What are the Factors Driving the Industrial Explosives Market?

The global industrial explosives market, valued at approximately US$ 12,324.6 million in 2023, is projected to grow at a CAGR of 6.2% over the 2023-2033 period, reaching around US$ 22,491.5 million by 2033. This growth is driven by increasing demand from the mining and construction industries, supported by urbanization and population expansion. Despite a slower CAGR of 3.8% during 2017-2022, impacted by the COVID-19 pandemic's disruption of mining and construction, the market is set to rebound with advancements in explosive technology and bulk delivery systems. Latin America and Africa are expected to see significant growth due to rising investments in the mining sector.