According to a recent market study published by Growth Market Reports, titled, Global Solid Propellant Market by Type (Single Base, Double Base, Triple Base, Composite), by Process (Batch Mixing, Continuous Mixing), by End Use (Commercial, Aerospace & Defense), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa): Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 12,616.4 Million in 2022 and is expected to grow at a growth rate of 7.7% by the year 2031.

As per growth market reports by industry analyst Priya Singh, “Global Solid Propellant Market” is anticipated to witness significant growth during the forecast period 2023-2031.” The market is growing due to factors such as Increasing demand from defense applications such as bullets, artillery guns, and missiles are bolstering the market for solid propellants. Increasing demand from the aerospace industry for a variety of applications such as space exploration, surveillance, communication, weather forecasting, and navigation is driving the market. Research & development in the fields such as solid rocket propulsion systems is opening up new opportunities for the market players.

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Propellants are chemical compounds that can produce pressurized gases while undergoing the combustion process. The pressure generated from the combustion process of propellants is utilized to move objects such as rockets. Solid propellants are materials used to launch and provide a thrust to rockets and missiles. Solid composite propellants are highly-filled elastomers that are used prominently as energetic materials for military ordnance and rockets. It has certain commercial applications such as gas generation, airbags, creating artificial rain, and others. Moreover, all tactical missiles use solid propellants in some form. Storage and transport are one of the sensitive aspects of solid propellants. Solid propellants are explosive in nature and are extremely sensitive to spark ignition. Increasing investments in the aerospace & defense sector are expected to support the market during the forecast period. The market was negatively affected during the pandemic, due to the halt in the manufacturing of aviation & aerospace industries. However, the market was revived rapidly post-pandemic with substantial investments in the defense sector. The Russia-Ukraine war had a positive impact on the overall market. However, liquid propellants are also being used extensively in the aerospace & defense sector.

The primary and secondary research methodology is used for keen observation and study of Solid Propellant. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

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 raised concerns among economies and businesses by shifting focus to the online supply of consumer electronic gadgets and automotive components and creating manufacturing issues.

In January, the WHO labeled the COVID-19 outbreak as a public health emergency of global concern and proclaimed it a global pandemic in March 2020. This deadly virus has become one of the biggest pandemics in human history. The COVID-19 outbreak is a public health emergency that affected almost every industry. The long-term effects of the pandemic are expected to affect the growth of various industries during the forecast period, especially across Eastern Europe, European Union, the US, and Eastern & Central Asia.

As of October 25, 2023, this pandemic had infected over 771,549,718 people, and over 6,974,473 people died from the disease. COVID-19 cases have been registered in more than 231 countries and territories. Many countries are economically weak, while others have poor healthcare systems that affect the economy and life of people.

Key Takeaways from the Study:

  • The players in the Solid Propellant Market include Black Sky Aerospace, NOF CORPORATION, Hanley Industries Inc, Island Pyrochemical Industries (IPI), Premier Explosive Ltd, Explosis a. s., and Eurenco held a major market share of the Solid Propellant Market in the year 2022.

Report Scope:

Report Metric


Market Value in 2022

USD 12,616.4 Million

Market Growth Rate (from 2023 to 2031)


Historical Data

2016 - 2021

Base Year


Forecast Period

2023 – 2031

Units Considered

Value (USD Million)

Market Segments

by Type (Single Base, Double Base, Triple Base, Composite), by Process (Batch Mixing, Continuous Mixing), by End Use (Commercial, Aerospace & Defense), by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Key Companies Profiled

Black Sky Aerospace, NOF CORPORATION, Hanley Industries Inc, Island Pyrochemical Industries (IPI), Premier Explosive Ltd, Explosis a. s., and Eurenco

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: Manufacturer and distributors.

  • Demand Side End users of solid propellant are mainly the aerospace and defense industries.  Additionally, solid propellants are used in automotive applications such as airbags.

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

  • Associations and Industry Bodies:  IATA, SIPRI, JXA