Tou Bao Yan Jiu Yuan·2025-03-12 12:18Investment Rating - The report does not explicitly provide an investment rating for the industrial explosives industry Core Insights - The industrial explosives market in China is evolving with increasing policy support and technological advancements, transitioning from traditional explosives to more advanced types like emulsified explosives and on-site mixed explosives, which are expected to dominate the market in the future [1][16][15] - The market size of the industrial explosives industry is projected to grow from CNY 318.75 billion in 2025 to CNY 387.44 billion by 2029, with a compound annual growth rate (CAGR) of 5.00% [34] - The industry faces high entry barriers due to significant capital requirements, technical complexities, and stringent regulatory standards [14] Industry Definition - Industrial explosives, also known as civil explosives, are used in mining and engineering blasting operations, characterized by their combustion and explosion properties [2] Industry Classification - The industrial explosives industry can be classified based on composition and production methods, including emulsified explosives, ammonium oil explosives, and water-gel explosives [3][4][5][6][7][9] Industry Characteristics - The industry is characterized by product diversity, high entry barriers, and a trend towards on-site mixed explosives as the future development direction [12] Development History - The industry has evolved from early black powder and nitroglycerin explosives to a variety of modern explosives, with production methods transitioning from batch to continuous and automated processes [16][19] Industry Chain Analysis - The industrial explosives supply chain includes upstream raw material suppliers, midstream manufacturers, and downstream application sectors such as mining and infrastructure construction [20][21] Upstream Analysis - Ammonium nitrate is the primary raw material for industrial explosives, accounting for 30-40% of production costs, with prices showing a downward trend [21][25] Midstream Analysis - Leading manufacturers in the industrial explosives sector benefit from economies of scale, advanced production equipment, and strong R&D capabilities [22][30] Downstream Analysis - The industrial explosives market is supported by increasing investments in major infrastructure projects, with a total investment of CNY 15.2 trillion in 2024 [32][33] Market Size - The industrial explosives market size decreased from CNY 315.86 billion in 2022 to CNY 307.26 billion in 2024, with a projected recovery and growth in the coming years [34][35] Competitive Landscape - The competitive landscape is characterized by a fragmented market with low concentration, where the top three companies hold only 29.1% of the market share [43][44]