The global explosives market size is expected grow from $40.60 billion in 2021 to $42.30 billion in 2022 at a compound annual growth rate (CAGR) of 4.2%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The explosives market is expected to reach $49.87 billion in 2026 at a CAGR of 4.2%.
What is the Global Explosives Market?
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 explosives are majorly divided into two categories i.e., high explosives (used in defense & military applications) and low explosives (used in civilian applications). Trinitrotoluene (TNT), RDX, and acetone peroxide (TATP) are a few of the most powerful explosives that find their applications in military, mining, and industrial applications.
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What drives the Global Explosives Market?
The contractors in the explosives market are currently resilient on the defense side as they are not affected by the COVID-19 outbreak in the short-to-midterm. The production has been affected due to disruption in the supply chain. However, the demand for the next couple of years is stable owing to the budgets that have been allotted for the projects in advance, before the outbreak of the pandemic. But the pandemic affects the demand from construction and mining sectors due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it.
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Global Explosives Market Segments
The global explosives market is segmented:
By Type: C4, HMX, PETN, RDX, Dynamite, ANFO, Others
By Application: Military, Mining, Quarrying, Construction, Others
By Pyrotechnics Application: Display, Consumer, Procymate, Others
By Geography: The regions covered in the explosives market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Explosives Global Market Report 2022provides market size and growth forecasts for the global explosives market, global explosives market share, explosives market segments and geographies, explosives market competitive landscape including leading competitors’ revenues, profiles and market shares. The explosives market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Explosives Industry Playersinclude Orica Mining Services, Sasol Limited, Austin Powder Company, Dyno Nobel, NOF Corp., BME Mining, China Poly Group, Chemring Group, Maxam Corp., and ENAEX. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
