The global mining explosives market size was valued at US$ 18,353.55 million in 2022 and is projected to reach US$ 25,092.62 million by 2030; it is expected to grow at a CAGR of 4.2% from 2022 to 2030.
Rare earth metals, also known as rare earth elements (REEs), are elements found in the earth's crust. These elements are known for their unique properties and have various applications across different industries, including electronics, renewable energy, automotive, defense & aerospace, and medical equipment. The growing demand for rare earth metals from these sectors has surged the need to explore new deposits of rare earth metals. According to the United States Geological Survey, global rare earth reserves estimated at Vietnam's rare earth mine production jumped to 4,300 metric tons in 2022 from 400 metric tons in 2021.
Additionally, in April 2023, National Geophysical Research Institute (NGRI) discovered large deposits of 15 rare earth elements (REE) in Anantapur district, Andhra Pradesh, India. Successful exploration results and identifying economically viable rare earth metal deposits can lead to expansion operations. Before commencing mining operations, extensive site preparation and infrastructure development are required. This includes clearing vegetation, leveling terrain, constructing access roads, and establishing mining facilities. Mining explosives are employed in these activities to clear land, shape terrain, and build access routes, facilitating the development of mining sites for rare earth metals.
Further, rare earth metals are often embedded within hard rock formations, making their extraction challenging. The exploration activities for rare earth metals involve extensive drilling and blasting to extract mineral samples and access the viability of deposits. Mining explosives are crucial in breaking down rocks and facilitating access to mineral-rich areas. As companies move from exploration to production, the demand for mining explosives escalates to support larger-scale mining activities. Thus, the growing exploration activities of rare earth metals would offer lucrative opportunities for the global mining explosives market from 2022 to 2030.
The global mining explosives market has been segmented based on type into trinitrotoluene (TNT), ANFO, RDX, pentaerythritol tetranitrate (PETN), and Others. The ANFO held the largest share in the global mining explosives market in 2022. RDX is expected to be another attractive segment during 2022 to 2030. RDX is a nitramine explosive compound that can be used as a propellant, gunpowder, or high explosive, depending on the industry's application. It is a white crystalline solid that is highly sensitive to impact, friction, and heat. The nitrogen atoms in the ring are triple-bonded to each other, offering RDX high stability and explosive properties.
Based on region, the global mining explosives market has been segmented into the Asia Pacific and Middle East & Africa. In 2022, Asia Pacific held the largest revenue share of the global mining explosives market. North America is expected to be another attractive region in the near future. North America accounts for 15.4% share of global mineral production in 2020, whereas the mining production rates increased by 13.8% during the period of 2000-2020, as per the World Mining Data 2022 report by Federal Ministry Republic of Austria. Mining explosives are widely used for loosening the mineral rocks, quarrying and other nonmetal mining. The rising mineral exploration and production rate indicate growing potential for utilization of mining explosives for mining activities in the region.
Orica Limited, Al Fajar Al Alamia Co SAOG, Dyno Nobel, China Poly Group Corporation, NOF Corporation, Hanwha Group, Anhui Jiangnan Chemical Co Ltd, Koryo Nobel Explosives, Solar Group, and Omnia Group Company are some of the major players operating in the global mining explosives market. Players operating in the global mining explosives market are adopting different strategies, such as investments in research and development activities and new product launches, to stand out as strong competitors in the market. Market players are highly focused towards the development of high quality and innovative product offerings to fulfil the customer's requirements.
The size of overall global mining explosives market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global mining explosives market.