Global explosives and pyrotechnics market is driven by substantial growth in the mining industry particularly by Russia, U.S., South Africa and Australia. The mining processes involve explosives technology and blasting and exhibit significant demand trends for the market. The mining sector is estimated to surpass USD 700 billion over the forecast timeframe.
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The global military investment is likely to surpass USD 3 trillion with CAGR more than 3.5% by 2025. The explosives and pyrotechnics market will be significantly propelled by the demand from the arms & ammunition applications in the near future. The demand is mainly attributed to the globally rising government expenditure to strengthen the military forces.
The outdoor cracker and fire shows have been gaining popularity in the recent years. Rising demand among consumers for the same will contribute to the market growth in the forecast period. The global population is likely to surpass 9 billion by 2050. Growing population and the energy scarcity in several countries are drivers to the demand of coal-based energy generation, which will consequently propel the industry growth in the coming years.
Noise, dust and carbon emissions through fire, crackers and mining activities hold extensive threat to the environment. Also, the military, construction and mining applications involve secondary explosives such HMR, RDX and TNT. The explosives and pyrotechnics market growth is probable to face certain restraints by severe environmental legislations including EPA in the forecast period. They are mainly associated with explosives fumes, which are detrimental for the biodiversity. The market also possesses concerns over prominent level of flammability and workplace health & safety. The elevated temperatures and the gases, dust & chemicals discharged in the mining pits make the working atmosphere vulnerable for the workforces.
Mining industry is projected to hold the largest market share among other end use industries by 2024. Expanding consumer demand for luxurious minerals like diamond, will drive the mining industry growth.
North America is estimated to witness bright growth aspects for explosives and pyrotechnics market. The regional growth is driven by heavy government investments in arms & ammunitions to fortify their defense forces. Also, shale gas exploration in U.S. and intensely competitive market players in pyrotechnics will further boost the industry growth for mining applications.
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Rising need for technological upgradation and development of more efficient weapons will complement the Asia Pacific explosives and pyrotechnics market growth in the forecast period. The presence gold & coal reserves and major mining companies in Australia will drive the regional growth. Also, growing oil & gas industry in the Middle East & Africa, their defense investments and the regional political unrest will contribute to the market growth.
Key industry players are ENAEX, Orica Mining Services, AECI Group, Sasol Limited, Incitec Pivot, Chemring Group, Austin Powder Company, Titanobel SAS, LSB Industries, Hanwha Corp., Melrose Pyrotechnics, Solar Industries India, Zambelli Fireworks, Angelfire Pyrotechnics, Pyro Company Fireworks, Skyburst, Entertainment Fire-works, Howard & Sons, Supreme Fireworks, Impact Pyro and Celebration Fireworks.
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