At 4.5% CAGR, the Asia Pacific Mining Explosives Market is Projected to be Worth US$ 19,342.89 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific mining explosives market was valued at US$ 14,226.78 in 2023 and is expected to reach US$ 19,342.89 million by 2030, registering a CAGR of 4.5% from 2023 to 2030. Increasing application of ANFO (Ammonium Nitrate Fuel Oil) in mining industry and growing demand for metals in manufacturing high-end products are among the critical factors attributed to the Asia Pacific mining explosives market expansion.

ANFO (Ammonium Nitrate Fuel Oil) is a widely used explosive mixture in the mining industry. ANFO is more cost-effective than other explosive types. Its production is relatively inexpensive. Also, ANFO offers good energy output per unit cost. These factors are crucial in regions such as the Middle East & Africa and Asia Pacific, where cost consideration and results play a significant role in mining operations. Due to its affordability, mining companies often prefer ANFO, especially for bulk blasting operations. Several countries in the developing region perform significant mining activities and large-scale mining operations. These operations often require substantial quantities of explosives for various applications such as rock fragmentation, overburden removal, and access to mineral deposits.

Further, the raw material required to produce ANFO, namely ammonium nitrate and fuel oil, are often readily available. This easy availability of raw materials supports the production and distribution of ANFO. Also, ANFO is relatively easy to use in mining operations. It can be loaded into boreholes quickly and efficiently. Further, ANFO is considered relatively safer to handle than other explosives. It has a lower sensitivity to initiation, making it more stable during transportation and handling. Owing to these benefits, ANFO is a convenient choice for large-scale mining companies. The discovery of new mineral deposits, growing infrastructure developments, and increasing demand for minerals and resources, has resulted in increasing mining activities across the globe. The expansion of the mining industry and mining activities generate demand for mining explosives, including ANFO, contributing to the Asia Pacific mining explosives market growth.

On the contrary, stringent government regulations hamper the growth Asia Pacific mining explosives market.

Based on type, the Asia Pacific mining explosives market is segmented into trinitrotoluene (TNT), ANFO, RDX, pentaerythritol tetranitrate (PETN), and others. The ANFO segment held 68.1% share of the Asia Pacific mining explosives market in 2023, amassing US$ 9,694.57 million. It is projected to garner US$ 13,321.07 million by 2030 to expand at 4.6% CAGR during 2023–2030.

In terms of application, the Asia Pacific mining explosives market is categorized into quarrying and non-metal mining, metal mining, and coal mining. The coal mining segment held 75.0% share of the Asia Pacific mining explosives market in 2023, amassing US$ 10,665.83 million. It is projected to garner US$ 14,594.41 million by 2030 to expand at 4.6% CAGR during 2023–2030.

Based on country, the Asia Pacific mining explosives market is categorized into Australia, China, India, Indonesia, Vietnam, and the Rest of Asia Pacific. China held 63.0% share of Asia Pacific market in 2023, amassing US$ 8,961.67 million. It is projected to garner US$ 12,437.91 million by 2030 to expand at 4.8% CAGR during 2023–2030.

Key players operating in the Asia Pacific mining explosives market are Orica Limited, Dyno Nobel, NOF Corporation, Hanwha Group, Solar Group, Omnia Group Company, and Sasol Ltd, among others.

• In Feb 2019, Hanwha Corp signed US$ 8.3 million mining service contract in Indonesia, aimed to expand its global mining business. The company strategized to supply industrial explosives to an Indonesian mining company.
• In May 2023, Orica Ltd launched 4D bulk explosives system, an advanced bulk system for underground, surface coal and surface metal mining applications. The product offers a wide energy range to match varying rock properties and mine design requirements.

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