Global Industrial Explosives Market Will be Valued at US$ 14.6 Billion by 2024 - Persistence Market Research

NEW YORK, February 20, 2017 /PRNewswire/ --

Rising urbanization has catapulted the use of coal-fired power generation. Quarrying activities from all corners of the world are also resuming at a steady pace. Technological advancements are facilitating the resurgence of global mining industry. Factors such as these and many more are instrumenting the growth in global demand for industrial explosives. A recent report published by Persistence Market Research estimates that in 2016, more than US$ 9 billion worth of industrial explosives were sold in the world. In the course of next eight years, the global market for industrial explosives is anticipated to grow steadily at 5.6% CAGR and reach US$ 14.58 billion value.

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In the report, titled "Global Market Study on Industrial Explosives: MEA Industrial Explosives Market Anticipated to Register Stable Growth Through 2024". Persistence Market Research predicts that more than 23 million metric tons of industrial explosives will be used up globally by the end of 2024. Key findings on the global industrial explosives market indicate that environment protection agencies and bodies will strongly coerce the production of industrial explosives. Manufacturers of industrial explosives will be compelled to bring forth advancements in their offerings, particularly towards reducing volumes of explosives used in large-scale explosions and lowering the environmental impact that follows.

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Surging Preference to Blasting Agents

With respect to the type of industrial explosives, the report clearly indicates an outright preference to blasting agents. Industrial verticals, where use of explosives is an integral part of production activities, are favoring the use of blasting agents. As opposed to high explosives, more than 22 million metric tons of blasting agents are forecasted to be sold by 2024. In due course of the projected period, global demand for high explosives will see a negligible dip. Nearly 95% of global industrial explosive revenues will be accounted by sales of blasting agents across various industrial sectors.