Aerospace Propellant Market Size, Share & Growth Report 2031
Aerospace Propellant Market Size, Share & Growth Report 2031
Segments - Global Aerospace Propellant Market By Type (Solid Propellant, Liquid Propellant, and Gaseous Propellant), By Application (Business and Military), and By Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2031
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| Report ID :ICT-SE-5544
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Report Description
Aerospace Propellant Market Outlook:
The Global Aerospace Propellant Market was valued at USD 2,24,027.5 Million in 2022 and is expected to reach USD 4,46,429.9 Million in 2031, expanding at a CAGR of 6.7% during the forecast period.
Aerospace propellant is a mixture of fuel and oxidizer that is used to produce motion and push in aerospace vehicles such as rockets and satellites by rapidly discharging its mass. In aircraft propulsion systems, the propellant undergoes rapid combustion, transforming its chemical energy into kinetic energy and heat.
The high-pressure gas produced by this rapid expansion is discharged through a nozzle, providing the necessary thrust for the aerospace vehicle to lift off in the opposite direction. Aerospace propellants are critical components of rocket engines, satellite attitude control systems, and other propulsion systems used to perform essential tasks such as spacecraft launch, orbit navigation, and deep space missions.
Macro-economic Factors
Economic Growth
Economic growth refers to an increase in the production and consumption of goods and services in an economy over a particular period. It is measured by the increase in a country’s gross domestic product (GDP) or gross national product (GNP). Demand for aerospace propellants is closely related to the growth of the economy. Increasing satellite launches and space exploration activities and economic growth are fueling the demand for aerospace propellants.
Environmental Regulations
Increase in the economic viability of satellite technology has led to space stations, commercial activity, and research occurring in space. As a result, the frequency of rocket launches has dramatically increased in the past ten years. Aerospace propellants such as kerosene cause ozone depletion, while liquid hydrogen/liquid oxygen have very low environmental impact. regulations to reduce emissions have been implemented due to the increasing concerns about environmental sustainability.
Aerospace Propellant Market Dynamics
Market Driver- Increasing Space Exploration Missions
Space exploration missions have been increasing in recent years due to heavy investments from government and private companies. The role of private companies is expected to increase in the coming years, which fuels the aerospace propellant market. Launch vehicles and spacecraft propulsion systems rely on aerospace propellants to achieve the required amount of thrust, thus increase the demand of aerospace propellant market.
Companies such as SpaceX and Blue Origin are making investments in the creation and commercialization of cutting-edge technologies such as reusable launch vehicles, which is further fueling the market.
Market Driver- Technology Advancement
The cost of developing new space systems and delivering payloads into orbit has decreased as technology has advanced. The expanding use of satellites for applications such as communication, earth observation, and research have been attributed to the market growth.
The other factor is the development of enhanced aerospace propellants with high-performance and efficient propellants. An increase in investments from the private sector has led to increased competition and innovation in the aerospace propellant market.
Market Restraint- Stringent Regulatory Landscape
Aerospace propellants are subject to strict regulations due to their toxicity and negative environmental impact. The aerospace propellant industry is subject to tight and complex restrictions imposed by regulatory authorities such as the European Aviation Safety Agency (EASA) and the Federal Aviation Administration (FAA).
Compliance with these laws and obtaining the relevant certifications may be an expensive and time-consuming procedure for manufacturers. The market is hampered by the long regulatory approval processes for aircraft propellants.
Market Opportunity- Emergence of New Space Exploration Companies
The appearance of new space exploration organizations presents significant opportunities for the aerospace propellants industry. Companies such as SpaceX and Blue Origin are investing extensively in space technology comprising vehicle and satellite launches, that require considerable amounts of propellant.
The arrival of new firms broadens the range of aircraft propellants. Emergence of new companies increases diversification in aerospace propellant market. Companies give preference to performance traits over others, and those who can provide specialized solutions have a significant growth opportunity.
Scope of Aerospace Propellant Market Report
The report on the Global Aerospace Propellant Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Aerospace Propellant Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
By Type (Solid Propellant, Liquid Propellant, Gaseous Propellant), By Application (Business, Military), By End-Use (Power Utilities, Power Generation, Railways & Metros, Industries & OEMs) |
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Regional Scope |
Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered |
Air Products and Chemicals, Inc., Haltermann Carless UK Ltd., Island Pyrochemical Industries (IPI), Shell Plc, Linde plc, and Neste |
Aerospace Propellant Market Segment Insights
By Type
Based on type, the Global Aerospace Propellant Market is segmented into solid propellant, liquid propellant, and gaseous propellant. A solid propellant is an oxidizer and fuel mixture that, when burned, releases the energy needed for propulsion. Solid propellants were originally designed to power rocket engines in aerospace.
Liquid propellants are a mixture of fuel and oxidizers, in the liquid form at ambient temperature. Liquids are preferred, as they have a reasonably high density and high specific impulse (Isp). This allows the volume of the propellant tanks to be relatively low.
Gaseous propellants are in gaseous state at ambient temperatures and pressure, and are used in the compressed form. These are of low density and need high-weight pressure vessels for storage. Various compressed gases such as halogenated hydrocarbon, nitrous oxide, oxygen, and hydrogen, are used as gaseous propellants.
By Application
Based on application, the global aerospace propellant market is bifurcated into business and military. The business segment is expected to expand in the coming years due to increasing use in space flights and satellite launch vehicles, among other commercial Applications.
Furthermore, private companies are actively investing in the space industry. Aerospace propellants are used in a variety of equipment, including military aircraft, missile systems, rockets, tactical missiles, cruise missiles, and unmanned aerial vehicles (UAVs).
