Global Explosives Market Size 2024, Forecast To 2033
11 Mar, 2024
The explosives market has witnessed robust growth in recent years, surging from $48.62 billion in 2023 to $53.2 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.4%. This growth in the historical period is ascribed to the escalation in military expenditure, low-interest rates, a heightened demand for natural stones, and government initiatives towards the mining industry. Looking ahead to 2028, the market is poised for continued strong growth, projecting a size of $67.87 billion with a CAGR of 6.3%. The anticipated growth in the forecast period can be attributed to an increase in territorial and political conflicts, global population growth and urbanization, rising infrastructure development expenditure by governments, and heightened construction activities. Noteworthy trends during this period encompass the adoption of various sustainable or green approaches to develop smart blasting, the utilization of digital technologies in operations, the integration of advanced technologies for explosion activity, and a focus on product differentiation and innovation.
Global Explosives Market Key Driver
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. In April 2022, according to the Stockholm International Peace Research Institute (SIPRI), global military spending in 2021 was expected to increase by 0.7% in real terms to $2113 billion. This marked the seventh consecutive year of spending growth. Notably, military R&D funding in the United States experienced a 24% increase from 2012 to 2021. Meanwhile, China, as the world's second-largest spender, allocated an estimated $293 billion to its military in 2021, reflecting a 4.7% increase over 2020. China has consistently increased its military spending for the past 27 years. 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, with the 2023 and 2024 market sizes reflecting this upward trend.
Get A Free Sample Of The Global Explosives Market ReportGlobal Explosives Market Segments
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
By Geography:The regions covered in the explosives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
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
Major Explosives Industry Players
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
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Explosives Market Overview
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.
Explosives Global Market Report 2023 provides data on the global explosives market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The explosives market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.