The global mining explosives consumables market is set to be valued at around USD 131.2 million by the end of 2022. It is anticipated to progress at a healthy CAGR of 5.5% from 2022 to 2032 and reach USD 224.8 million by 2032.
Increasing adoption of explosives consumables for mining to reduce industrial explosives consumption and to decrease expenditure are likely to remain key growth drivers for the market. China and Australia are anticipated to remain key consumers owing to significant mining activities in these countries.
According to the latest research report published by Future Market Insights, demand for mining explosives consumables is anticipated to account for around 1.2% of the overall consumption of industrial explosives.
In order to gain access to mineral-rich deposits deep under the earth, mining, and exploration companies are mainly focusing on obtaining minerals from underground mines as opposed to open-pit mines.
Additionally, as open-pit mines need a larger land area than subterranean mines, the switch from open-pit to underground mining will further increase the demand for mining explosives consumables.
In August 2019, for instance, IAMGOLD Corporation announced the launch of the Saramacca Joint Venture Project located in Paramaribo, Suriname. Similarly, the Donkin coal project is an underground mine located on the northeastern tip of Cape-Breton, Nova Scotia. The project is anticipated to produce 3.5 million tons per annum (MTPA) of run-of-mine (ROM) coal and 2.75 Mt to saleable cost.
Furthermore, pyrotechnics and mining explosives consumables are nowadays commercially available as new solutions for direct and easy application across the globe. These are primarily available in numerous forms that include low explosives and high explosives.
Low explosives include fireworks and propellants. High explosives, on the other hand, are categorized into tertiary, primary, and secondary explosives such as blasting agents. These also contain trinitrotoluene (TNT), pentaerythritol tetranitrate (PETN), nitroglycerin, ammonium nitrate-fuel oil mixture (ANFO), picric acid, and dynamite.
The surging use of mining explosives consumables in the mining of various minerals nickel, copper, titanium, tin, bauxite, gold, iron ore, and zinc is another vital factor that would propel growth in the global market.
Apart from that, rising demand for automobiles in Hungary, Germany, Malaysia, China, Mexico, and Brazil would accelerate mineral mining and processing activities worldwide.
Liberalization of mineral policies implemented by government agencies across China, Peru, and Chile in the early 2000s, 90s, and 80s, respectively have also started attracting international companies to push the production and extraction of minerals over the last few years.
In addition to this, technological expenditure meant for using effective exploration methods, as well as viable processing of complex and low-grade minerals have surged extensively across the globe.
| Attributes | Key Insights |
|---|---|
| Mining Explosives Consumables Market Estimated Size (2022E) | USD 131.2 million |
| Projected Market Valuation (2032F) | USD 224.8 million |
| Value-based CAGR (2022 to 2032) | 5.5% |
| Collective Value Share: Top 3 Countries Worldwide (2022E) | 61.5% |
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Demand for mining explosives consumables grew at 2.6% CAGR during the historical period between 2017 and 2021. As per the current growth projections, demand for mining explosives consumables is projected to witness around 5.5% CAGR over the forecast period of 2022 and 2032.
A low growth outlook over the historical period is attributed to the substantial downfall of the mining industry during the pandemic crisis.
Further, steady growth in the mining industry during the last five years has resulted in slow growth in the market. Increasing demand for mining explosives consumables to enhance mining efficiency, decrease powder factor and reduce carbon footprint are projected to bolster the market over the evaluation period.
Also, the growing focus on cost reduction owing to economic slowdown and anticipated recession is expected to boost the consumption of mining explosives consumables. A fair share of the overall cost of mining is reduced by these consumables.
High Demand for Coal, Bauxite, and Rare Earth Metals to Propel Sales of Mining Explosives
Mining activities account for a fair share of the total GDP in key mining countries in Asia Pacific, Latin America, and Africa. Governments and mining companies in countries such as China, India, Brazil, Australia, Mozambique, and Indonesia are expected to look for untapped investment opportunities for mineral extraction to boost economic growth.
Demand for high-efficiency explosive consumables is mainly being driven by rising demand for coal, bauxite, rare earth metals like gold and silver, and surface minerals like iron ore mining.
In addition, countries in Central and West Africa are expected to witness an incremental opportunity in terms of mineral production over the forecast period. Also, the anticipated steady increasing demand for precious metals such as gold and platinum is set to boost precious metal mining activities, which in turn, is expected to drive growth in the industrial explosives market.
A number of influential factors have been identified to stir the soup in the mining explosives consumables market. Besides the proliferating aspects prevailing in the market, the analysts at FMI have also analyzed the restraining elements, lucrative opportunities, and upcoming threats that can pose a challenge to the progression of the mining explosives consumables market.
The drivers, restraints, opportunities, and threats (DROTs) identified are as follows:
DRIVERS
RESTRAINTS
OPPORTUNITIES
THREATS
The mining industry is cyclical in nature and is highly correlated with global economic growth. Economic growth has been relatively slow, particularly in countries like China, which is a large consumer of commodities and minerals.
Moreover, commodity prices are experiencing a significant downward trend, mainly due to the relatively low demand in the world's major mineral-consuming regions.
The period of low growth has been marked by a growing interest of mining companies in streamlining costs in order to compete in the market. In addition to being cost-effective, mining operations are expected to be characterized by planning changes & restructuring, upgrading, lower strip rates, and underutilization of capacity.
This, coupled with mine closures and suspension of certain projects, is expected to adversely affect explosives consumables consumption during the forecast period. The mining sector accounts for a large share of the global mining industrial explosives market.
