Blasting Stemming Plugs Market Summary
As per Market Research Future Analysis, the global Blasting Stemming Plugs Market is projected to grow at a CAGR of 4.97% until December 2030, driven primarily by the increasing demand in mining operations. The market is expected to be valued at over USD 307.1 million by the end of 2023, with the Asia Pacific region leading in market share due to high economic growth and demand for metals. The crushed stone chip segment is anticipated to dominate the market, particularly in the mining industry, which is expected to reach USD 449.1 million by the end of 2023. Despite challenges posed by environmental concerns and the impact of COVID-19, the outlook remains positive with opportunities in developing economies.
Key Market Trends & Highlights
The Blasting Stemming Plugs Market is witnessing significant growth driven by mining and construction industries.
- CAGR of 4.97% projected until December 2030.
- Market expected to be valued at over USD 307.1 million by the end of 2023.
- Mining industry to lead with a market worth of USD 449.1 million by 2023.
- Asia Pacific region held 44.1% market share in 2017, expected to dominate further.
Market Size & Forecast
| 2023 Market Size | USD 307.1 million |
| Mining Industry Market Size | USD 449.1 million by 2023 |
| Asia Pacific Region Market Share | 44.1% in 2017 |
Major Players
Key players include Advanced Blasting Technology Inc (US), MOCAP (US), Stemlock, Inc (US), AMA Group (India), Paraplug (US), Superplug SA (South Africa), AECE (South Africa), Vala Stemming Systems (South Africa).
