Mining operations rely on a wide range of specialized equipment and consumables to ensure efficient and safe extraction of minerals from the earth. Among these crucial components, mining explosives and their associated consumables play a pivotal role in enhancing productivity and safety in the mining industry.
Mining Explosives Consumables encompass a diverse range of products utilized in the mining industry to initiate controlled explosions. These explosives are carefully designed to fragment rock formations, allowing for easier extraction of valuable minerals. The consumables associated with mining explosives include detonators, boosters, fuses, cord relays, shock tubes, and other supporting materials required for efficient blasting operations.
By the end of 2022, the market for mining explosive consumables is anticipated to be worth around US$ 131.2 million. From 2022 to 2032, it is projected to grow at a strong CAGR of 5.5% and reach US$ 224.8 million.
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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 Mn by the end of 2022
Competitive Landscape: Mining Explosives Consumables Market
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).
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