INDUSTRIAL EXPLOSIVES MARKET ANALYSIS
The global Industrial Explosives market size was valued at US$ 7.6 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030.
Rapid growth of coal-fired power generation
Rising urbanization has led to increasing demand for power. Government authorities need to meet the increasing energy demand with rising population. According to Coherent Market Insights’ analysis, global power generation is expected to witness a significant growth of 19.5% during 2022-2030. According to the U.S. Energy Information Administration (EIA), by 2040, the power generated using coal is expected to account for nearly 29% share in overall generated power, witnessing a decline of nearly 11% in its share between 2012 and 2040. Although there has been effort taken regarding renewable and cleaner energy sources for power generation, coal-fired power generation remains a major source of energy. Therefore, these factors are expected to drive growth of the global industrial explosives market during the forecast period.
In April 2023, India's coal-fueled power output experiences its fastest growth rate in 33 years. India's power generation grew at the fastest pace in over three decades in the just-ended fiscal year, a Reuter’s analysis of government data showed, fuelling a sharp surge in emissions as output from both coal- fired and renewable plants hit records.
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