At what pace is the explosives market growing, and what is its estimated value?
The explosives market size has grown strongly in recent years. It will grow from $6.14 billion in 2024 to $6.68 billion in 2025 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increasing military expenditure, low interest rates, an increase in demand for natural stones and government initiatives towards the mining industry.
The explosives market size is expected to see strong growth in the next few years. It will grow to $9.37 billion in 2029 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to an increase in territorial and political conflicts, global population growth and urbanization, increasing infrastructure development expenditure by governments and increasing construction activities. Major trends in the forecast period include adopting various sustainable or green approaches to develop smart blasting, leveraging digital technologies in operations, using advanced technologies for explosion activity and focusing on product differentiation and innovation.
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What are the top drivers to the rising demand in the explosives market?
The surge in government spending on the defense sector in various countries, including the USA, China, India, Russia, the UK, and France, is projected to be a major driver for the growth of the explosives market during the period. For instance, in April 2023, according to a report published by the Stockholm International Peace Research Institute, a Sweden-based international institute, global military spending experienced a 3.7 percent real-term increase in 2022, surging to an all-time high of $2,240 billion. Notably, military expenditure in Europe saw a substantial 13 percent growth over the year. The United States, contributing to 39 percent of the world’s military spending in 2022, and China, accounting for 13 percent, retained their positions as the top two spenders. Following them were Russia at 3.9 percent, India at 3.6 percent, and Saudi Arabia at 3.3 percent, collectively comprising 63 percent of the total global military expenditure for the year. Therefore, the rising government expenditure on the defense sector is anticipated to boost the demand for explosives from the defense sector over the forecast period.
How is the explosives market segmented?
The explosives market covered in this report is segmented –
1) By Type: C4, HMX, PETN, RDX, Dynamite, ANFO, Other Types
2) By Application: Military, Mining, Quarrying, Construction, Other Applications
3) By Pyrotechnics Application: Display, Consumer, Proximate: Other Pyrotechnics Applications
Subsegments:
1) By C4: Military-Grade C4, Commercial C4
2) By HMX (High Melting Explosive): Military-Grade HMX, Industrial Applications of HMX
3) By PETN (Pentaerythritol Tetranitrate): PETN for Military Use, PETN in Detonating Cords
4) By RDX (Research Department Explosive): RDX for Military Applications, RDX in Blasting Agents
5) By Dynamite: Nitro-Dynamite, Water-Resistant Dynamite
6) By ANFO (Ammonium Nitrate Fuel Oil): Bulk ANFO, Packaged ANFO
7) By Other Types: Emulsions, Water Gels and Slurries, Initiating Devices (Detonators, Fuse Cord)
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Who are the top competitors in the explosives market?
Major companies operating in the explosives market include Orica Limited, AECI Limited, Incitec Pivot Ltd., Hanwha Corporation, ENAEX S.A., Austin Powder Company, Omnia Group, China Poly Group Corporation, Chemring Group, Maxamcorp Holding S.L., Premier Explosives Ltd, Solar Industries India Ltd, Gocl Corporation Ltd, Kayaku Japan Co., Ltd, Ysk Inc, Dyno Nobel, Johnson Hi-Tech (Australia) Pty Ltd, Ui Energy Corporation, Jun Poong Industrial Co., Ltd, Anhui Jiangnan Chemical Co., Ltd, Cbi Explosives Industry Group, Hse Explosives, Orica Uk Ltd, Ces Advanced Composites Uk Ltd, Conjay Collectors Ammunition Company Ltd, Maxam – Mining Technology, Societe Suisse Des Explosifs, Sse Group, Biazzi Sa, Azottech, Ao Nmp Spark, Nitro Sibir, Hunting Plc, Geodynamics, Accurate Energetic Systems Llc, Maine Drilling And Blasting, Dynaenergetics Us, Inc, Exsa Sa, Keltec Energies, Economic Explosives, Ibp Co, Noble Explochem, Detotec North America Inc., Modern Chemicals and Services Company, Drill And Blast, Eurenco Sa, Nof Corp, Ael Mining Services Ltd./ Aeci Group, Sasol Limited, Bme (Bulk Mining Explosive), Titanobel
What significant trends should we anticipate in the explosives market over the forecast period?
Major companies are investing in the companies operating in the explosives market. Companies may invest in explosives companies to gain access to new technologies and expertise in the field of explosives manufacturing, expand their product offerings, and diversify their portfolio. For instance, in October 2022, Formant, a US-based robotics data and operations platform, completed a $21 million funding round. The funding round was led by BMW i Ventures and joined by Intel Capital and GS Futures. The investment will be used to accelerate Formant’s growth and expand its platform capabilities, which help companies, manage and optimize their robotic fleets. This recent investment is an example of the growing interest in robotics and automation, which is driving innovation and investment in related industries such as explosives manufacturing.
Which regional trends are influencing the explosives market, and which area dominates the industry?
The countries covered in the explosives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
What Does The Explosives Market Report 2025 Offer?
The explosives market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Explosives refer to materials, mixtures, and chemical compounds that are capable of exploding. High explosives (used in defense and military applications) and low explosives (used in civilian applications) are the two major types of explosives.
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