Explosives And Pyrotechnics Market Size, Share & Trends Analysis Report By Product (Blasting Agents, Propellants), By Application (Mining, Construction, Military, Consumer, Proximate, Display), By Region, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The global explosives and pyrotechnics market size was valued at USD 28.4 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030. The growth of this market is driven by the increasing demand for explosives in the mining, construction, and demolition industries. Additionally, the growing demand for pyrotechnics in the entertainment industry is also contributing to the market. The environmental impact of explosives is a major concern for many people. In recent years, there has been a growing demand for eco-friendly explosives that do not have a negative impact on the environment. The development of eco-friendly explosives is expected to drive the growth of the global market for explosives & pyrotechnics.

Growing mining operations in Australia, the U.S., Russia & South Africa, as well as rising consumer demand for outdoor crackers, shows at sporting events, & personal events including weddings, are expected to drive the explosives & pyrotechnics market over the forecast period. According to the United States Geological Survey (USGS) National Minerals Information Centre, the U.S. mines generated roughly USD 98.2 billion in minerals/metals in 2022, representing a 3.8% increase over the previous year. These developments are expected to continue, driving explosive demand due to their use in drilling and blasting at mining and construction sites. Blasting & explosives technology are essential components of any mining operation. It is employed in both open pit & underground mining operations.

The creation of improvised explosive devices (IEDs) for usage in mining & other industries has boosted global market growth. Furthermore, increased coal output helped to expand the market. This increased production and mining activities, aiding the global market's expansion. The market has grown rapidly as safety awareness has increased and the need to secure national borders & boundaries has increased. In addition, government spending on the military, defense, and ammunition industries also witnessed an increase in recent years. The U.S., China, India, Saudi Arabia & Russia are the leading five defense & military application spenders are

Application Insights

Based on application, the explosives market is segmented into mining, construction, military, and others. The mining segment accounted for the largest revenue share of 72.6% in 2022. The global demand for minerals and metals is growing rapidly, driven by the increasing demand for these commodities in a variety of industries, such as construction, manufacturing, and electronics. This growth in demand is expected to drive the demand for explosives in the mining industry in the coming years.

The mining industry is a hazardous industry, and there is a growing focus on safety and efficiency in mining operations. This focus on safety and efficiency is expected to drive the demand for explosives that are safer and more efficient. In addition, there is a continuous development of new technologies for the mining industry, such as automation and robotics.

The construction segment is expected to grow at the fastest CAGR of 4.8% over the forecast period. Explosives are used extensively in the construction industry to break up rocks and ore and to create tunnels and shafts. In addition, the global demand for infrastructure development is growing rapidly, driven by the increasing population and the need to improve the quality of life.

Based on application, the pyrotechnics market is segmented into consumer, proximate, display, and others. The consumer segment held the largest revenue share of 35.4% in 2022 due to its usage in personal applications, such as fireworks, flares, and smoke bombs. Fireworks are used extensively in the consumer market for entertainment purposes, such as celebrating holidays, weddings, and other special occasions.Flares are used extensively in the consumer market for safety and signalling purposes, such as signalling for help in an emergency or marking a location. Smoke bombs are used extensively in the consumer market for entertainment purposes, such as creating a smoke screen or adding a dramatic effect to performance.

The proximate segment is expected to grow at the fastest CAGR of 5.1% over the forecast period due to the increasing use of proximate pyrotechnics in military applications, such as signaling, illumination, and crowd control. Global military spending is growing rapidly, driven by the increasing tensions between countries and the need to maintain a strong military presence. An increasing number of events including sports events such as IPL, BPL, T20, NBA, and other entertainment events is expected to propel demand over the forecast period. In addition, there is a continuous development of new proximate pyrotechnic products with improved properties, such as increased safety, brightness, and duration.

