The global explosives market size is expected to 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%.
Industrial explosives companies are using advanced technologies for explosion activity and blasting systems. New and innovative explosive technologies enable pumped loading methods across dry, wet and dewatered hole conditions. Companies in the mining explosives market and construction explosives market are boosting research into new technologies to allow efficient blasting operations. For example, in 2021, Orica Limited, an Australian-based provider of commercial explosives and blasting systems, launched its new 4D explosives technology that allows customers to target specific blast outcomes in real-time. The major benefits of using advanced technologies in explosives include improved bulk strength for hard rock applications; a broad range of applications; and improved blast outcomes.
Major players in the global industrial explosives market are Orica Mining Services, Sasol Limited, Austin Powder Company, Dyno Nobel, NOF Corp., BME Mining, China Poly Group, Chemring Group, Maxam Corp., and ENAEX.
The global explosives market is segmented by type into C4, HMX, PETN, RDX, dynamite, ANFO, others; by application into military, mining, quarrying, construction, others; by pyrotechnics application into display, consumer, procimate, others.
Asia Pacific was the largest region in the explosives market in 2021. Western Europe is expected to be the fastest growing region in the forecast period. The regions covered in the explosives market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Explosives Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide explosives market overviews, analyze and forecast market size and growth for the whole market, explosives market segments and geographies, explosives market trends, explosives market drivers, explosives market restraints, explosives market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.