The global explosives and pyrotechnics market was valued at $ xx billion in 2017. It is expected to grow at a compound annual growth rate of xx% during the forecast period, reaching a market value of $ xx billion by the year 2025. Explosives and pyrotechnics have been used for mining activities for a long time, and the rise in globalization and urbanization of cities across the globe has further increased their use.
Explosives and pyrotechnics are commercially available as solutions for easy and direct application in mining, military, and construction industry. They are used as blasting agents (high explosives), and in propellants and fireworks (low explosives). The rise in population across the globe has given rise to infrastructure development. Explosives are used to blast huge boulders of rocks to clear away space. There is an increase in mining operations in countries like the USA, Australia, Russia, and South Africa. The open pit operations and underground mining is carried out using explosives.
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The demand for ores, minerals, and energy has increased over the years, and mining is carried on an escalating rate to meet the growing demand for minerals. Countries which do not have any alternate sources of energy production use coal to generate energy, which is boosting the expansion of the global explosives and pyrotechnics market size.
The political conditions in countries like Africa, the Middle East, and Europe are unstable, which has resulted in the growth of the arms and ammunitions industry in the last few years, which is directly dependent on the explosives and pyrotechnics industry. Many government organizations have heavily invested in expanding their military forces. The global military expenditure is estimated to double its market by the year 2025, reaching a value of $x billion. Countries like China, India, USA, and other countries in the European region have largely invested in arms and ammunitions to make their armed forces stronger.
Pyrotechnics is the fastest growing segment of the global explosives and pyrotechnics market. Fire shows are an integral part of any function. There’s a rising consumer demand for outdoor firecracker shows in sports events and personal events such as weddings. [vs1] The opening ceremony of the Olympic Games and the celebration of US Independence Day showcase some of the most expensive fireworks display, amounting up to $20 million. The growth in the tourism sector is also responsible for promoting the growth of the use of pyrotechnics. Many hoteliers organize shows around fireworks, which is expected to drive the explosives and pyrotechnics market towards growth.
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Other factors that are contributing to the rise in the explosives and pyrotechnics market size are the growing oil and gas industries in the Middle East. Explosives are required to dig through the land in order to extract these resources. Additionally, the demand for minerals like diamond is increasing amongst the consumers, which is also responsible for the growth of the industry. However, there are strict environmental regulations around the explosives and pyrotechnics industry which might hinder its growth. The explosive fumes released during explosion are harmful to the biodiversity. They create harmful noise and pressure, and their byproducts are toxic and can have adverse effects on health. Moreover, gases, chemicals, dust, noise, and high temperatures in mining sites make the working environment unsafe and hazardous for the workers. These are the reasons behind the formulation of stringent rules and regulations against the use of explosives and pyrotechnics by government organizations, aided by intergovernmental and non-governmental organizations (Earth System Governance Project, Global Green Growth Institute, United Nations Environment Program, etc.).
The Asia Pacific region has been dominant in the global explosives and pyrotechnics market, accounting for 49% revenue of the total market in 2015, and it is expected to continue this trend throughout the forecast period. This region is rich in coal and gold mines. There are also many prominent mining companies present here, which play an important role in meeting the demand for explosives. The pyrotechnics market is also flourishing owing to the large number of festivals celebrated in countries like India and China. In the North American region, Mexico is anticipated to be the largest contributor to the growth of the market, due to the initiatives taken by the government towards the development of infrastructure. Some of the key players in the global explosives and pyrotechnics market are Orica Mining Services, Sasol Limited, ENAEX, AECI Group, Pyro Company Fireworks, ePC Group, Austin Powder Company, Alliant Techsystems, AEL Mining Services and Titanobel SAS.
What to expect from the Explosives and Pyrotechnics Market report?
- The growth estimate of this market during the forecast period.
- Current trends and driving factors, opportunities, challenges, and restraints affecting the industry.
- Segmentation of the market based on geographical factors, economic factors, end users, and applications.
- The government regulations surrounding the explosives and pyrotechnics market.
- Major key players involved in the production of explosives and pyrotechnics.
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