Global HTPB Market Insights Forecasts to 2032
- The HTPB Market Size was valued at USD 18.2 Billion in 2022.
- The market is growing at a CAGR of 11.9% from 2022 to 2032.
- The Global HTPB Market Size is expected to reach USD 39.7 Billion by 2032.
- Asia Pacific is expected to grow the fastest during the forecast period.
Get more details on this report -
The Global HTPB Market Size is expected to reach USD 39.7 Billion by 2032, at a CAGR of 11.9% during the forecast period 2022 to 2032.
The synthetic polymer known as hydroxyl-terminated polybutadiene (HTPB) is a vital component of solid rocket propellants. It is a type of polybutadiene with hydroxyl groups (OH) at both ends of its molecular chain, which is a polymer made from the monomer butadiene. The cross-linking reactions that take place during curing depend on this terminal hydroxyl group. As they are more stable and secure than some other propellant types, HTPB-based propellants are favoured for various applications, including those used in space launch vehicles. In addition to being used as rocket propellants, HTPB has also found use in coatings, adhesives, sealants, and as a basic material for casting different goods.
Impact of COVID 19 On Global HTPB Market
Supply chains were interrupted by lockdowns, travel restrictions, and factory closures in numerous locations. This might have led to shortages or delays in the manufacture and transport of chemicals and raw materials. The pandemic caused changes in demand for a number of goods, including those that contain HTPB in significant amounts. For instance, due to travel restrictions and decreased air travel, the aerospace and defence sectors, which are major users of solid rocket propellants, had difficulties. During the epidemic, businesses encountered operational difficulties keeping up production and assuring the security of their staff. This might have caused delays in project timelines and interruptions to production. Demand changes were seen in some industries. For instance, the need for medical equipment and supplies increased in the healthcare industry, which may have affected the demand for specific chemicals and materials.
Global HTPB Market Report Coverage
|Market Size in 2022:||USD 18.2 Billion|
|Forecast Period 2022-2032 CAGR:||11.9%|
|2032 Value Projection:||USD 39.7 Billion|
|Historical Data for:||2019-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||COVID-19 Impact, By End-User, By Application, By Region|
|Companies Covered:||Evonik Industries, Total Cray Valley, Idemitsu Kosan, CRS Chemicals, Emerald Performance Materials, Island Pyrochemical Industries Corp, Zibo Qilong Chemical Industry.,|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
Get more details on this report -
Key Market Drivers
The demand for solid rocket propellants that use HTPB as a binder has increased as a result of the growing public interest in space exploration and satellite deployment. More complex and high-performance propellants are required as rocket technology continues to improve, and HTPB-based formulations have been favoured for this purpose. Additionally frequently employed in a variety of military applications, such as missile systems, tactical rockets, and artillery ammunition, HTPB-based propellants support market expansion. With private space businesses launching satellites and missions, the commercial space industry is expanding, which has raised demand for solid rocket propellants and, as a result, HTPB. Due to their stability and safety, HTPB-based propellants are frequently chosen for crucial missions and applications. The market has grown as a result of ongoing research and development projects to enhance the performance and characteristics of HTPB-based propellants.
Key Market Challenges
As HTPB is made from the petrochemical feedstock butadiene, the price of this chemical is susceptible to changes in the world's oil and gas markets. The overall cost of producing HTPB and the profitability of manufacturers can both be impacted by changes in the price of raw materials. Concern has been raised about how solid rocket propellants, notably those utilising HTPB, affect the environment. The demand for conventional propellants may be impacted by actions taken to address environmental concerns and rules governing rocket launches. Due to its tight ties to the aerospace and defence industries, the HTPB industry is susceptible to changes in geopolitics, global wars, and defence spending. These uncertainties may affect the market for HTPB as well as the demand for propellants.
Rocket Fuel segment is dominating the market over the forecast period
On the basis of application, the global HTPB market is segmented into Rocket Fuel, Waterproof Coatings & Membranes, Adhesives, Sealants. Among these, rocket fuel segment is dominating the market with the largest market share over the forecast period. The need for rocket fuels has increased as a result of the growing interest in space exploration and the launching of satellites for communication, Earth observation, and scientific research. The need for rocket fuels, especially HTPB-based formulations, has expanded as a result of the development of the commercial space industry and the establishment of private space firms. Military applications such as missiles, tactical rockets, and artillery ammunition frequently use HTPB-based rocket fuels, which is helping this market expand. New rocket systems and launch vehicles have been created as a result of advances in rocket technology, which has raised the demand for advanced rocket fuels like those based on HTPB.
End User Insights
Aerospace and defence segment accounted the largest market share over the forecast period
Based on the end user, global HTPB market is segmented into Aerospace & Defense, Construction & Civil Engineering, Automotive, Electrical & Electronics. Among these, aerospace and defence segment accounted the largest market share over the forecast period. There is a rising need for rocket propellants and, consequently, HTPB-based formulations as a result of missions to investigate the Moon, Mars, and other celestial bodies. Military applications, such as ballistic missiles, tactical rockets, and other munitions, frequently employ HTPB-based propellants. The need for these applications has been driven by defence and national security needs. The focus on missile defence systems and other aerospace and defence applications has increased as a result of geopolitical tensions and wars, which has raised the demand for rocket propellants.
North America is dominating the market over the forecast period.
Get more details on this report -
North America accounted the largest market share over the forecast period. Some of the top aerospace and defence firms in the world are located in North America, primarily the United States. The market in the region has been significantly influenced by the need for HTPB in rocket propellants for missiles, satellites, space exploration, and other aerospace applications. The demand for rocket propellants in the area has expanded as a result of the expansion of the commercial space industry, which has seen private companies launch satellites and create launch vehicles.
Asia Pacific is witnessing the fastest market growth over the forecast period. Rapid industrialization, economic expansion, and technical innovation have been occurring in the Asia Pacific region, which encompasses nations like China, India, Japan, South Korea, and other Southeast Asian countries. These considerations have helped a variety of businesses, including those that use HTPB-based propellants heavily, like aerospace, defence, and space exploration, to grow.
Recent Market Developments
- In June 2017, Krasol F 3000 diol is a completely commercially generated product in Cray Valley. The product is an addition to the company's liquid polybutadiene resin product lines, Ricon and Krasol.
List of Key Companies
- Evonik Industries
- Total Cray Valley
- Idemitsu Kosan
- CRS Chemicals
- Emerald Performance Materials
- Island Pyrochemical Industries Corp
- Zibo Qilong Chemical Industry.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global HTPB Market based on the below-mentioned segments:
HTPB Market, Application Analysis
- Rocket Fuel
- Waterproof Coatings & Membranes
HTPB Market, End User Analysis
- Aerospace & Defense
- Construction & Civil Engineering
- Electrical & Electronics
HTPB Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of HTPB Market?The global HTPB Market is expected to grow from USD 18.2 Billion in 2022 to USD 39.7 Billion by 2032, at a CAGR of 11.9% during the forecast period 2022-2032.
2. Who are the key market players of HTPB Market?Some of the key market players of Evonik Industries, Total Cray Valley, Idemitsu Kosan, CRS Chemicals, Emerald Performance Materials, Island Pyrochemical Industries Corp, and Zibo Qilong Chemical Industry..
3. Which segment hold the largest market share?Rocket Fuel segment holds the largest market share is going to continue its dominance.
4. Which region is dominating the HTPB Market?North America is dominating the HTPB Market with the highest market share.
Need help to buy this report?