Blasting Stemming Plugs Market Size By Regional Revenue & Growth Forecast 2023

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Blasting Stemming Plugs Market Size by Regional Revenue & Growth Forecast 2023

Market Highlights

The Global Blasting Stemming Plugs Market is Estimated to Be Valued at USD 646.9 Million by 2023, registering a CAGR of 4.97%.

The growth of the Global Blasting Stemming Plugs Market is driven by the growing mining industry. The increasing investments in new mining projects are expected to boost the demand for blasting stemming plugs. Additionally, the expanding construction industry due to an increase in commercial construction particularly tunnels, bridges, and underground construction is expected to fuel the demand for blasting stemming plugs. The surging demand for metals in the automotive and electrical & electronics industries is expected to offer significant opportunities to the players operating in global blasting stemming plugs market in the coming years. However, increasing environmental regulations in the mining industry to prevent the adverse impact of mining activities on the environment is likely to hamper the global market growth.

Segment Analysis

The Global Blasting Stemming Plugs Market Size has been segmented on the basis of type, end-use industry, and region. On the basis of type, the global market has been divided into crushed stone chips, coarse sand, fast hardening concretes, and others. The crushed stone chips segment held the majority market share in 2017 and is expected to register 5.26% CAGR to reach USD 307.1 Million by the end of 2023. Crushed stone chips are widely used as stemming materials in blasting applications as they provide high fragmentation efficiency as compared to other stemming materials. However, the coarse sand segment is projected to be the second-largest segment and is expected to reach USD 213.2 Million by 2023. This is attributed to the growing demand for stemming materials in the mining industry on account of increased spending on mining projects to meet the global demand. However, crushed stone chips are preferred over coarse sand due to low cost and high fragmentation efficiency.

Based on end-use industry, the global market has been divided into mining and construction. The mining segment accounted for the larger market share in 2017 and is expected to register 5.32% CAGR to reach USD 449.1 Million by the end of 2023. The increasing extraction of metals primarily lithium on account of rising demand in numerous applications, such as electric vehicles and consumer electronics, has increased mining activities. However, the construction segment is expected to exhibit a CAGR of 4.20% to reach USD 197.8 Million by the end of 2023.

Market Players

Market Research Future (MRFR) recognizes MOCAP (US), Advanced Blasting Technology Inc (US), Superplug SA (South Africa), Stemlock, Inc (US), AMA Group (India), AECE (South Africa), Paraplug (US) and Vala Stemming Systems (South Africa) as the key players in the Global Blasting Stemming Plugs Market.

Regional Analysis

The Global Blasting Stemming Plugs Market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

As per MRFR analysis, Asia-Pacific held the largest market share of 44.1% in 2017 and is expected to register 5.59% CAGR to reach USD 295.3 Million by the end of 2023. China accounted for the largest market share of 29.2% in 2017 and is projected to register a CAGR of 6.00% during the forecast period. North America accounted for the second-largest market share of 18.8% in 2017 and is expected to register 4.32% CAGR during the review period. The market in the Middle East & Africa is likely to register a CAGR of around 4.87% on account of the growing mining industry in the region.

Key Findings of the Study

  • The global blasting stemming plugs market is projected to reach over USD 646.9 Million by 2023 at a 97% CAGR during the review period of 2018 to 2023.
  • Asia-Pacific accounted for the largest market share, with China being the major contributor to the growth of the market.
  • The crushed stone chips material type segment is projected to register 26% CAGR during the forecast period.

Browse Full Report Details @ https://www.marketresearchfuture.com/reports/blasting-stemming-plugs-market-7883

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