2025年中国民爆行业研究报告："十四五"收官显成效，内外需求双轮驱动

Investment Rating - The report indicates a positive investment outlook for the civil explosives industry in China, driven by both domestic and international demand [2]. Core Insights - The civil explosives industry in China is experiencing stable growth under the "14th Five-Year Plan," with a focus on infrastructure development and enhanced safety and environmental standards [2]. - The industry is characterized by a dual-driven model of solid domestic demand and expanding foreign trade, with an increasing concentration of market players [2][4]. - The report provides a comprehensive analysis of the industry's development achievements during the "14th Five-Year Plan," examining market supply and demand dynamics, industry concentration, and technological innovation [2]. Industry Overview - The civil explosives industry includes five main product categories, with industrial explosives and detonators being crucial for mining and construction [3]. - The industry has seen a steady increase in production value from 27.22 billion yuan in 2015 to 43.66 billion yuan in 2025, with a notable rise in the proportion of digital electronic detonators [4][18]. - The production of industrial explosives reached 1.71 million tons in the first five months of 2025, reflecting a year-on-year increase of 1.61% [5][25]. Market Dynamics - The demand for civil explosives is primarily driven by the mining sector, which accounts for over 75% of usage, with a stable demand structure across various applications [6][8]. - The report highlights a significant growth in the demand for industrial explosives, projected to increase from 4.49 million tons in 2024 to 5.19 million tons by 2030, with an average annual growth rate of 2.3% [5][6]. - The market share of the top 15 regions has risen to 79.6%, with Inner Mongolia and Xinjiang leading in production value [5][25]. Technological Trends - The industry is undergoing a transformation with a shift towards digital electronic detonators, which have increased their market share from 12% in 2020 to 94% in 2025 [41][43]. - The report outlines the industry's goals for 2025, including zero major accidents, a concentration of 50 enterprises, and a 40% replacement of hazardous positions with robots [30][31]. Competitive Landscape - The report identifies key players in the civil explosives market, with Jiangnan Chemical leading in explosive production capacity and Northern Special Energy leading in total production value [33]. - The competitive landscape is characterized by differentiated advantages across various dimensions, including production capacity, total value, and blasting service revenue [33].