Mining Explosives Market to Hit $25.09 Billion by 2030 | The Insights Partners
Global mining explosives market is growing at a CAGR of 4.2% from 2023 to 2030.
Pune, India, Oct. 04, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Mining Explosives Market Size Report, Share, Growth Strategy, Industry Trends and Forecast to 2030- COVID-19 Impact and Global Analysis – by Type and Application” the mining explosives market was valued at US$ 18.35 Billion in 2022 and is projected to reach US$ 25.09 Billion by 2030; it is expected to register a CAGR of 4.2% from 2022 to 2030. The market’s projected growth is attributed to the increasing application of ammonium nitrate fuel oil (ANFO) in the mining industry.
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Mining Explosives Market: Competition Landscape
Orica Limited, Al Fajar Al Alamia Co SAOG, Dyno Nobel, China Poly Group Corporation, NOF Corporation, Hanwha Group, Anhui Jiangnan Chemical Co Ltd, Koryo Nobel Explosives, Solar Group, and Omnia Group Company are among the major players operating in the global mining explosives market. Players operating in the global mining explosives market are constantly focusing on strategies such as investments in research and development activities.
Mining Explosives Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 18.35 million in 2022|
|Market Size Value by||USD 25.09 Billion by 2030|
|Growth rate||CAGR of 4.2% from 2023 to 2030|
|No. of Pages||144|
|No. of Tables||63|
|No. of Charts & Figures||62|
|Historical data available||Yes|
|Segments covered||Type, and Application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Companies Covered||Orica Limited, Al Fajar Al Alamia Co SAOG, Dyno Nobel, China Poly Group Corporation, NOF Corporation, Hanwha Group, Anhui Jiangnan Chemical Co Ltd, Koryo Nobel Explosives, Solar Group, and Omnia Group Company|
In 2022, Asia Pacific held the largest share of the global mining explosives market and is expected to register the highest growth rate from 2022 to 2030. The demand for mining explosives is directly proportional to the region’s mining operations and mineral reserves. Therefore, the high number of potential metal and nonmetal reserves and a rise in mining operations across the region are expected to boost the demand for mining explosives in the near future.
Increasing Application of Ammonium Nitrate Fuel Oil (ANFO) in Mining Industry Drives Global Mining Explosives Market
Ammonium nitrate fuel oil (ANFO) is a widely used explosive mixture in the mining industry. ANFO is more cost-effective than other explosive types. Its production is relatively inexpensive. Also, ANFO offers good energy output per unit cost. These factors are crucial in regions such as the Middle East & Africa and Asia Pacific, where cost consideration and results play a significant role in mining operations. Due to its affordability, mining companies often prefer ANFO, especially for bulk blasting operations. Several countries in the developing region perform significant mining activities and large-scale mining operations. These operations often require substantial quantities of explosives for various applications such as rock fragmentation, overburden removal, and access to mineral deposits.
Ammonium nitrate and fuel oil are the raw materials required to produce ANFO, which are often readily available. This easy availability of raw materials supports the production and distribution of ANFO. Also, ANFO is relatively easy to use in mining operations. It can be loaded into boreholes quickly and efficiently. Further, ANFO is considered relatively safer to handle than other explosives. It has a lower sensitivity to initiation, making it more stable during transportation and handling. Owing to these benefits, ANFO is a convenient choice for large-scale mining companies. The discovery of new mineral deposits, growing infrastructure developments, and increasing demand for minerals and resources have resulted in increasing global mining activities. According to the Mineral Council of South Africa, South Africa’s mineral production achieved a fresh record high of US$ 72.1 billion in 2022, up from US$ 67.2 billion in 2021. Expansion of the mining industry and rise in mining activities generate the demand for mining explosives, including ANFO, contributing to the global mining explosives market growth.
Mining Explosives Market: Segmental Overview
Based on type, the mining explosives market is segmented into trinitrotoluene (TNT), ANFO, RDX, pentaerythritol tetranitrate (PETN), and others. The ANFO segment held the largest market share in the global mining explosives market in 2022 and is expected to register the highest CAGR during 2022 to 2030. ANFO is the simplest commercial explosive and one of the widely preferred explosives in the mining industry to other much more efficient emulsion explosives, owing to its uncomplicated manufacturing technology and lower production costs than other explosives.
Based on application, the mining explosives market is categorized into quarrying and non-metal mining, metal mining, and coal mining. The coal mining segment held the largest market share in the global mining explosives market in 2022. Coal surface mines rely entirely on explosives to uncover mineral deposits. Blasting is considered an essential component for the successful extraction of coal resources from the deposits. A considerable quantity of explosives is deployed in coal mining, propelling the demand for mining explosives.
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Impact of COVID-19 Pandemic on Mining Explosives Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in the chemicals & materials industry and hampered the growth of the mining explosives market. The adverse effect of the pandemic on the mining industry negatively impacted the demand for mining explosives from this industry.
However, various economies started reviving their operations in 2021. With this, the demand for mining explosives started increasing. The increasing use of mining explosives in rare earth metals is expected to offer more growth opportunities for the global mining explosives market in coming time.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Industrial Explosives Market Forecast to 2028 – COVID-19 Impact and Global Analysis
Research Department Explosive (RDX) Market Forecast to 2027 – COVID-19 Impact and Global Analysis
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