Regional Insights

Asia Pacific dominated the market and accounted for the largest revenue share of 47.0% in 2022 and is expected to grow at the fastest CAGR of 5.3% over the forecast period as the region is home to some of the world's largest mining and construction industries. The military spending in the region is growing rapidly which is further driving the demand for explosives and pyrotechnics for defense applications. The presence of numerous prominent mining companies in Australia, and China owing to the presence of coal, and gold reserves is expected to play a crucial role in increasing demand for explosives. Also, the prevalence of numerous religious festivals in the region, particularly in China and India is likely to propel demand for consumer pyrotechnics.

North America held a significant revenue share in 2022 due to increased government spending on arms & ammunition for strengthening their defense forces. In addition, the exploration of shell gas in the U.S. is likely to boost industry growth for mining applications. Also, the presence of various companies in the U.S. that are into pyrotechnics is likely to drive the market.

Product Insights

The pyrotechnics segment accounted for the largest revenue share of 43.5% in 2022. It is expected to grow at the fastest CAGR of 4.9% over the forecast period due to the increasing demand for pyrotechnics in the entertainment industry. Pyrotechnics are used to create special effects, such as fireworks, flares, and smoke bombs.

The blasting agents segment held a considerable revenue share in 2022 and is expected to grow significantly due to the increasing demand for blasting agents in the mining industry. Blasting agents are used to break up rocks and ore, and to create tunnels and shafts. The global mining industry is growing rapidly, and this growth is expected to drive the demand for blasting agents in the coming years.

Key Companies & Market Share Insights

The global market is fragmented in nature owing to the presence of numerous manufacturers with a global as well as regional presence. The key players manufacture explosives and pyrotechnics catering to different applications such as military, mining, and construction to achieve a competitive advantage in the market. Major competitors are undertaking business strategies such as mergers & acquisitions, strategic alliances, and large investments to gain a competitive advantage.

Recent Developments

• In April 2023, Solar Industries India signed into a Business Acquisition Agreement to purchase a 98.39% share in Rajasthan Explosives & Chemicals. The consideration would be paid by issuing redeemable preference shares to Rajasthan Explosives & Chemicals' existing shareholders. The transaction is scheduled to close on March 31, 2024.

• In April 2022, Titanobel, a renowned French industrial explosives producer & provider of blasting, drilling, & technical services, was acquired by Incitec Pivot Limited (IPL). The transaction followed IPL's January agreement to buy 100% of the shares in Explinvest, a Titanobel Group holding company.

• In November 2021, the EPC Group, a pioneer in manufacturing of explosives, completed the purchase of a controlling stake of around 75% in the company NORMAT Services SA, the group's first establishment in Benin.

• In July 2020, Sasol, an integrated chemicals and energy firm, and Enaex, a Sigdo Koppers Group affiliate, announced the start of operations in Southern Africa. Enaex Africa, a new explosives joint venture, began operations that month. Enaex S.A. was chosen as Sasol's chosen strategic partner to build a first-class explosives business on the African continent in June 2019, following a rigorous evaluation process.

• In September 2018, through a judicial recovery process, AECI paid USD 6.3 million to an explosives firm near Lorena, So Paulo. The sale was contingent on the AECI Group transferring operational licenses, which was finalized in February 2020.

Explosives And Pyrotechnics Market Report Scope

Global Explosives And Pyrotechnics Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global explosives and pyrotechnics market report based on product, application, and region:

• Product Outlook (Revenue, USD Million; Volume, Kilo Tons, 2018 - 2030)

  • Blasting Agents

  • Propellants

  • Pyrotechnics

  • Others

• Explosives Application Outlook (Revenue, USD Million; Volume, Kilo Tons, 2018 - 2030)

  • Mining Explosives

  • Construction Explosives

  • Military Explosives

  • Others

• Pyrotechnics Application Outlook (Revenue, USD Million; Volume, Kilo Tons, 2018 - 2030)

  • Proximate Pyrotechnics

  • Consumer Pyrotechnics

  • Display Pyrotechnics

  • Others

• Regional Outlook (Revenue, USD Million; Volume, Kilo Tons, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Taiwan

    • South Korea

  • Central & South America

    • Argentina

    • Brazil

  • Middle East and Africa

    • Saudi Arabia