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In 2017, the global market for blasting stemming plugs was worth $492.8 million, and it's expected to grow at a rate of 4.98%, reaching $646.9 million by the end of 2023.
Why is there a demand for these plugs worldwide? Well, it's mainly because of the expanding mining industry. More money is being spent on finding minerals, and different industries like cars, electronics, and construction need more metals. Also, new mining projects are getting more investments, and in developing countries, where industries are growing, there's a big need for metals. This creates good opportunities for businesses in the blasting stemming plugs market. However, there's a downside – the rules to protect the environment from the negative effects of mining might slow down the market's growth.
The market for these plugs is divided into different types of materials and regions. When it comes to materials, they use things like crushed stone chips, coarse sand, fast-hardening concrete, and others. Crushed stone chips are the most popular, making up the largest market share. They were worth $233.6 million in 2017 and are expected to reach $307.1 million by the end of 2023. The reason for this is that these materials make blasting more efficient.
Looking at who uses these plugs, the market is divided into mining and construction. Mining takes the lead, accounting for the biggest market share. It was worth $337.4 million in 2017 and is expected to reach $449.1 million by 2023. The mining industry is growing because more money is being spent on finding minerals and there's a higher demand for metals globally.
Geographically, Asia-Pacific is the biggest player, holding a 44.1% share and being worth $217.2 million in 2017. It's expected to reach $295.3 million by 2023 because of its growing industries. North America and Europe are also strong markets due to more investments in mining and a growing automotive industry, especially with more electric vehicles being made. Latin America and the Middle East & Africa are likely to see good growth because of increased mining activities to meet the growing demand for metals in various industries.
Blasting Stemming Plugs Market Highlights:
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