At 4.6% CAGR, North America Industrial Explosives Market is Projected to be worth US$ 2,781.88 million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America industrial explosives market was valued at US$ 1,935.21 million in 2023 and is expected to reach US$ 2,422.65 million by 2031, registering a CAGR of 4.6% from 2023 to 2031. Growth of mining industry and research and development of environment-friendly explosives are among the critical factors attributed to drive the North America industrial explosives market growth.

Manufacturing high-end products require a steady supply of raw materials such as metals and minerals. The higher demand for metals necessitates increased mining activity to extract and produce the required raw materials, ultimately leading to extensive use of mining explosives to access ore deposits, remove overburden, and fragment rocks. In addition, with the growing demand for metals, mining companies increasingly focus on improving safety measures and operational efficiency. This includes advancing mining explosive technologies and formulations that can optimize blasting operations. Industrial explosives with better fragmentation capabilities, reduced vibrations, and improved safety features can help increase productivity and minimize environmental impacts. As per U.S. Geological Survey, Mineral Commodity Summaries published in January 2024, the global iron ore production increased from 2.45 billion metric ton in 2019 to 2.5 billion metric ton in 2022.

Global Iron Ore Production (2017 - 2023)

Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2024

Several developing countries 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. The growth of the mining industry drives the North America industrial explosives market.

On the contrary, stringent government regulations hamper the growth of North America industrial explosives market.

Based on type, the North America industrial explosives market is segmented into high explosives, blasting agents, and low explosives. The blasting agents segment held 79.1% market share in 2023, amassing US$ 1,529.90 million. It is projected to garner US$ 2,223.07 million by 2031 to register 4.8% CAGR during 2023–2031. The high explosives system segment is further sub segmented into dynamites, gelatins, and RDX. The blasting agents system segment is further sub segmented into slurries and emulsions, ANFO, and blends.

In terms of application, the North America industrial explosives market is segmented into mining, construction, and others. The mining segment held 78.8% share of North America industrial explosives market in 2023, amassing US$ 1,525.17 million. It is anticipated to garner US$ 2,224.35 million by 2031 to expand at 5.1% CAGR during 2023–2031.

By country, the North America industrial explosives market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.8% share of North America industrial explosives market in 2023. It was assessed at US$ 1,543.40 million in 2023 and is likely to hit US$ 2,235.66 million by 2031, registering a CAGR of 4.7% during 2023–2031.

Key players operating in the North America industrial explosives market are Orica Ltd, AECI Ltd, Austin Powder Company, Dyno Nobel Ltd, Enaex SA, MaxamCorp Holding, S.L., and EPC Groupe, among others.

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