Explosives Global Market Report 2024

Explosives are substances, mixtures, and chemical compounds with the capability of undergoing explosive reactions. The two primary categories of explosives are high explosives, utilized in defense and military contexts, and low explosives, employed in civilian applications.

The key types of explosives include C4, HMX, PETN, RDX, Dynamite, ANFO, and others. C-4, a plastic explosive sharing a design with Semtex, finds application in both military and terrorist activities, known for its efficacy in creating both attention and impact. These explosives are used across various industries, including military, mining, quarrying, construction, and others, in applications such as display, consumer, process, and other pyrotechnics.

The explosives market research report is one of a series of new reports from The Business Research Company that provides explosives market statistics, including explosives industry global market size, regional shares, competitors with an explosives market share, detailed explosives market segments, market trends and opportunities, and any further data you may need to thrive in the explosives industry. This explosives market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The explosives market size has grown strongly in recent years. It will grow from $48.62 billion in 2023 to $53.2 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The expansion witnessed in the historical period can be ascribed to a rise in military spending, low interest rates, an upswing in the demand for natural stones, and governmental initiatives aimed at supporting the mining industry.

The explosives market size is expected to see strong growth in the next few years. It will grow to $67.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The anticipated growth in the forecast period can be linked to a rise in territorial and political conflicts, global population growth, and urbanization. Additionally, the increase in infrastructure development expenditure by governments and a surge in construction activities contribute to this growth. Notable trends expected in the forecast period involve the adoption of various sustainable or green approaches for smart blasting, the utilization of digital technologies in operations, the application of advanced technologies for explosion activities, and a focus on product differentiation and innovation.

The upswing in government expenditure on the defense sector across various countries, including the USA, China, India, Russia, the UK, and France, is expected to serve as a significant driver for the explosives market's growth in the specified period. For example, as of April 2022, the Stockholm International Peace Research Institute (SIPRI) reported that global military spending was projected to increase by 0.7% in real terms to $2113 billion in 2021, marking the seventh consecutive year of growth. The United States saw a 24% rise in military R&D funding from 2012 to 2021, while China, the world's second-largest spender, allocated an estimated $293 billion to its military in 2021, reflecting a 4.7% increase from 2020. China's military spending has seen a continuous increase for the past 27 years. Consequently, the upward trajectory in government spending on the defense sector is expected to drive demand for explosives within the defense industry throughout the forecast period.

The escalating frequency of terrorist attacks is anticipated to contribute to the expansion of the explosives market. These attacks, characterized by violent acts or threats intended to instill fear for political, religious, or ideological motives, often involve the use of explosives. Explosives may be employed in training exercises to prepare law enforcement and military personnel for responding to such attacks. Notably, as of March 2023, reports from ReliefWeb indicated that terrorist attacks in 2022 became more deadly, with an average of 1.7 deaths per attack compared to 1.3 deaths per attack in 2021. Consequently, the heightened occurrence of terrorist incidents is fostering growth in the explosives market.

Prominent companies are making strategic investments in firms operating within the explosives market. These investments are aimed at gaining access to cutting-edge technologies and expertise in explosives manufacturing, expanding product offerings, and diversifying overall portfolios. For example, in October 2022, Formant, a US-based robotics data and operations platform, concluded a $21 million funding round, led by BMW i Ventures and joined by Intel Capital and GS Futures. The investment is intended to expedite Formant's growth and enhance its platform capabilities for helping companies manage and optimize their robotic fleets. This investment reflects the increasing interest in robotics and automation, fostering innovation and investment in related industries such as explosives manufacturing.

Key players in the explosives market are embracing sustainable and green approaches to develop smart blasting, aiming to mitigate the environmental impact of explosives. AEL-Intelligent Blasting Company, for instance, has unveiled plans to create green solutions for mines in Francophone West Africa. In September 2021, Orica Limited, an Australia-based provider of blasting systems and commercial explosives, introduced its latest technology, 4DTM, for bulk explosives. This innovative bulk system allows real-time adaptation of explosives energy to geological conditions during a blast, leading to improvements in fragmentation, on-bench productivity, and a general reduction in drill and blast costs. Orica's 4DTM supports various loading methods and conditions, contributing to increased bench productivity. This green approach to smart blasting is a significant trend influencing the growth of the explosives market.

In August 2023, Rheinmetall AG, a Germany-based automotive and arms manufacturer, acquired Expal Systems for $1.27 billion. Through this acquisition, Rheinmetall aims to fortify its core business in weapons, ammunition, and propellants. Expal Systems, a Spain-based defense and space manufacturing company, is globally recognized for its extensive product portfolio, including artillery ammunition, mortar and medium-caliber rounds, fuses, and rocket propulsion systems. The acquisition significantly enhances Rheinmetall's existing product portfolio, particularly in the rapidly growing market for artillery and mortar ammunition, as well as mortar systems.

Major companies operating in the explosives market report are 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., Keltech Energies 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, Austin International, 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

Asia-Pacific was the largest region in the explosives market in 2023. Western Europe is expected to be the fastest-growing region in the global explosives market share during the forecast period. The regions covered in the explosives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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

The explosives market consists of sales of blasting and bulk explosives, perforating explosives, and special-application explosives. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Explosives Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on explosives market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for explosives? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The explosives market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: Chemical Absorbent; Heat Pump; Ventilating Dehumidifier
• 2) By Application: Commercial; Industrial; Residential
• 3) By Technology: Cold Condensation; Sorption; Warm Condensation; Other Technologies
• Companies Mentioned: Orica Limited; AECI Limited; Incitec Pivot Ltd.; Hanwha Corporation; ENAEX S.A.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.