New York, July 25, 2022 (GLOBE NEWSWIRE) -- According to the data by The World Bank, global GDP was USD 84.91 trillion in 2020 and it grew to USD 96.1 trillion in 2021. With the growing GDP worldwide, construction contracts around the world are increasing significantly. Besides that, according to the United Nations Industrial Development Organization, in the first quarter of 2022, global manufacturing production registered a year-over-year output growth of 4.2%. Industrial economies reported a similar annual output growth of 4.1%, following a stable increase of 3.6% and 6.1% in the last two quarters, respectively. Other industrializing economies registered a year-over-year output increase of 5.1%.
Kenneth Research has published a detailed market report on ‘Global Blasting Stemming Plugs Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
It was noticed that, industrial development, which included constructions across the world, added value of 28.3% in worldwide GDP in 2021. The global blasting stemming plugs market catered an approximate revenue figure of USD 502 million in the year 2021 and is estimated to grow at a CAGR of ~5% over the forecast period i.e., 2022–2031. The market is anticipated to garner a revenue of approximately USD 600 million by 2031. The growth of the market can be attributed to the increasing construction contracts around the world along with increasing industrial base. Additionally, factors such as investment in mineral exploration, growing demand for metals in various end-use industries including automotive, electronics, and building construction, along with the rising investment in mining industry, and growing consumption of minerals are projected to fuel the market growth. According to International Energy Agency, by 2025, global coal demand is forecast to get an increase at around 7.4 billion tonnes.
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Further, investment in mining industry is expected to increase notably over the forecast period. It was observed that, in 2021, mining industry's leading companies invested approximately USD 73 billion, a significant increase compared with the previous year. Hence, this is estimated to be a prime factor to propel the growth of the global blasting stemming plugs market. Moreover, automotive sector has been growing significantly throughout the years. Revenue of worldwide automotive industry was sized at approximately USD 2.5 trillion and it is estimated to increase significantly over the forecast period. On the back of growing demand of metals in automotive sector, which is expanding rapidly, global blasting stemming plugs market is also expected to grow over the projection period.
Regionally, the global blasting stemming plugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in the North America region witnessed considerable growth in the year 2021. The growth of the market can be associated with efforts made by government agencies, and private companies to make customer-centric products along with the advancement in technology and machinery. It was noticed that in 2020 gross output of the United States mining industry accounted to approximately USD 415 billion.
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Moreover, owing to the expanding mining operations, ample oil supply, and rising construction contracts in the region, the Middle East & Africa region is anticipated to experience the fastest growth in the blasting stemming plugs market throughout the forecast period. According to the Statistics South Africa, in the year 2019, the production of coal in South Africa accounted to 306 million metric tons.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global blasting stemming plugs market is segmented on the basis of material type into crushed stone chips, coarse sand, fast hardening concretes, and others. Out of these segments, the crushed stone chips segment is estimated to hold the largest market share over the forecast period. The growth of this segment can be attributed to rising demand for highly competent stemming materials, growing mining industry, and growing construction contracts along with growing demand for metals worldwide. Further, wide usage of crushed stone chips in the construction industry is estimated to be a prime factor to propel the growth of this segment. It is measured that in the construction of a two-lane asphalt highway, approximately 26,000 tons of crushed stone is used per mile. In building a small residential subdivision, about 350 tons of crushed stone is used per home.
Furthermore, the global blasting stemming plugs market is segmented based on end-user into mining (coal and metal), construction, oil, and gas. Out of these, the mining segment is expected to hold a substantial market share over the forecast period on the back of increasing mining GDP, growing production of minerals, and growing investment in mining industry all over the world. Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. According to the data by The World Bank, mineral rents were 0.2% of global GDP in 2019 and it significantly rose to 0.6% in 2020.
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Some of the prominent players and their company profiling mentioned in the report include Advanced Blasting Technology Inc., Peri Nitrates Pvt. Ltd., Stemlock, Inc., AMA Group Limited, Orica Limited, MOCAP LLC, Advanced Blasting Technology, Inc., H&K Group, Inc., Omnia Holdings Limited, Maine Drilling and Blasting, Inc., and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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