The rockbreakers market has been exhibiting significant growth in the recent years. This growth is projected to continue over the forecast years, starting from 2021 to 2031 due to increasing demand for blasting materials from mining and construction industries. The increasing population and rapid urbanization will create significant growth opportunities leading to a rise in ongoing and upcoming Industrial and commercial construction projects. This is expected to help the market grow in the next few years.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors fueling the demand for Rockbreakers. The report tracks the global sales of Rockbreakers in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the construction industry in general, and Explosive in particular.
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The growing demand for metals across various industrial sectors is one of the leading driving factor of the global rockbreakers market. The mining sector has seen the significant growth in past few years and it is expected to persist in upcoming years. The increasing demand from in the mining sector is expected to enable growth in the coming years. Besides mining, rockbreakers find application in the construction sector. ‘
As per FMI, the global rockbreakers market has been exhibiting a steady growth in the mining sector. This growth is observed in Europe and East Asian countries. Moreover, based on technology, explosives segment is likely to grow at a rapid pace particularly in the coal and metal mining industry.
Facing challenges such as storage safety for explosives, risks associated with operation of rockbreakers, and achieving more cost efficient solution have always been prime concerns of researchers. Choosing a right product for specific application has been the difficult for end-use industries, hence manufacturers have increased the features to offer improved efficiency and to fulfil the consumer requirements.
The market is likely to gain considerably from the increasing demand from end-use industries, also new research and developments have made use of rockbreakers more convenient for end users. According to FMI’s analysis, explosive sales have grown at 3.8% CAGR between 2016 and 2020.
Rockbreakers have been consistently employed in mining and construction sector. The demand has escalated due to excessive production of coal in developing countries, China is the largest producer of coal worldwide and has many coal mines, which is the reason behind excessive demand for rockbreakers in the country.
Furthermore, substantial increase in investments in construction and infrastructure activities in the developing countries from Asia Pacific also will provide impetus to the market.
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Owing to the ongoing crisis caused by COVID-19 outbreak, production and supply chain activities have seen a minor set-back, yet the demand will improve with the economic recuperation post the period of curbs following the pandemic. With a number of end-use industries affected in regions such as Europe, East Asia, and South Asia-Pacific, the supply and shortage in demand are expected to result in a significant drop in Y-O-Y growth yet FMI expects global rockbreakers Market to grow at 5.9% CAGR through 2031.
By Segmentation:
Technology
- Hydraulic Rock Hammers
- Hydraulic Rock Splitters
- Hand Held Breakers
- Expanding Grouts and Mortars
- Explosives
- Pyrotechnic Products
End User
- Construction
- Residential Construction & Excavation
- Commercial Construction & Excavation
- Industrial Construction & Excavation
- Infrastructure Construction & Excavation
- Mining
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Competitive Landscape:
Rockbreakers market is estimated to witness sound growth during 2021-2031. Manufacturers are expected to concentrate further on research and development activities to develop new and innovative products that meet personalized requirements of consumers along with improved efficiency and durability. Expansion of sales and distributor network, collaborations with regional companies to expand footprint in regional market are seen as a key strategies expected to magnify in the forecast period.
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Major Key Player:
Some of the leading companies operating in the market are:
- Orica
- Hanwha Corporation
- Enaex S.A.
- Dyno Nobel
- BME Mining
- Sandvik
- NOF Corporation
- Sichuan Yahua Industrial Group Limited
- ASTEC Industries
- Yantai Eddie Precision Machinery Co., Ltd
- Furukawa