Jun 3,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Explosives & Pyrotechnics Market.
It was estimated prior to this unanticipated outbreak that the Explosives & Pyrotechnics Market was expected to grow at a CAGR of 4.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Explosives and pyrotechnic devices are used for transforming a small input of electrical or mechanical energy into a higher level of thermal or mechanical energy, which is then applied for doing practical work on a one-time basis, and this is accomplished when the stored energy is released in an explosive or pyrotechnic mixture through a precisely controlled reaction.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as explosives and pyrotechnics. Pyrotechnics are expected to be the faster-growing segment of the market during the forecast period on account of growing demand for fireworks in tourism industry and various festivals including weddings and Christmas. On the other hand, explosives are widely used in quarrying and civil engineering such as tunnel, damn, and road construction, fueling the segment’s growth during the forecast period.
Based on the application type, the market is segmented as mining, construction, military, and entertainment. Mining is estimated to witness significant growth rate in the market as they help to clear rocks for excavation. In addition, military is estimated to register considerable growth rate on account of growing investments in the development of military and defense sectors in order to protect civilians from terrorist attacks over the forecast period.
In terms of regions, Asia-Pacific is estimated to be the dominant region in the market with China and India being the major countries with lucrative growth opportunities during the forecast period. Further, presence of some of the key players of the mining industry in Australia coupled with the presence of gold & coal reserves is expected to drive the market growth over the forecast period. On the other hand, North America is projected to hold significant share of the market owing to growing government investments in arms & ammunitions to strengthen its defense forces during the forecast period.
Key Players:
Some of the key players in the explosives & pyrotechnics market are-
- AECI Group
- Austin Powder Company
- Chemring Group
- Enaex
- EPC Group
- Hanwha Corporation
- Incitec Pivot limited
- MAXAM Corp
- Orica Mining Services
- Sasol Limited.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Explosives & Pyrotechnics Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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