The global mining explosives consumables market is anticipated to expand at a CAGR of 5.5% during the forecast period, finds Future Market Insights (FMI) in a recent analysis. Growing focus to reduce consumption of industrial explosives in mining of iron ore, coal, and other minerals is expected to remain a key growth driver for the market.
Mining explosives consumables are extensively used in the mining industry along with industrial explosives to decrease the powder factor of rocks. These consumables are also used to enhance the impact of explosives on the rocks by creating immense pressure with the help of the air deck.
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Substantial use of industrial explosives for the mining of iron ore, coal, phosphate rocks, gypsum, bauxite, and other metals & quarries is expected to fuel demand. These consumables not only reduce the amount of explosives used but also help to reduce the carbon footprint of numerous mining companies.
Rising metal mining activities like lithium, cobalt, and others would create ample opportunities for key manufacturers. They can target specific regions with high mining potential to bolster their annual turnover. East Asia and South Asia Pacific regions are projected to dominate the global market owing to high mining activities.
Key Takeaways: Mining Explosives Consumables Market
- The mining explosives consumables market witnessed steady growth at 6% CAGR during the historical period between 2017 and 2021.
- By type, gas bags are estimated to witness considerable growth at a CAGR of 6% in the next ten years.
- Based on application, the coal mining segment is expected to account for more than two-third of the overall consumption volume of mining explosives consumables in the next ten years.
- Australia is expected to account for around 50% of mining explosives consumables demand in the South Asia Pacific region during the assessment period.
- The global mining explosives consumables market is set to be valued at around US$ 131.2 Million by the end of 2022
Competitive Landscape
Key participants operating in the global mining explosives consumables market included in the report are MTI Group, Ideal Supply Inc., Stemlock, Inc., Australasian Mining Services (Pty) Ltd., PR Polymers, Layfield Group. Ltd., TIME Limited, Blasters Tool & Supply Co., Inc., Sarco Stopper Ltd., and Better Blasting among others.
Key market participants are investing in the expansion of their installed capacity, as well as global presence. Market players are also heavily involved in research and development activities to innovate their products and strengthen their product offerings. With the growing requirement for application specific products, key players are set to be benefited with strengthening of their product portfolios.
For instance:
- The KOOLKAP Down-Under Bags, which were developed to withstand Australia’s severe weather conditions, are well suited for usage everywhere in the world and deliver exceptional performance even at elevations of over 4,500 meters.
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More Insights into the Mining Explosives Consumables Market Report
In its latest report, FMI offers an unbiased analysis of the global mining explosives consumables market, providing historical data from 2017 to 2021 and forecast statistics for the period of 2022-2032. To understand the global market potential, its growth, and scope, the market is segmented based on type (gas bags (vinegar gas bags, inflated gas bags, self-inflating gas bags and others) and accessories (pin flags, solar lights, cone sleeves, blast hole liners, and others); application (iron ore mining, coal mining, bauxite mining, phosphate rocks and others) across six regions (North America, Latin America, Europe, East Asia, South Asia Pacific, and the Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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