LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Explosives Market - Procurement Intelligence Report.
The vulnerability of global security owing to the increasing instances of terror strikes is creating a pressing need to increase investments in the defense infrastructure. This will act as the chief driver to promote the spend momentum of the explosives market on a global scale. The spend growth of the explosives market is expected to reach a value of over USD 8 billion through 2023.
In terms of regional spend growth of this market, APAC will be the highest contributor towards the spend growth in the explosives market. This contribution will be attributed to the rapid urbanization in growing economies such as India and China, leading to the growth of the construction industry. The prominence of the natural gas industry in the US due to the discovery of large shale oil and gas reserves will contribute towards the demand growth of the explosives market in North America.
“However, factors like extreme dynamism in raw material prices, hazardous nature of the product, among others will pose critical procurement challenges both for buyers and suppliers in the explosives market,” says SpendEdge procurement expert Tridib Bora.
To aid buyers to address these potential challenges, this report focuses on the key explosives supplier selection criteria. Insights in the supplier selection criteria in the explosives market will allow buyers to strategically engage with suppliers who can aid buyers to achieve a cost-efficient procurement and, in the long run, foster a mutually beneficial relationship.
Read the free sample of this explosives market procurement intelligence report if you want to know how a proper communication channel with your suppliers can add value to your business in the explosives market.
Insights into Explosives Supplier Selection Criteria
Buyers will expect a surge in their procurement expenditure owing to periodic volatilities in the price of ammonium nitrate that is one of the chief raw materials. According to the findings of this report, this will act as one of the imposing procurement challenges during the forecast period. To address this, buyers must partner with backward integrated suppliers who can assist the former to mitigate the impact of price volatility while also adhere to the delivery timelines.
Your job does not stop at achieving favorable supplier relationship management. It takes more than that to devise a well-informed and a competitive procurement strategy suited to the dynamics of a range of markets. Get a free demo of our ready-to-use procurement intelligence reports to get real-time insights into market trends and some of the winning procurement strategies.
Handling explosives is a hazardous affair resulting in numerous accidents and financial losses for buyers. Because of this challenge, it is imperative that buyers engage with suppliers that not only provide explosives, but also offer services such as technical and safety training, delivery of explosives to blast sites, and all-encompassing rock-on-ground services. Engaging with such suppliers can help buyers to avoid engagements with multiple suppliers for the services mentioned above.
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