The global sales of industrial explosives reached ~1,900,000 metric tons in 2018, as per the latest report of Persistence Market Research (PMR). The report particularly analyzes Latin America industrial explosives market which has been estimated to reach revenues worth US$ 1 Bn by 2019 end. The market for industrial explosives in Latin America is projected to register ~5% CAGR during the forecast period, 2019-2029.
Increasing depth of underground mining activities and an ascending number of tunnel construction and road development projects are expected to drive the demand for industrial explosives in Latin America. The regional economy heavily relies on the mining sector for development which warrants healthy investments in mining and quarrying industries, thereby pushing the market growth.
Rapid transition from open-pit mining to underground mining, and growing preference for blasting agents over conventionally used mechanical drills in tunneling activities are some of the factors anticipated to drive the demand growth of industrial explosives in this region during the forecast period. However, challenges posed by raw material prices on a higher side and stringent government regulations on the use of industrial explosives are expected to remain key barriers to rapid market growth in the foreseeable future.
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Blasting Agents Remain Sought-after
Mining is one of the primary economic growth contributors in several Latin American countries. Flourishing mining sector in countries like Brazil, Peru, Mexico, and Argentina is expected to create healthy demand for industrial explosives in the Latin American region. Government and mining firms in these countries are focusing on tapping on major mineral resources through mining and quarrying to drive the economic growth of the respective countries in order to enhance and maximize development. For instance, in January 2015, the government of Peru invested approximately US$ 62 Bn on mining projects to increase the extraction capacity of minerals including zinc, copper, and gold. Such initiatives by local governments are anticipated to drive the growth of the industrial explosives market in the region.
Blasting agents are anticipated to witness significantly higher demand as compared to high explosives in the industrial explosives market. The segment is also estimated to grow at a higher CAGR over the forecast period, owing to the high demand from infrastructural projects and mineral extraction activities in the region. In terms of end use, the mining segment is anticipated to account for over 80% of the total demand for industrial explosives in terms of volume, throughout the forecast period.
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Some of the market players featured in this report include:
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