Dynamite is a mixture of a chemical compound that contains a large amount of potential energy and can explode under high heat and pressure. Depending on the speed at which the dynamite explodes, they are divided into two forms that can either detonate (high explosives) and deflagrate (low explosives). High explosives are further divided into primary and secondary explosives. High explosives are a leading segment of the market on account of the rising demand for ANFO and emulsion explosives in defense and quarrying application. ANFO is the most used type of explosive owing to the cost-efficient blasting agent and easy availability of raw material: ammonium nitrate. However, bulk explosives held the largest market share of 47.20% in 2016, and this trend is anticipated to continue over the forecast period.
According to analysis, the global dynamite market is projected to reach USD 17,973.7 million by 2023. This growth can be attributed to the growing demand from the coal industry along with rapid development in construction activities. Furthermore, rising demand for infrastructral renovation is also expected to augment the demand for dynamites and fuel the market growth. The improving defense sector for homeland security and counterterrorism strategies along with the shipbuilding and submarines activities is expected to propel the product demand in the market. Ammonium nitrate when inhaled or ingested in high concentration can cause health issues. However, stringent regulations and workplace health concern of workers may challenge the market growth during the forecast period.
Global Dynamite Market Share, by Application, 2016 (%)
Asia Pacific region holds significant market share and is expected to grow at a CAGR of 6.05% to reach USD 8,298.4 million by 2023. Favorable government policies, availability of resources, and strong production base of prominent manufacturers are the major drivers of the market in this region. The presence of rich mineral deposits and large gas reserves in China, India, and Australia are propelling the explosives market growth. Rapid industrialization and urbanization in the emerging economies like China and India have led to significant growth in explosive demand.
North America is expected to grow with a CAGR of 5.69% on account of the growth in infrastructural activities and rehabilitation of the old building. The U.S. explosives market was accounted for 62.70% share by value in 2017. The U.S. is one of the prominent military powers of the world and is expected to remain so, which is fuelingd the product demand in this region. Favorable government initiatives such as National Infrastructure Program coupled with a wide range of explosives applications such as digging tunnel and highway road construction are likely to drive the market growth. Europe holds a considerable market share, followed by the Middle East & Africa. It does so owing to the presence of leading players in the region and extensive mining activities.
The global dynamite market is segmented on the basis grade, type, application, and region.
By the grade, the market is divided into high and low explosives.
By type, the market is segmented into bulk explosives, cartridge explosives, ANFO, nitroglycerine, and others.
Based on the application, explosives are used in mining, construction, quarry, defense, and others.
Geographically, the global dynamite market is spanned across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The prominent players in the global dynamite market are Hanwha Corp., Incitec Pivot Ltd, Pakistan Ordnance Factory, Austin Powder Gmbh, Eurenco SA, Explosia, Inc., EPC Groupe, Yara, Nitroerg SA, Forcit Group, Titanobel, Solar Industries India Ltd, MAXAMCorp Holding, S.L., Orica Limited, IDL Explosives, Enaex, Anhui Jiangnan, China Poly Group Corporation, BME, NOF Corporation, and Ideal Industrial Explosives Ltd.
Global dynamite market is anticipated to reach USD 17,973.7 million by at a CAGR 5.67% over the forecast period. Asia Pacific is the largest market and is projected to reach USD 8,298.4 million by 2023 on the backdrop of the increasing development projects and mineral extraction activities in this region. The dynamite market is a fragmented market; however, key players are targeting rich in mineral resources especially in the Asia Pacific and the Middle East region.
The global dynamite market is projected to grow at a CAGR of 5.67% during the review period 2017-2023. Asia Pacific accounted for the largest share due to the growth of major end-use industries in the region. The mining industry is estimated to be a dominant segment in the global dynamite market during the forecast period.
Table of Content: Key Points
1 Report Prologue
2 Scope of the Report
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Dynamite (Explosives) Market, By Type
7 Global Dynamite (Explosives) Market, By Grade
8 Global Dynamite (Explosives) Market, By Application
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