Contingency Planning Aid in Strategically Plan Financial Resources During COVID-19 Pandemic
Production activities are growing in a staggered manner in the globalmining explosives marketdue to the ongoing COVID-19 outbreak. Manufacturers are focusing their attention in crucial revenue generating sectors such as coal mining and metal mining to increase revenue flow in the global economy. They are entering the plug and play mode to adapt to volatile changes in demand sentiments.
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Companies in the mining explosives market are drawing an analysis of their high-risk clients and customers where recovery of debt may be an issue. They are adopting contingency planning to strategically plan their financial resources. Analysts at Transparency Market Research (TMR) anticipate that business activities will return to a relatively normal pace by the second or third quarter of 2022.
Track Trace Technology Helps Curb Smuggling of Explosives in South Africa
The global mining explosives market is projected to reach US$32.69Bn by2031. However, in some countries such as South Africa, mining activities are being affected due to the issue of smuggling explosives. Illegal miners are being arrested and charged with trespassing and violations under the South African Explosives Act, Act 26 of 1956. Moreover, the implementation of track and trace technology in the supply chain of commercial explosives is helping to curb the trafficking of illegal explosives. As such, there is a need for approval in the 2003 Act and the 2019 regulations to successfully implement track and trace systems.
Digital Tools Optimize Blasting Outcomes in Rock Breaking Applications
Mining operations globally are seeking full advantage of digital technologies to respond proactively to the industrys current and future challenges. AECI Mining is gaining recognition for assisting the mining industry with digital tools to optimize blasting outcomes that enhance the efficiency of all downstream processes. Such trends are contributing toward expansion of the mining explosives market.
Digital tools are being used for non-metal mining applications including rock breaking. Companies in the mining explosives market are increasing RD in digital technologies to help mining customers achieve progressive optimization of blasting operations. These digital tools help to create a virtual, 3D (three dimensional) replica of physical assets, equipment, structures, or entire mining sites.
Formulation Chemistry and Explosives Delivery Technology Offering Greater Value to Mining Customers
Orica Limited an Australian-based provider of commercial explosives and blasting systems, is being publicized for its new 4D explosives technology that enables customers to target specific blast outcomes in real-time. Companies in the mining explosives market are taking cues from such innovations to deliver improvements in fragmentation, bench productivity, and reduce overall drill blast costs.
New and innovative explosives technologies are ideal for both pumped augered loading methods across dry, wet, and dewatered hole conditions. Companies in the mining explosives market are boosting research in new technologies to allow mining customers to conduct operations more efficiently and mine precisely. The combination of advanced digital technology, formulation chemistry, and explosives delivery technology is offering greater value to mining customers.
Mining Explosives Market: Overview
- Mining explosives are widely used in mining activities such ascoal mining, metal mining, quarrying, and mineral mining
- According to Transparency Market Researchs latest research report on the global mining explosives market for the actual year 2020, and the forecast period 2021 to 2031, rise in usage of mining explosives for applications such as coal mining, metal mining, and quarrying is a key factor that is expected to boost the global mining explosives market during the forecast period
- In terms of revenue, the global mining explosives market is projected to reach US$32.69Mn by2031, expanding at a CAGR of3.1%during the forecast period
Rise in Mining Activities: Key Driver of Mining Explosives Market
- The mining explosives market has been positively impacted by the rise in demand for metals and minerals across the globe. Mining explosives such as RDX, ANF, and PETN are extensively used in quarrying, metal mining, coal mining, and non-metal mining applications. Coal mining is a vital application of mining explosives. Increase in demand for coal andrare earth metals(including gold and silver) and earth minerals such as iron ore and bauxite in various industries such as thermal, chemical, and automotive is boosting the demand for highly potent explosive products in the global mining explosives market.
- North America and Latin America were highly lucrative regions of the mining industry in 2020. These regions are expected to remain highly lucrative in the global mining explosives market during the forecast period. This can be ascribed to the large number of mining activities and presence of large numbers of international mining companies in these regions.
- Asia Pacific is another prominent region of the mining industry. Key minerals available in Asia Pacific are gold, iron, tin, manganese, coal, tungsten, copper, antimony, mica, lead, zinc, aluminum, silver, and precious stones. Minerals with the highest spending in the region are coal, gold, copper, and iron ore. Approximately 240 mining projects were under construction across different countries in Asia Pacific in 2020. Thus, rise in mining activities in countries such as India and China in Asia Pacific is expected to drive the mining explosives market in the region.
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