Explosives & Pyrotechnics Market Share Analysis | 2023-28

Market Insights

Explosives & Pyrotechnics Market is estimated to grow from USD 15.7 billion in 2022 to USD 20.92 billion by 2028 at a CAGR of 4.8% during the forecast period.

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What is explosives and pyrotechnic device?

Explosive devices are engineered to initiate and control rapid chemical reactions that release a large amount of energy in a short period. This energy release results in shock waves, heat, and gas expansion, which can be used for various purposes, including demolition, mining, military applications, and more.

Pyrotechnic devices are designed to control chemical reactions to produce controlled and visually appealing effects, often accompanied by sound and light. These reactions are typically slower and more controlled than those in explosive devices.

Market Dynamics

The explosives & pyrotechnics market is driven by a host of factors, some of which are noted below:

• The explosives & pyrotechnics market is largely driven by the growth of mining operations in the U.S., Australia, Russia, and South Africa.
• The explosives & pyrotechnics market is expected to be driven by the increasing demand for explosives in drilling and blasting at mining and construction sites, as blasting and explosives technology are crucial in open pit and underground mining operations.
• Coal mining, a significant segment, is expected to boost operations due to power generation needs, driven by energy shortages in rising populations and energy shortages in many countries.
• Global explosives and pyrotechnics market growth is expected to be hindered by stringent government regulations, including the EPA, due to the significant harm caused by noise and pressure during blasts, which are used extensively in mining, construction, and military applications.

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Segment Analysis

By Product Type

The market is segmented into explosives and pyrotechnics. Pyrotechnics are expected to be the fastest-growing segment of the market during the forecast period on account of the growing demand for fireworks in the tourism industry and various festivals including weddings and Christmas. On the other hand, explosives are widely used in quarrying and civil engineering such as tunnel, damn, and road construction, fueling the segment’s growth during the forecast period.

By Application Type

The market is segmented as mining, construction, military, and entertainment. Mining is estimated to witness a significant growth rate in the market as it helps to clear rocks for excavation. In addition, the military is estimated to register a considerable growth rate on account of growing investments in the development of military and defense sectors in order to protect civilians from terrorist attacks over the forecast period.

By Region

Asia-Pacific is estimated to be the dominant region in the market with China and India being the major countries with lucrative growth opportunities during the forecast period. Further, the presence of some of the key players in the mining industry in Australia coupled with the presence of gold & coal reserves is expected to drive the market growth over the forecast period. On the other hand, North America is projected to hold a significant share of the market owing to growing government investments in arms & ammunition to strengthen its defense forces during the forecast period.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

The explosives & pyrotechnics market is segmented into the following categories. 

By Product Type:

• Explosives 
• Pyrotechnics

By Application Type:

• Mining 
• Construction 
• Military 
• Entertainment 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

key Players

Some of the key players in the explosives & pyrotechnics market are-

• AECI Group
• Austin Powder Company
• Chemring Group
• Enaex
• EPC Group
• Hanwha Corporation
• Incitec Pivot limited
• MAXAM Corp
• Orica Mining Services
• Sasol Limited.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

What Deliverables Will You Get in this Report?

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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