LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global mining explosives market is expected to grow at a CAGR of more than 5% over the next five years due to the increase in demand for minerals.
The research report titled ‘Global Mining Explosives: Procurement Intelligence Report 2016-2020’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Between 2000–2010, the mining explosive supply market was highly competitive but has been witnessing consolidation over the past 4–5 years. However, this has not altered the demand for raw materials. To meet the growing demand for raw materials, several suppliers of explosives have formed strategic alliances with raw material providers to ensure continuity of supply,” says lead Technavio procurement expert Angad Singh for category spend intelligence.
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Cost saving opportunities in the mining explosives market
The adoption of various cost-optimization levers helps buyers of mining explosives realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the mining explosives market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as mobile app-based blasting guides offer interactive blasting calculators for complex blasts, triggering technology, complete product line information, material safety data sheets, industry-specific case studies, unit conversions, and blast design terminologies that can help measure blast intensity and take preventive measures to avoid damage.
Electronic blasting systems are the most cost-effective technique for tunneling, as it offers guaranteed in-sequence firing with greater accuracy and reduction in vibrations compared to traditional blasting systems.
Optimization of procurement practices saving aspects
Large organizations look to engage with global players for their mining operations. However, it is important for buyers to achieve an optimum mix of regional and global suppliers, as this will enable them to gain expertise in regional regulations about mining operations and use of explosives at mining sites.
Before the commencement of contract-related discussions with suppliers, category managers must ensure that they have clearly identified and listed down potential negotiation levers.
Bundling of services saving aspects
Bundling of services enables buyers to procure equipment, warehousing, and other select services from a single supplier. This considerably reduces management and procurement efforts in sourcing mining explosives.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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