According to a recent market study published by Growth Market Reports, titled, “Global Aerospace Propellant Market By Type, By Application, and By Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at US$ 2,24,027.5 Million in 2022 and is anticipated to expand at a growth rate of 6.7% by 2031.

Aerospace propellant is a substance used to create motion and thrust in aerospace vehicles, like rockets and satellites, by expelling its mass at high velocity in accordance with Newton's third law of motion. Typically, these propellants are classified into three categories: liquid propellant, solid propellant, and gaseous propellant. A solid propellant consists of several chemical ingredients such as oxidizer, fuel, binder, plasticizer, curing agent, stabilizer, and cross-linking agent. Liquid propellant systems carry the propellant in tanks external to the combustion chamber. Liquid propellant engines use a liquid oxidizer and a liquid fuel, which are transferred from their respective tanks by pumps. Gaseous propellants are used for orienting and maneuvering a spacecraft using small thrusters. These thrusters are important for controlling the spacecraft and are required to adjust spacecraft’s position, trajectory, and stability.

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The Global Aerospace Propellant Market has been segmented in terms of Type, Application, and region. In terms of type, the Global Aerospace Propellant Market is split into solid propellant, liquid propellant, and gaseous propellant. Based on application, the market is bifurcated into business and military. Considering regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The outbreak of Coronavirus disease in 2019 (COVID-19) restrained the global economy, created global interdependence, and challenged the governments of various nations. The pandemic resulted in a decline in the demand for aerospace propellants across various industries. Industries such as aerospace & defense and aviation registered reduced demand for aerospace propellants amid lockdown measures and economic uncertainties.  Airlines ground their fleets, due to the pandemic restrictions on air travel globally that had an immediate effect on the use of aviation turbine fuel (ATF) or jet fuel. Military aviation also experienced disruptions, which resulted in few training exercises and missions, further impacting the demand for aerospace propellants.

Key Takeaways from the Study:

  • Players in the Global Aerospace Propellant Market include Air Products and Chemicals, Inc., Haltermann Carless UK Ltd., Island Pyrochemical Industries (IPI), Shell Plc, Linde plc, and Neste.

  • Increasing space exploration missions, advances in technology, and rising defense budgets globally are key factors that drive the aerospace propellant market.

  • Development of reusable spacecraft systems and emergence of new space exploration companies are expected to create opportunities in the coming years.

  • Based on type, the market is segmented into solid propellant, liquid propellant, and gaseous propellant. The liquid propellant segment is expected to hold a considerable share of the market during the forecast period.

  • Based on application, the market is fragmented into business and military. Business segment holds a key share of the market. It requires minimal maintenance requirements. This will be due to the rising demand for airlines as modes of transport worldwide.

  • Based on regions, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.  Asia Pacific accounted for a significant share of the market in 2022. Asia Pacific is known for its technological advancements and manufacturing competitiveness. The Asia-Pacific aerospace propellant market is rapidly increasing, with emerging economies like as China, India, and Japan driving the growth. These countries engage in space research and have established domestic satellite launch and space mission capabilities. China's Lunar Exploration Programme and India's successful Mars Orbiter Mission all demonstrate the region's growing demand for aerospace propellants. The increasing number of private enterprises joining the market promotes the region's growth.

Report Scope:

Report Metric


Market Value in 2022

US$ 2,24,027.5 Million

Market Growth Rate (from 2022 to 2031)


Historical Data

2016 – 2021

Base Year


Forecast Period

2023 – 2031

Units Considered

Value (US$ Million)

Market Segments

By Type, By Application, and By Region

Key Companies Profiled

Air Products and Chemicals, Inc., Haltermann Carless UK Ltd., Island Pyrochemical Industries (IPI), Shell Plc, Linde plc, and Neste

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Vendor, Manufacturer, Distributors, Supplier, Retailer.

  • Regulatory Side: Concerned government authorities, and other approved regulatory bodies.