The explosives market consists of revenues earned by entities (organizations, sole traders and partnerships) that are engaged in the production and distribution of explosives. Explosives refer to materials, mixtures and chemical compounds that are capable of exploding.
The global explosives market is expected to grow from $25.2 billion in 2019 to $25.9 billion in 2020 at a compound annual growth rate (CAGR) of 3.08%. The low growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to reach $27.8 billion in 2023 at CAGR of 2.3%.