The simple answer is water, but that doesn't begin to cover it...I hope this will.
Popcorn is a grain like wheat, rice, or even “regular” corn. Grains have three main parts: the pericarp (the outer covering), the endosperm (the inside consisting of mainly starch, and small amounts of fat, protein, and water), and the germ (allows it to grow when planted).
So why don't we go the movies and have a big bag of popped wheat or rice? Well, the main reason is the pericarp (sometimes called the hull). The pericarp of wheat and rice is very porous, which allows steam to escape while cooking. However, popcorn has a hull that is very strong and non-porous. This hull is even different from the corn that's on the cob you like to eat too...popcorn is unique.
As you cook the popcorn, the water inside the endosperm heats up, becomes steam, and expands. Because of the “hard” shell of the pericarp, the steam cannot escape and the pressure raises inside the kernel. When internal temperature of the kernel reaches a high enough
temperature, the pressure inside it becomes too great and POP! The hull turns inside out with the explosion, and the starchy endosperm is exposed. This is the soft white carbohydrate we most closely associate with popcorn. The darker part of a popped kernel is the leftover pericarp.
Have you ever popped a bag of popcorn and had a lot of kernels leftover in the bottom? Why? Well, there are a few factors that could cause this. Conditions have to be just right for those kernels to turn into tasty treats. Try these three mini-experiments (with the help of a parent or teacher if necessary), to see why.

Experiment A: Try popping popcorn at a low temperature (below 300F). Does the popcorn POP?
***** The temperature within the kernel must reach 400F. The pressure will not be great enough for it to POP without the right amount of heat. *****
Experiment B: Leave a few kernels of popcorn out in the sun for a few days or in a warm oven for a few hours. Then try and popping the corn. Does it work?
***** The kernel must have an exact moisture content of between 13-14%. Popcorn growers actually harvest the popcorn when the moisture content is about 16% and then the kernels are carefully dried until the exact percentage is just right for popping. *****
Experiment C: VERY CAREFULLY take a pin or knife and poke or cut small holes into some kernels of popcorn. Will it POP?
***** The pericarp cannot be damaged in any way. If there is even a small pinhole in the kernel, the steam will be able to escape, and the pressure will not be great enough for the kernel to explode. *****