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Industrial Explosives Market Anticipated to Grow at Much Faster Rate in Upcoming Years 2020 - 2027
AMR
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Key Drivers of Market Growth:
Surge in Mineral Extraction Activities: Increased mineral extraction activities have been a significant driver, particularly in open-pit mining operations.
Demand in Construction: Industrial explosives have witnessed a rise in demand in tunnel construction and development projects, further propelling market growth.
Government Initiatives: Government initiatives aimed at boosting the mining sector are expected to create lucrative opportunities for market players in the foreseeable future.
Market Challenges:
Impact of Covid-19: The outbreak of Covid-19 significantly impacted the industrial explosives market, with lockdowns and social distancing regulations leading to temporary suspensions of mining and construction activities.
Dearth of Skilled Labor: During lockdowns, there was a shortage of skilled labor across various countries, which, coupled with the need for corrective measures to protect the workforce post-lockdown, hindered construction and mining activities.
Segment Analysis:
Blasting Agents Dominate: The blasting agents segment held the largest share in 2019, accounting for over four-fifths of the global market. It is expected to register the highest CAGR of 5.6% during the forecast period, driven by increased usage in mining and construction industries.
Mining Industry Growth: The mining segment is expected to witness the highest CAGR of 5.6%, attributed to the increased use of industrial explosives for rock fragmentation in mineral and coal extraction.
Regional Analysis:
Asia-Pacific Leads: Asia-Pacific held the largest market share in 2019, contributing to over two-fifths of the market. The region is expected to register the highest CAGR of 6.5% during the forecast period, driven by large mineral reserves and a growing demand for industrial minerals.
Key Players:
The report highlights key players in the industrial explosives market, including AECI Ltd., EPC Groupe, Austin Powder Company, Incitec Pivot Limited, and others.
This summary provides insights into the trends, drivers, challenges, and opportunities shaping the global industrial explosives market, aiding stakeholders in making informed decisions.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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