The global mining explosives market was valued at around USD 18 billion during 2015 and are likely to reach almost USD 23 billion by 2020.
Procurement market intelligence analysts have announced its latest market research report on mining explosives for the period 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the mining explosives market during the forecast period. Some of the top vendors listed in this industry analysis include Orica, Dyno Nobel, MAXAMCorp Holding, AECI, and Austin Powder Company.
In terms of geographical analysis, APAC dominated the global market with a share of around 40% in 2015, followed by the Americas.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The use of bulk emulsion explosives is gaining traction in the global market for mining explosives. Mining companies are increasingly using bulk emulsion explosives as they are relatively safer than ready-made explosives. Some key advantages of bulk emulsion explosives include security, excellent resistance to water, high velocity of detonation, and low emissions.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in demand for minerals
Fuelled by the increase in investments in the development of infrastructure, the global demand for minerals such as iron, copper, and aluminum is on the rise. For instance, global consumption of coal went up from 4,600 metric tons in 2000 to reach 7,876 metric tons in 2013 and is expected to grow at a CAGR of more than 4% through 2020.
Growth of construction industry
Construction companies use explosives to demolish old structures and in tunneling projects. The increasing application of explosives in the quarrying and non-metal mining industries is expected to propel the demand for mining explosives in the global market during the forecast period.
Use of advanced mining technology
Mining companies are using advanced technologies and sophisticated equipment to increase productivity and preserve the quality of ore. Some of the technologies being adopted include electronic blasting systems and bulk emulsion explosives.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Mining Explosives – Procurement Market Intelligence 2016’.
