Explosives & Pyrotechnics Market Size

Explosives & Pyrotechnics Market Size

Explosives & Pyrotechnics Market size valued at USD 17 billion in 2018 and will witness a CAGR of more than 4% between 2019 and 2025.

To get key market trends

  Download Free Sample

Growing mining operations in the U.S., Australia, Russia and South Africa along with rising consumer demand for outdoor cracker shows in sports events and personal events such as weddings, is analyzed to be the key factor propelling explosives & pyrotechnics market size over the forecast timeframe. According to USGS National Minerals Information Center, the U.S. mines produced approximately USD 75 billon of minerals/metals in 2017, which increased by 6% from the previous year. These trends are anticipated to continue and will drive explosives demand owing to its application in drilling and blasting at the mining and construction sites. Blasting and explosives technology is an integral part of any mining process. It is used in both open pit as well as underground mining operations. Coal mining is among the biggest industrial segments in 2018. Massive dependency on coal for power generation applications is likely to trigger mining activities which will have subsequent positive impact on the overall market size in the upcoming years. For instance, energy undersupply in many countries along with growing population will drive coal based energy generation. Moreover, minerals and ores mining has also picked up pace in the past few years in Africa, Latin America and Asia Pacific which will further complement the market growth by 2025.
 

Arms & ammunition industry has grown significantly in the past few years. Hunting activities in Europe and the U.S., political unrest in Africa, sports and increasing defense spending are some of the factors forecast to positively influence the arms & ammunition demand by 2025. The global military expenditure was roughly around USD 1.5 trillion in 2010 and is estimated to reach USD 3 trillion by 2025. The U.S, India, China, and European countries have substantially increased their arms & ammunition spending in order to strengthen their armed forces. Furthermore, growing need for technology advancements and smart weapons will further complement explosives & pyrotechnics market size in the forthcoming years.
 

Formulations of stringent environmental legislations from regulatory body including the EPA is likely to hamper the overall market growth by 2025. This is mainly due to the fact that secondary explosives including TNT, RDX and HMX are widely applicable in large quantities for open pit & underground mining, construction and in military applications. Substantial harm caused to humans, animals and the environment due to noise and pressure released during blasts for carrying out mining operations will make a negative impact on the overall market size in the coming years.