Explosives Market

The article provides a thorough analysis of the global explosives market, focusing on consumption trends, production trends, import trends, and export trends. Key highlights include forecasted growth in both volume and value terms, with detailed data on consumption, production, imports, and exports for various countries around the world. The report also covers per capita consumption of explosives, production figures, import prices, and export prices, offering valuable insights into market dynamics and trends.

Market Forecast

Driven by increasing demand for prepared explosives worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.6% for the period from 2022 to 2030, which is projected to bring the market volume to 6.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.1% for the period from 2022 to 2030, which is projected to bring the market value to $34.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Prepared Explosives

In 2022, the amount of prepared explosives consumed worldwide expanded markedly to 6M tons, increasing by 5.1% compared with the previous year's figure. The total consumption volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 6.1%. Global consumption peaked in 2022 and is expected to retain growth in the immediate term.

The global explosives market revenue rose markedly to $23.4B in 2022, surging by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +58.3% against 2017 indices. Over the period under review, the global market reached the peak level in 2022 and is likely to see steady growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.1M tons), Norway (737K tons) and the United States (625K tons), together accounting for 41% of global consumption. Sweden, India, Brazil, Russia, Democratic Republic of the Congo, Turkey, Pakistan, Peru, Canada and Iran lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +15.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($4.9B), China ($2.8B) and Pakistan ($1,000M) appeared to be the countries with the highest levels of market value in 2022, together accounting for 37% of the global market. Democratic Republic of the Congo, Canada, India, Peru, Sweden, Iran, Turkey, Russia, Norway and Brazil lagged somewhat behind, together comprising a further 12%.

Among the main consuming countries, Peru, with a CAGR of +13.7%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of explosives per capita consumption was registered in Norway (135 kg per person), followed by Sweden (18 kg per person), Peru (3.3 kg per person) and Canada (2.8 kg per person), while the world average per capita consumption of explosives was estimated at 0.8 kg per person.

In Norway, explosives per capita consumption declined by an average annual rate of -1.5% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Sweden (+2.0% per year) and Peru (+14.1% per year).

Production

World Production of Prepared Explosives

In 2022, the amount of prepared explosives produced worldwide stood at 5.9M tons, growing by 3.2% against the year before. The total output volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 6.2%. Global production peaked at 5.9M tons in 2020; afterwards, it flattened through to 2022.

In value terms, explosives production rose slightly to $19.7B in 2022 estimated in export price. Over the period under review, the total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.8% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 24%. Over the period under review, global production attained the peak level at $19.9B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.1M tons), Norway (726K tons) and the United States (648K tons), together accounting for 42% of global production. Russia, Sweden, India, Brazil, Turkey, Pakistan, Iran, Saudi Arabia, Democratic Republic of the Congo and the Philippines lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +7.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Prepared Explosives

In 2022, the amount of prepared explosives imported worldwide skyrocketed to 576K tons, with an increase of 58% against the year before. In general, total imports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.9% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, explosives imports soared to $1.4B in 2022. The total import value increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

Peru (86K tons) and Guyana (83K tons) represented the largest importers of prepared explosives in 2022, amounting to near 15% and 14% of total imports, respectively. Burkina Faso (45K tons) took the next position in the ranking, followed by Canada (34K tons), Mexico (34K tons) and Democratic Republic of the Congo (33K tons). All these countries together held approx. 25% share of total imports. Germany (17K tons), Zimbabwe (14K tons), Kazakhstan (14K tons), Finland (14K tons), the United States (13K tons) and Norway (12K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Guyana (with a CAGR of +117.4%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Peru ($148M), the United States ($122M) and Canada ($100M) appeared to be the countries with the highest levels of imports in 2022, together comprising 27% of global imports. Burkina Faso, Democratic Republic of the Congo, Mexico, Norway, Germany, Zimbabwe, Finland, Kazakhstan and Guyana lagged somewhat behind, together comprising a further 19%.

Among the main importing countries, Guyana, with a CAGR of +50.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average explosives import price amounted to $2,398 per ton, declining by -10.9% against the previous year. Over the period under review, the import price showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 6.6%. Over the period under review, average import prices reached the maximum at $3,195 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($9,508 per ton), while Guyana ($105 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+3.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Prepared Explosives

Global explosives exports surged to 420K tons in 2022, increasing by 30% on the previous year's figure. In general, total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +97.3% against 2015 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, explosives exports soared to $997M in 2022. The total export value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

Russia was the main exporter of prepared explosives in the world, with the volume of exports amounting to 184K tons, which was near 44% of total exports in 2022. The United States (36K tons) took an 8.6% share (based on physical terms) of total exports, which put it in second place, followed by South Africa (7.2%). India (14K tons), Peru (13K tons), Mexico (12K tons), Poland (12K tons), Spain (12K tons), Turkey (11K tons), France (8.4K tons), Burkina Faso (8.3K tons), Costa Rica (7.6K tons) and Zambia (6.9K tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to explosives exports from Russia stood at +25.5%. At the same time, Burkina Faso (+59.6%), Peru (+13.3%), Turkey (+10.8%), India (+6.4%), Spain (+3.6%) and Costa Rica (+2.3%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in the world, with a CAGR of +59.6% from 2012-2022. South Africa and Zambia experienced a relatively flat trend pattern. By contrast, Poland (-1.2%), the United States (-1.6%), Mexico (-2.9%) and France (-3.6%) illustrated a downward trend over the same period. While the share of Russia (+36 p.p.), Spain (+2.7 p.p.), France (+2 p.p.), Burkina Faso (+1.9 p.p.) and Peru (+1.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Poland (-2.9 p.p.), Mexico (-4 p.p.), South Africa (-4.6 p.p.) and the United States (-9.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($268M) remains the largest explosives supplier worldwide, comprising 27% of global exports. The second position in the ranking was taken by Russia ($105M), with a 10% share of global exports. It was followed by South Africa, with a 6.7% share.

In the United States, explosives exports plunged by an average annual rate of -1.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Russia (+14.5% per year) and South Africa (+1.6% per year).

Export Prices By Country

In 2022, the average explosives export price amounted to $2,375 per ton, approximately equating the previous year. Over the period under review, the export price showed a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when the average export price increased by 14%. Over the period under review, the average export prices attained the peak figure at $3,358 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($7,426 per ton), while Russia ($568 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform