Research report published by Markets N Research “Blasting Services Market, By Type (Internal Blasting, and External Blasting); By Application (Construction, Mining, Tunneling, and Seismic Exploration); Market- Growth, Future Prospects, Post COVID-19 Scenario 2021 - 2028”, states that the global blasting services market is projected to raise at a CAGR of 7.9% during the forecast period from 2021 to 2028.
The main factor driving the growth of the blasting services market is increasing number of construction and mining projects all around the world. The number of constructions has increased drastically due to the need of improvement in infrastructure in most of the developing countries. Thereby, there is an increasing need for blasting services for construction of highways, tunnels, bridges among others. Mining industry is growing rapidly due to the minerals that are obtained from mines, such as ores, minerals and other such precious materials, thus, increasing the demand for blasting through rocks to extract the elements. Moreover, blasting services market is growing rapidly due to the surge in demand for minerals and construction of various structures that require rock breaking and surface breakthrough. The blasting operation when carried out cause effects such as flyrock, fume, dust, fines generation, vibrations of the ground, airblast, etc. Sometimes, when a blast is done in an improper way it can lead to adverse effects. Thereby these factors may hamper the growth of the market.
The global blasting services market is categorized on the basis of type namely, internal blasting, and external blasting. Among this component, internal blasting has the maximum share in the market. Internal blasting operation is difficult to perform but over the last few years, substantial growth has been made in the development of new technologies for internal blasting operation. Rising underground mining operations as well as seismic explorations globally are driving the demand for internal blasting segment. Along with this, the blasting services market is also categorized based on applications, which include construction, mining, tunneling, and seismic exploration. Mining operations are performed for removal of valuable minerals as well as other geological materials from the earth. This may lead to rise in the demand for blasting services in mining.
On the basis of region, categorization of blasting services market includes North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Asia Pacific holds the largest share of the blasting services market owing to the huge mining industry presence in countries such as China, Australia, and India from Asia Pacific region. Furthermore, growing disposable income, presence of small and large market players in the country, well developed distribution network is going to enhance the market growth. Thus, Asia Pacific region is anticipated to observe the fastest growth during the forecast period from 2021 to 2028.
COVID-19 has impacted Asia Pacific at large as the pandemic effect has not come to an end even in the year 2021. Considerably, India and China are the most populated countries in the world and number of COVID-19 patients in India is also very high, as a fact COVID-19 pandemic badly affected these countries disrupted most of business. However, certain sectors have been resumed to continue their services and hence the blasting services market has also been resumed which is projected to gradually improve the market growth over the years in Asia Pacific.
Some of the major players from the blasting services market include Orica Limited, MaxamCorp Holding SL, AECI Mining Explosives, Dyno Nobel, Enaex, Sasol Limited, Solar Industries India Limited, EPC Groupe, NOF Corporation, and China Poly Group Corporation Ltd., etc. These players from blasting services market are concentrating on expansion of business as per their business strategy. Most of the players working in this industry are also investing in research and development for product development as well as growth.
The global pandemic has affected the proper working of various industries across the globe. Due to the COVID-19 pandemic, government of various countries enforced lockdown. Many businesses are temporarily shut down to curb the spread of infection. Thereby, ongoing COVID-19 pandemic has negatively impacted the global blasting services market due to shutting down of mining and construction services and shutting down of blasting services, shortage of raw materials and lack of transportation has hampered the market at large. However, as the services are resuming the market will mark its position like before the COVID-19 pandemic.
Recent News and Development:
• In April, 2021: Orica Limited released its new Advanced Vibration Management software that links blast design, modelling as well as measurement to save sensitive assemblies and maximise blast outcomes.
• In March, 2021: AECI Mining Explosives launched a significantly improved version of its bulk emulsion explosives, Powergel X²
• In November, 2020: Enaex signed contract to acquire all of Downer Blasting Services.
Increasing number of constructions and mining projects boosting the market growth
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