The above-mentioned factors are expected to influence growth in the industrial explosives market. Therefore, the global mining explosives consumables market is expected to witness relatively modest growth, especially in the early stages of the forecast period.
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High Demand for Iron Ore and Bauxite in Australia to Push Sales of Earth-Moving Equipment
Australia is considered to be one of the global key mining markets with dominance in iron ore, bauxite, lithium, coal, and other minerals. The country is also the second-largest mining industry all over the globe.
Dominance in the mining sector in the country is expected to result in a substantial demand for mining explosives consumables. Australia is expected to account for around 50% of mining explosives consumables demand in the South Asia Pacific region during the assessment period.
These consumables are significantly being utilized in iron ore and coal production, thereby bolstering the market in Australia. Demand has been predominately influenced by growing investments in the country’s mining sector owing to substantial opportunities as the country has a reserve of iron ore, coal, lithium, bauxite, and other minerals.
Rising Need for Mineral Production in China to Spur Sales of Mining Machinery and Explosives
Along with its dominance in the manufacturing sector, China also dominates the mining sector. It is the leading producer of coal and around 4 billion tons of coal are mined in the country, accounting for around 51% of the global coal production. Global dominance in coal, aluminum, bismuth, and other mineral production would result in significant growth in the market in China.
The China mining explosives consumables market is estimated to witness a growth rate of 5.7% CAGR during the estimated period of 2022 and 2032. As a significant share of the GDP in the country comes from the manufacturing sector, China requires high amounts of minerals for various applications.
Expansion of the mining industry and increasing demand for mineral production are projected to boost the demand for mining explosives consumables in the next ten years.
Coal Mines to Increasingly Adopt Explosive Blasting Machines by the End of 2032
Based on application, the coal mining segment is projected to remain at the forefront in the next ten years. The rising utilization of thermal power plants for electricity production all over the globe is expected to bolster the segment.
The segment is estimated to account for more than two-thirds of the overall consumption volume of mining explosives consumables in the forecast period. Increasing utilization of mining explosives consumables for coal mining all over the globe is another factor that would boost segmental growth.
Further, coal accounts for around 65% of the global mining sector in terms of volume. Reduced consumption of industrial explosives for coal mining owing to low carbon emission and cost optimization would propel the demand for mining explosives consumables over the assessment period.
Demand for Mine Exploration Equipment like Gas Bags to Surge by the End of 2032
Mining explosives consumables are utilized along with industrial explosives to decrease the powder factor of rocks. This further decreases the overall consumption of industrial explosives and reduces the cost of the overall processing.
With the increasing focus of key companies on cost optimization all over the globe, numerous end users are opting for mining explosives consumables. Gas bags are significantly being used for mining and the segment is estimated to witness growth at a CAGR of 5.6% in the next ten years, finds FMI.
High demand for mining metals and alloys is another factor that is set to bolster the demand for gas bags in the projected period. Further, substantial mining of coal, iron ore, and bauxite would help to maintain the substantial growth projections.
Rising investments in the mining of lithium, cobalt, and certain other minerals are another crucial factor that is expected to foster sales of gas bags. In addition to that, increasing investments in mineral exploration across Africa and Latin America are projected to create ample opportunities for gas bags in the market for mining explosives consumables.
Key players in the market for mining explosives consumables are focusing on the expansion of their production capacities owing to the growing demand for the same across the globe.
Further, to enhance their global presence, key manufacturers are investing in acquisitions and collaborations activities to increase. They are also striving to expand their consumer base and strengthen their distribution network.
One of the key industry developments:
| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 131.2 million |
| Projected Market Valuation (2032) | USD 224.8 million |
| Value-based CAGR (2022 to 2032) | 5.5% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD million) |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, Poland, China, Japan, South Korea, India, ASEAN, The Australia and New Zealand, GCC Countries, Turkey, and South Africa. |
| Key Segments Covered | Type, Application & Region |
| Key Companies Profiled |
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.; Better Blasting |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drives, Restraints, Opportunities and Threats, Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The mining explosives consumables market is anticipated to reach a valuation of USD 224.8 million by the end of the forecast period.
The mining explosives consumables market is anticipated to witness a CAGR of 5.5% over the forecast period of 2022 and 2032 in terms of value.
The mining explosives consumables market witnessed steady growth at 2.6% CAGR during the historical period between 2017 and 2021.
MTI Group, Ideal Supply Inc., Stemlock, Inc., Australasian Mining Services (Pty) Ltd., PR Polymers, Layfield Group. Ltd., and TIME Limited among others are the leading players in the market for mining explosives consumables.
Key countries pushing the mining explosives consumables market are China, the USA, Australia, India, and ASEAN. The top 3 countries account for around 61.5% of the global demand for mining explosives consumables.
| Estimated Market Size (2024E) | USD 2,340.5 million |
|---|---|
| Projected Market Value (2034F) | USD 3,960.2 million |
| Value-based CAGR (2024 to 2034) | 5.4% |
| Market Analysis Estimated Year Value (2023) | USD 2,763.49 Million |
|---|---|
| Market Analysis Projected Year Value (2033) | USD 4,587.91 Million |
| Value CAGR (2023 to 2033) | 5.2% |
| Estimated Year Value (2023E) | USD 11,885.5 million |
|---|---|
| Projected Year Value (2033F) | USD 19,360.2 million |
| Value CAGR (2023 to 2033) | 5% |
| Projected Value (2027) | USD 10,681.1 Million |
|---|---|
| Value-based CAGR | 5.8% |
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