Fort Collins, Colorado, April 22, 2024 (GLOBE NEWSWIRE) --
High demand for resources propels the industry growth.
As the global population expands, the demand for resources and infrastructure development grows, resulting in heightened mining activities and construction projects. According to the World Bank, mining made up approximately 0.9% of global GDP in 2021, underscoring the industry's significant role. Additionally, the United Nations projects that global infrastructure investment requirements will reach USD 94 trillion by 2040, further amplifying the need for dynamite in construction and demolition endeavors. Furthermore, the surge in urbanization and the corresponding demand for residential, transportation, and commercial facilities have been propelling the construction sector, thereby increasing the demand for dynamite. The United Nations predicts that by 2050, 68% of the world's population will reside in urban areas, necessitating substantial infrastructure development to accommodate this growth.
The dynamite (explosive) market is witnessing opportunities emerging from developing innovative and safer alternatives to conventional dynamite. Technological progress has paved the way for introducing environmentally friendly and highly efficient explosives, such as emulsion explosives and non-explosive demolition agents (NEDAs). These alternative products offer numerous advantages over traditional dynamite, including enhanced safety features, minimized environmental impact, and superior blast control. Consequently, numerous mining and construction companies are actively exploring and embracing these alternatives, potentially creating new avenues for growth within the dynamite market.
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Segmentation Overview:
The dynamite (explosives) market has been segmented into type, grade, application, and region.
ANFO is a leading segment that is projected to dominate in the coming years.
- Based on the market segmentation by type, Ammonium Nitrate/Fuel Oil (ANFO) explosives accounted for the largest segment in the dynamite (explosives) market in 2023. ANFO is a widely used and cost-effective explosive mixture in various mining and construction applications. Its relatively low cost, ease of production, and widespread availability contribute to its dominant market position.
Mining is the largest application segment in the forecast period.
- Based on the market segmentation by application, mining was the largest dynamite (explosives) market segment in 2023. The mining industry has a substantial and consistent demand for explosives, including dynamite, to facilitate drilling, blasting, and excavation activities.
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Dynamite (explosives) Market Report Highlights:
- The dynamite (explosives) market growth is anticipated at a CAGR of 5.8% by 2032.
- Substantial demand for dynamites in the mining and construction sectors has propelled the industry growth.
- North America is the leading market due to the heavy presence of mining companies and ongoing infrastructure projects fueling the demand for dynamite and other explosives.
- Some prominent players in the dynamite (explosives) market report include Orica Limited, Austin Powder Company, Enaex S.A., Maxam Corp., Solar Explosives, Sasol Limited, Chemring Group PLC, Dyno Nobel Inc., EPC Groupe, and Austin Detonator s.r.o.
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