The Global Explosives Market is expected to grow significantly over the forecast period on account of increasing use of the product in construction and mining activities.
The Global Explosives Market is expected to reach USD 31.95 billion by 2024, according to a new report by Grand View Research, Inc.
Rising number of projects for infrastructure development in Asia Pacific is expected to drive the demand for explosives as a blasting agent. Increasing government spending for infrastructure development in Asia Pacific and the Middle East on account of increasing domestic output is expected to play a significant role in amplifying construction activities in these regions.
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In 2013, Asia Pacific contributed to approximately 44% of the total global construction spending, an increase of 4% from the previous year. Also, the development of new construction and building projects in Asia is likely to boost market growth. The demand for explosives in the region is expected to be 14.93 million tons by 2024.
Top Players of Explosives Market:
Key market players include Orica Mining Services, ENAEX, Maxam Corp., Sasol Limited, Austin Powder Company, AEL Mining Services, Chemring Group, Incitec Pivot, AECI Group, Pyro Company Fireworks, ePC Group, Alliant Techsystems, Titanobel SAS, Hanwha Corp., Solar Industries India, and LSB Industries.
Market Segmentation of Explosives Market:
The Global Explosives Market Segmented on the basis of Product and Application.
By Product:
Blasting agents
Propellants
Pyrotechnics
By Application:
Mining
Construction
Military
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