The latest market report published by Credence Research, Inc. “Blasting Stemming Plugs Market, By End Use and Region – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global blasting stemming plugs market is expected to grow at a CAGR of 4.6% from 2017 to 2025.
Browse the full Blasting Stemming Plugs Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at https://www.credenceresearch.com/report/blasting-stemming-plugs-market
Blasting stemming plugs growth has been driven by new construction, mainly in developing regions where housing ownership and commercial developments are showing strong growth. Blasting stemming plugs are also performing well in a various developed regions where the housing market, mainly new builds, are strong, especially in the U.K., Spain and U.S. Furthermore, the government in various countries has unveiled a new policy to invest in constructing houses, railways, roads, and offices.
Rising demand for coal from the energy and steel sectors is another factor driving the market growth for stemming blasting plugs. Blasting stemming plugs are premium priced – costing three to five times higher than ammonium nitrate and other conventional explosives. The cost constraint has been a major restraint holding back the growth of the blasting stemming plugs market.
In emerging economies, owing to rapid growth in urbanization, increasing population along with growth in disposable income and improving standard of living has boosted demand for a number of residential projects in the last few years. Thus, rise in number of construction projects is driving the global construction industry, which in turn will augment the demand for blasting stemming plugs market over the forecast period.
To maintain their market position manufacturers compete on cost and quality. Some of the major players present in this market are Advanced Blasting Technology, Inc., Paraplug – IMZ, TIME Limited, Peri Nitrates Pvt. Ltd and Stemlock, Inc. among others.
- Rising demand for coal from the energy and steel sectors
- New product launches
- Rising demand from end use industries