The global mining explosives market is anticipated to grow at a CAGR of more than 5% between 2016 and 2020.
Procurement market intelligence analysts have announced have announced the 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 key vendors in this market include Sasol, Orica, Dyno Nobel (Incitec Pivot), MAXAMCorp Holding, and AECI.
In terms of geographical analysis, APAC dominated the global market for mining explosives and occupied around 40% of the total market share in 2015. Increase in mining activities for the growing demand for coal is the major driving force for the region’s growth.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “Several coal mining companies are under pressure to augment production to meet the surging demand from the energy sector. Owing to such growing needs, these mining companies are using advanced technologies and sophisticated equipment, such as electronic blasting systems, electronic detonation systems, and bulk emulsion explosives. These technologies help companies to achieve optimal results through significant cost savings, increase productivity and preserve ore quality.”
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The mining explosives industry is highly consolidated where a number of buyers and suppliers is limited due to the stringency of regulations and the nature of the business. Vendors in the market are coming up with proprietary offerings to meet the growing requirements for quality and safety, as well as cost-effectiveness. Several players in the market are entering into strategic alliances which enables them to expand their supply base worldwide and helps them to tap potential opportunities in the regional markets.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Mining Explosives Market – Procurement Market Intelligence 2016’.
