Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- Market Research Future has published a new report on Global Blasting Stemming Plugs Market and states that the market is likely to proliferate at a CAGR of 4.97% and would achieve a valuation of USD 646.9 Million by 2023. New trends in the construction sector globally have triggered the Blasting Stemming Plugs in the past few years. The global surge observed in demands for Blasting Stemming Plugs in various developed regions is expected to work in favor of Global Blasting Stemming Market. The improved designs of blasting stemming plugs is set to increase the efficiency of blasting that is escalating the demand substantially.
The growth of the mining industry is driving the demand for Blasting Stemming Plugs that are used for containment of gasses and improving the blasting efficiency. The mining industry witnessed considerable growth in 2017 and is now likely to cultivate at a significant rate in the coming years.
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The escalating demand for minerals from developed countries is a key driver motivating the market immensely. Due to this, in the construction sector, Blasting Stemming Plugs have gained high importance, as it is used in new construction projects. In emerging economies, the demand for numerous residential projects has been highly increasing in the last few years, owing to increased population, urbanization as well as improving the standard of living. These factors have jointly influenced the construction sector to expand, which in turn has augmented the demand for Blasting Stemming Plugs Market over the forecast period.
The integration of Blasting Stemming plugs in automotive and electrical & electronics industries due to surging demands of metal has also paved ways for the emergence for lucrative growth opportunities to the players operating in Global Blasting Stemming Plugs Market in the future. Furthermore, Blasting Stemming Plugs of small size that are chiefly preferred for primary tunneling and underground work for construction purposes. These factors are foremostly playing a significant role in the rapid expansion of Global Blasting Stemming Plugs Market presently and is predicted to proliferate at the same pace in the approaching period.
Market Key Players:
The foremost vital players in the Global Blasting Stemming Plugs Market who are continually contributing to its growth are Advanced Blasting Technology Inc (US), MOCAP (US), Stemlock, Inc (US), AMA Group (India), Paraplug (US), Superplug SA (South Africa), AECE (South Africa) and Vala Stemming Systems (South Africa).
Browse the market data and information spread across 80 pages with 80 data tables and 22 figures of the report “Blasting Stemming Plugs Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/blasting-stemming-plugs-market-7883
Market Segmentation:
The Market Segmentation of the Global Blasting Stemming Plug Market has been carried out on the basis of Material and End-Use Industry.
In terms of Material, the Blasting Stemming Plug Market is segmented into crushed chips segment, which is expected to lead the market at a substantial CAGR and is also likely to reach USD 307.1 Million by 2023. This exponential growth is attributed to the surge in demands for highly efficient stemming materials to augment blasting efficiency. On the other hand, the coarse sand segment is also anticipated to exhibit a CAGR of 4.80% from 2018 to 2023.
In terms of End-User Industry, the Global Blasting Stemming Plug Market is bifurcated into mining and construction. Wherein, the mining segment accounted for a market share in 2017, and now it is expected to register 5.32% CAGR to reach USD 449.1 Million by 2023. This growth graph of the market segment is attributed to the expansion of the mining industry on account of increased expenditure on exploration of mineral coupled with rising demand for metals across the world. On the other side, the construction segment is expected to gain a CAGR of 4.20% during the assessment period.
Prime Regions are Transforming due to High Demand of Blasting Stemming Plug
The Geographical Evaluation of Global Blasting Stemming Plug Market includes prime regions such as Asia-Pacific, North America, and Middle East & Africa. Among them, Asia-Pacific recorded the largest share of 44.1% in Global Blasting Stemming Plugs Market in 2017. Currently, China is expected to be one of the leading markets of Blasting Stemming Plugs by accounting the largest share during the assessment period. Therefore, the market in India is projected to exhibit the growth rate of 5.96% during the assessment period, 2018 to 2023. The North American regional market has registered a CAGR of 4.32% to reach USD 117.1 Million by 2023 with support of increasing demand for minerals mainly in automotive and electrical & electronics. The Regional Market Basting Stemming Plug in the Middle East & Africa is expected to register 4.87% CAGR to reach around USD 59.8 Million by the end of 2023. It has been observed that Turkey accounted for the largest market share of 28% in the region, followed by GCC. These regions are expected to chiefly motivate the Global Blasting Stemming Market and affecting it on a global scale by offering lucrative opportunities in the future.
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