Given the significance of the topic of commercialization and the existence of barriers to the commercialization of products and created ideas—such as financial and governmental obstacles, particularly in the field of chemicals and specifically commercial explosives—greater attention and emphasis on the commercialization process in the industries of our country is essential. The primary aim of the present study is to propose a model for the commercialization of innovations in the commercial explosives industry by considering its antecedents and consequences. This research is applied in nature and conducted using a mixed-methods approach. The qualitative section utilizes grounded theory, while the quantitative section employs structural equation modeling techniques. Data were collected through semi-structured interviews and a researcher-developed questionnaire. Theoretical sampling continued until category saturation was reached. Interviews were conducted with 10 stakeholders. The findings indicate that causal conditions influencing innovation commercialization have a significant positive impact, which include seven constructs: access to international markets, competitiveness, horizontal and vertical product development, creation of economic added value, utilization of potential capacities, technology drivers in explosives, and response to the broad demand for commercial explosive materials. Both intervening and contextual conditions have a significant impact on the formulation of strategies, which in turn lead to specific outcomes for the commercial explosives industry.