Mining Explosive Market Size
The Global Mining Explosive Market reached USD 10 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 30 billion by 2030. The market is expected to exhibit a CAGR of 5.9% during the forecast period 2024-2031. The Global Mining Explosive Market growth is mostly driven by the global metal mining industry's rising demand for explosives.
The demand for mining explosives is directly influenced by the level of mining activities worldwide. As the global demand for metals, minerals, and other resources continues to grow, the need for mining explosives to extract and process these resources also increases.
Furthermore, the rapid industrialization and urbanization in emerging economies and infrastructure development projects contribute to the rising demand for metals and minerals. This drives the need for mining explosives to extract these resources efficiently and safely.
Market Scope
| Metrics | Details |
| CAGR | 5.9% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD ) |
| Segments Covered | Type, Strength, End-User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
To know more Insights - Download Sample
Market Dynamics
Increasing Demand for Coal and Iron Ore
The rising demand for minerals and metals is rapidly driving the mining explosives market growth. The market is primarily driven by the rising demand for iron ore and coal, the need to increase mining productivity, and the expanding construction sector. The most crucial starting point for the creation of power is coal. The rising power demand is driving up the need for coal.
Mining corporations are investing in new mines and enlarging existing ones to accommodate the rising demand for coal. It is anticipated that this will increase demand for mining explosives. Steel is made with the use of iron ore. The expanding construction sector is driving up steel demand. The World Steel Association reports that the global steel demand was 1840.2 Mt. The steel demand will increase by 2.2% in 2023 to 1 881.4 Mt.
The Demand from Various End-Users
The development of the explosives market is being aided by the expansion of the coal, metals, quarrying, and non-metal industries as well as the construction industry. Coal mines use detonators, with the help of shock tubes and detonating cord in their designed patterns for their efficient output. The mining explosive market continues to expand due to the rising demand in the end-use industry, particularly for coal.
According to a Swedish geological assessment, ore production in 2021 reached an all-time high of 88.6 million tons. Explosives have seen considerable market expansion due to rising commodity demand and mineral output. The fall in ore grades has led to increased exploration operations, which has furthered the market's growth.
Fluctuations in raw material prices and stringent regulations
The market for mining explosives has several major obstacles, including fluctuating raw material pricing. Over the past few years, the cost of raw materials such as ammonium nitrate, aluminum powder, and fuel oil has been evolving. The profit margins of the market participants have been negatively impacted by this.
The stringent regulations are an additional challenge the mining explosives sector faces. Due to the hazards involved, the mining field is heavily controlled. The use of explosives in mining is subject to strict rules established by the governments of various nations. Consequently, market growth is anticipated to be constrained over the forecast period of 2023-2030.
Market Segment Analysis
The Global Mining Explosive Market is segmented based on type, strength, end-user, and region.
Rising Demand For Cost-effective And Safer Explosives Has Boosted The Ammonium Nitrate Fuel Oil) growth
The Global Mining Explosive Market has been segmented by type into ANFO (Ammonium Nitrate Fuel Oil), emulsion explosive, bulk explosive, permissible explosive, and others. The ANFO (Ammonium Nitrate Fuel Oil) segment held the largest mining explosive market share of 34.4% in 2022 in the mining explosive market analysis report. ANFO comprises 6% fuel oil and 94% porous prilled ammonium nitrate (NH4NO3) (AN), which serves as both an absorbent and an oxidizer for the fuel.
Ammonium nitrate explosive has become increasingly common since it is less expensive, safer, can be shipped and stored after being mixed with oil, has a high VOD, and can be made right at the blasting site. ANFO is the most widely used explosive created from ammonium nitrate.
Market Geographical Share
The Asia-Pacific Held the Largest Share in Mining Explosive Market.
The Global Mining Explosive Market is segmented into five parts of the world based on geography: North America, South America, Europe, Asia Pacific, the Middle East, and Africa. The Asia-Pacific Mining Explosive market held the largest market share of 32.5% in 2022 in the Mining Explosive market analysis.
The region’s growth is attributable to several prevailing mining projects, which will increase demand for mining explosives in the region. One of the key factors driving the market's growth is the government's ongoing support, which includes authorizing 100% FDI for mineral exploration.
Additionally, it is anticipated that the Australian mining sector would generate the largest amount of export money for the Australian economy, amounting to almost USD 250 billion by 2030. This will fuel the nation's rapidly expanding manufacturing sector, which in turn, it is also driving the APAC region mining explosive market demand.
Mining Explosive Companies
The major global players in the market include Enaex S.A., NOF Corp., Solar Explosives, TOD Chemical Industry, Yara International ASA, Orica Limited, MaxamCorp. Holding, S.L., Austin Powder Company, Sasol Limited, and Dyno Nobel Inc.
COVID-19 Impact on Market
Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:
COVID-19 impacted the mining explosives sector in a variety of ways. The most notable effect has been the decline in explosives demand brought on by the decline in mining activities. Companies in the industry have seen a decline in revenues and earnings as a result of this. The COVID-19 pandemic has also brought up a variety of additional difficulties for the mining explosives sector, including supply chain disruptions, worker disruptions, and higher expenses.
Ukraine-Russia Impact:
Several key players have seen a decline in coal production as a result of the conflict between Russia and Ukraine, which has also affected the supply of ammonium nitrate to India from Turkey and Bulgaria. The production of explosives used in coal mining requires the use of ammonium nitrate, and this scarcity is affecting local explosives makers.
Since the start of the conflict, imports of ammonium nitrate from several nations, including Ukraine, Russia, Turkey, and Bulgaria, have been hampered. As a result, the major companies' supply of explosives decreased. Manufacturers were required to consistently deliver 600 tonnes of explosives daily to clear overburden from mines.
Key Developments
- In March 2023, Orica, an explosives company based in Australia launched Subtek 4DTM range, which is intended for production and development applications, gives underground operators exceptional energy management with a single explosive solution that promotes best practice mining outcomes and sustainable blasting techniques.
- In February 2022, with the introduction of a secure, wireless underwater initiation capability, underwater defense technology company Sonardyne introduced the initiation transponder to increase the security and effectiveness of naval mine countermeasures (MCM), explosive ordnance disposal (EOD), and demolition operations.
- In January 2023, Enaex, a prominent maker of ammonium nitrate and mining explosives in Chile, announced the acquisition of MTi HoldCo, a provider of solutions for drilling and blasting, and a partnership with O-Pitblast, a leader in digital mining tools, to develop its 4.0 strategy.
Why Purchase the Report?
- To visualize the global mining explosive market segmentation based on type, strength, end-user, and region and understand key commercial assets and players.
- Identify commercial opportunities in the market by analyzing trends and co-development.
- Excel data sheet with numerous data points of mining explosive market-level with all segments.
- The PDF report consists of a cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping is available as Excel consists of key products of all the major market players.
The Global Mining Explosive Market Report Would Provide Approximately 61 Tables, 59 Figures And 190 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
