Explosives And Pyrotechnics Market size is set to reach USD 23.28 billion by 2024: Global Market Insights Inc.
Explosives and Pyrotechnics Market size is set to reach USD 23.28 billion by 2024; according to a latest research report by Global Market Insights, Inc.
Global explosives and pyrotechnics market size is primarily driven by escalating growth in the mining industry, particularly in South Africa, the U.S., Russia and Australia. In 2015, the mining sector generated revenue roughly around USD 400 billion and is estimated to surpass USD 700 billion over the forecast timeframe.
Blasting technology has been playing a crucial role in mining operations, including both underground as well as open pit mining. Coal is one of the largest energy source across the globe. Increasing energy demand via population needs will stimulate growth over the forecast timeframe. In addition, strong outdoor crackers demand indicators for sports and personal events such as anniversaries and wedding will complement business growth.
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Robust growth in the arms & ammunition industry has played a vital role in contributing the global explosives and pyrotechnics market share. Rising hunting activities in the U.S. and Europe, defense investments and political unrest in the Middle East & Africa are various factors propelling product demand over the forecast timeframe. In 2010, the overall military investment was close to USD 1.5 trillion and is projected to exceed USD 3 trillion by 2025 owing to consequently boost business growth.
Noise, carbon and dust emissions through mining and fire shows remain a concern for the explosives and pyrotechnics industry. Secondary explosives including RDX, TNT and HMR are extensively manufactured and used in mining, military and construction applications. Immense pressure and noise emitted possess substantial threat to environment, humans and animals. In addition, chemicals, gases and dust formed in the mining pits accompanied with elevated temperatures makes the ambience vulnerable for the workers.
Browse key industry insights spread across 108 pages with 176 market data tables & 15 figures & charts from the report, “Explosives & Pyrotechnics Market Size By End Use (Explosives [Mining, Construction, Military] & Pyrotechnics [Entertainment, Consumer]), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Switzerland, Finland, Russia, China, India, Japan, Australia Mongolia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2025” in detail along with the table of contents:
Key insights from the report include:
- Global explosives and pyrotechnics market size shall exceed USD 23.28 billion by 5024, with projected 4% growth over the forecast timeframe.
- In 2015, mining explosives and pyrotechnics market share generated revenue more than 6 billion. Growing energy and minerals demand is the prime factor propelling the segment growth. Increasing minerals demand, such as gold and diamond, on account to rising disposable income will boost business growth.
- Military is anticipated to experience 3.5% growth from 2016 to 2024. Increasing defense investments in various countries, including the U.S., China, Russia and France to enhance their defense forces will stimulate the global explosives and pyrotechnics market size by 2025.
- In 2015, Asia Pacific dominated the explosives and pyrotechnics market share and accounted for approximately 35% of the global revenue. Occurrence of the major industry participants in Australia accompanied with large number of gold & coal reserves in China, were the key aspects for regional growth.
- In 2015, the global explosives and pyrotechnics market was competitive. Key industry players are Chemring, Orica Mining Services, ENAEX, AECI Group, Austin Powder Company, Sasol Limited and Incitec Pivot.