Global Blasting Plugs Market to Grow at CAGR of ~5% Between 2022 and 2031 – GlobeNewswire | Region & Cash

New York, July 25, 2022 (GLOBE NEWSWIRE) — According to the World Bank, global GDP was US$84.91 trillion in 2020 and increased to US$96.1 trillion in 2021. With the global GDP growing, construction orders are increasing significantly worldwide. In addition, according to the United Nations Industrial Development Organization, global manufacturing output recorded an annual output growth of 4.2% in the first quarter of 2022. Developed countries reported similar annual output growth of 4.1%, after steady increases of 3.6% and 6.1% in the last two quarters. Other developed countries recorded a 5.1% year-on-year increase in production.

Kenneth Research has published an in-depth market report on “Global Explosive Plugs Market‘, which encompasses the ongoing industry innovations and recent trends being adopted by the key industry players to achieve their business goals. Apart from that, the comprehensive data on market size, growth rate, market revenue share, growth opportunities and challenges faced by the market players, as well as worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East and Africa has been provided in the report.

Industrial development, which included construction around the world, was found to add value of 28.3% of global GDP in 2021. The global blasting plugs market realized an approximate revenue of US$ 502 million in 2021 and is expected to grow at a CAGR of ~5% during the forecast period ie 2022-2031. The market is expected to generate approximately $600 million in revenue by 2031. The growth of the market is attributed to the increasing construction orders across the world as well as the increasing industrial base. Furthermore, factors such as investment in mineral exploration, growing demand for metals in various end-use industries including automotive, electronics and construction along with rising investment in mining industry and growing consumption of minerals are expected to drive the market growth. According to the International Energy Agency, global coal demand is expected to increase by around 7.4 billion tons by 2025.

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Furthermore, investments in the mining industry are expected to increase significantly over the forecast period. The leading companies in the mining industry were observed to invest around USD 73 billion in 2021, a significant increase from the previous year. Therefore, it is estimated that this is a major factor to propel the growth of the global Explosive Plugs market. In addition, the automotive sector has grown significantly over the years. The revenue of the global automotive industry has been valued at approximately US$2.5 trillion and is estimated to grow significantly over the forecast period. With the growing demand for metals in the automotive sector growing rapidly, the global explosive plugs market is also expected to grow over the projection period.

Regionally, the global blasting plugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America region witnessed significant growth in 2021. The growth of the market can be associated with the efforts of government agencies and private companies to manufacture customer-centric products, as well as advances in technology and machinery. The gross output of the United States mining industry was found to be approximately $415 billion in 2020.

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Additionally, the Middle East and Africa region is expected to witness the fastest growth in the explosive plugs market throughout the forecast period due to the expanding mining operations, plentiful oil supply and rising construction orders in the region. According to Statistics South Africa, coal production in South Africa was 306 million tons in 2019.

The study further considers YOY ​​growth, demand and supply and projected future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand). , Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of Middle East and Africa).

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By material type, the global explosive plugs market is segmented into crushed stone chips, coarse sand, fast-hardening concrete and others. Of these segments, the crushed stone chips segment is expected to hold the largest market share during the forecast period. The growth of this segment is attributed to the increasing demand for high quality containment materials, the growing mining industry and construction orders, as well as the growing global demand for metals. In addition, it is estimated that the wide use of crushed stone in the construction industry is a major factor in the growth of this segment. It is measured that approximately 26,000 tons of crushed stone are used per mile in the construction of a two-lane asphalt road. When building a small housing estate, about 350 tons of crushed stone are used per house.

Further, by end-user, the global blasting plugs market is segmented into mining (coal and metals), construction, oil and gas. Of these, the mining segment is expected to hold a substantial market share during the forecast period owing to the rising GDP of mining, growing production of minerals and growing investment in the mining industry around the world. Mineral rents are the difference between the production value of a mineral stock at world prices and the total cost of production. According to the World Bank, mineral rents accounted for 0.2% of global GDP in 2019 and increased significantly to 0.6% in 2020.

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Some of the prominent players and their company profiles mentioned in the report are Advanced Blasting Technology Inc., Peri Nitrates Pvt. Ltd., Stemlock, Inc., AMA Group Limited, Orica Limited, MOCAP LLC, Advanced Blasting Technology, Inc., H&K Group, Inc., Omnia Holdings Limited, Maine Drilling and Blasting, Inc. and others. Profiling includes growth opportunities, challenges, market trends, competitive analysis and positioning, and the strategies they use to stay ahead of their competitors.

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