incitec Pivot Ltd (Australia), Austin Powder Gmbh (Czech Republic), Eurenco SA. (France), Explosia, a.s. (Czech Republic), Nitroerg SA (Poland), BME South Africa (South Africa), Sasol Limited (South Africa), Titanobel (France), Orica Limited (Australia), Yara (Norway), MAXAM (Peru), Nof Corporation (Japan), and Solar Industries India Ltd (India).
Segmentation
By Type
By Application
By Region