April 02, 2018
WELLESLEY, Mass., April 02, 2018 – The increase in industrialization and infrastructure evolution in developing countries, plus the demolition and reconstruction of developed countries’ infrastructures, are among key drivers of the global market for explosives. In a new report, Explosives: Global Markets to 2022, BCC Research estimates that the global market for explosives will grow from about $23.8 billion in 2017 to $31.2 billion by 2022, indicating a compound annual growth rate (CAGR) of 5.6%.
The mining, construction, military defense, and oil and gas industries are the major end-users of explosives. The demand for explosives should rise as the mining industry, which uses most of the world’s explosives, continues to expand. The applications of explosives will grow mostly in the mining and construction segments of the global industrial sector, mainly due to rising infrastructure development and mining activities, especially in coal mining. Globally, the increase in military spending and the rise of pyrotechnic explosives in the consumer and entertainment industries also is driving growth.
China, United States, India, Australia and Russia account for more than 70% of the world market. The recovery of infrastructure renovation and reconstruction in developed regions such as North America and Europe is spurring growth. Additionally, developing regions in China, India and Brazil are experiencing increased infrastructure development and increased mining activity, key factors which are also pushing growth.
“To combat increased market competition, manufacturers are increasingly applying backward integration strategies,” said BCC Research Senior Editor Gordon Nameni. “Some manufacturers are also constructing plants for raw materials production such as sodium nitrate, calcium nitrate and PETN—as a strategy to help reduce raw material costs and transportation costs.”
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Explosives: Global Markets to 2022( CHM085A )
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