Explosives And Pyrotechnics Market Size, Share & Trends Analysis Report By Product (Blasting Agents, Propellants), By Application (Mining, Construction, Military, Consumer, Proximate, Display), By Region, And Segment Forecasts, 2023 - 2030

Explosives And Pyrotechnics Market Size, Share & Trends Analysis Report By Product (Blasting Agents, Propellants), By Application (Mining, Construction, Military, Consumer, Proximate, Display), By Region, And Segment Forecasts, 2023 - 2030

Explosives & Pyrotechnics Market Growth & Trends

The global explosives & pyrotechnics market size is expected to reach USD 40.9 billion by 2030, registering a CAGR of 4.7% during the forecast period, according to a new report by Grand View Research, Inc. The global explosives and pyrotechnics market is expected to grow significantly over the forecast period on account of increasing use of the product in construction and mining activities.

Rising number of projects for infrastructure development in Asia Pacific is expected to drive the demand for explosives as a blasting agent. Increasing government spending for infrastructure development in Asia Pacific and the Middle East on account of increasing domestic output is expected to play a significant role in amplifying construction activities in these regions.

In 2022, Asia Pacific contributed to approximately 47.0% of the total global construction spending. Also, the development of new construction and building projects in Asia is likely to boost market growth.

Explosives & Pyrotechnics Market Report Highlights

• Positive outlook towards the mining sector in Chile, and Peru, and owing to government policies to open opportunities for investments by foreign players, to improve the economic conditions, is expected to drive the demand for explosives subsequently.
• Coal mining was the largest application within the mining sector. However, the outlook towards coal is likely to be bleak over the forecast period on account of increasing shifting trends of consumers towards alternative sources of energy including natural gas and renewable energy. However, metal mining is expected to witness tremendous growth on account of rising demand for metals including rare earth elements.
• Consumer pyrotechnics accounted for 35.4% of the global market in 2022 and is expected to grow on account of increasing demand for recreational fireworks, model rocket motors, and powder-actuated nail guns.
• Companies are focusing on product innovation to cater to the growing demand for safe & effective explosives. For instance, in September 2016, Orica launched a new product, Vistis Bulk System, catering to the growing consumer demand in Australia.

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