Military-grade propellants are highly refined and chosen according to the equipment or application they are expected to deploy in. Various aspects are evaluated, including range, payload capacity, and other operational needs, before selecting a propellant.
Regional Outlook
Based on regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for a significant share of the market in 2022, due to the growth attributed to rapid aerospace industries, especially in countries such as China, India, and Japan.
Production of sustainable aviation fuel in Asia Pacific has been boosted by three new projects, in which Qantas, Cathay Pacific, and All Nippon Airways (ANA) are key partners. Qantas, Airbus, and the state government of Queensland are expected to invest in an alcohol-to-jet manufacturing plant in Australia, as proposed by bioenergy company Jet Zero Australia and US-based fuel technology group LanzaJet.
They are anticipated to use locally supplied agricultural feedstock such as sugar cane for their manufacturing plant. Hong Kong-based Cathay Pacific has signed an agreement to collaborate with China-based State Power Investment Corporation (SPIC) for building four sustainable aviation fuel plants.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Aerospace Propellant Market
- Historical, Current, and Projected Market Size in Terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Aerospace Propellant Market Performance
Segments
By Type
- Solid Propellant
- Liquid Propellant
- Gaseous Propellant
By Application
- Business
- Military
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
- Air Products and Chemicals, Inc.
- Haltermann Carless UK Ltd.
- Island Pyrochemical Industries (IPI)
- Shell Plc
- Linde plc
- Neste
Competitive Landscape
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Manufacturers operating in the Global Aerospace Propellant Market are Air Products and Chemicals, Inc., Haltermann Carless UK Ltd., Island Pyrochemical Industries (IPI), Shell Plc, Linde plc, and Neste.
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Market players are pursuing strategies such as acquisitions, product launches, collaborations, and geographic expansion to leverage untapped opportunities in the Global Aerospace Propellant Market.
Frequently Asked Questions
Additional company profiles can be provided on request, For a discussion related to the above findings, click Speak to Analyst
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Increasing space exploration missions, advances in technology, rising defense budgets globally, and growing satellite industry are the factors expected to drive the market growth during the forecast period.
According to this Growth Market Reports report, the Global Aerospace Propellant Market is likely to register a CAGR of 6.7% during the forecast period 2023-2031, with a projected valuation of USD 4,46,429.9 million by the end of 2031.
Factors such as economic growth, Government Policies & Regulations, and Technological Advancements.
Major manufacturers include Air Products and Chemicals, Inc., Haltermann Carless UK Ltd., Island Pyrochemical Industries (IPI), Shell Plc, Linde plc, and Neste.
The Global Aerospace Propellant Market was impacted by COVID-19, The pandemic has significant impact on the manufacture of Aerospace Propellant, with disruptions in the supply chain, reduced demand, and changes in the manufacturing process.
In addition to market size (in US$ Million), the Impact of Key Regulations, Current and Future Market Trends, Technology & Innovation Roadmap, and an Overview on the Aerospace Propellant Manufacturing Process are provided in the final report.
The forecast year considered for the Global Aerospace Propellant Market report is 2031.
The base year considered for the Global Aerospace Propellant Market report is 2022. The complete analysis period is 2016 to 2031, wherein, 2016 to 2021 are the historic years, and the forecast is provided from 2023 to 2031.
Table Of Content
Chapter 1 Executive SummaryChapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Aerospace Propellant Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Aerospace Propellant Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Aerospace Propellant Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Aerospace Propellant Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Aerospace Propellant Market Size & Forecast, 2016-2031
4.5.1 Aerospace Propellant Market Size and Y-o-Y Growth
4.5.2 Aerospace Propellant Market Absolute $ Opportunity
Chapter 5 Global Aerospace Propellant Market Analysis and Forecast By Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Type
5.1.2 Basis Point Share (BPS) Analysis By Type
5.1.3 Absolute $ Opportunity Assessment By Type
5.2 Aerospace Propellant Market Size Forecast By Type
5.2.1 Solid Propellant
5.2.2 Liquid Propellant
5.2.3 Gaseous Propellant
5.3 Market Attractiveness Analysis By Type
Chapter 6 Global Aerospace Propellant Market Analysis and Forecast By Application
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Application
6.1.2 Basis Point Share (BPS) Analysis By Application
6.1.3 Absolute $ Opportunity Assessment By Application
6.2 Aerospace Propellant Market Size Forecast By Application
6.2.1 Business
6.2.2 Military
6.3 Market Attractiveness Analysis By Application
Chapter 7 Global Aerospace Propellant Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Aerospace Propellant Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Aerospace Propellant Analysis and Forecast
9.1 Introduction
9.2 North America Aerospace Propellant Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Aerospace Propellant Market Size Forecast By Type
9.6.1 Solid Propellant
9.6.2 Liquid Propellant
9.6.3 Gaseous Propellant
9.7 Basis Point Share (BPS) Analysis By Type
9.8 Absolute $ Opportunity Assessment By Type
9.9 Market Attractiveness Analysis By Type
9.10 North America Aerospace Propellant Market Size Forecast By Application
9.10.1 Business
9.10.2 Military
9.11 Basis Point Share (BPS) Analysis By Application
9.12 Absolute $ Opportunity Assessment By Application
9.13 Market Attractiveness Analysis By Application
Chapter 10 Europe Aerospace Propellant Analysis and Forecast
10.1 Introduction
10.2 Europe Aerospace Propellant Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Aerospace Propellant Market Size Forecast By Type
10.6.1 Solid Propellant
10.6.2 Liquid Propellant
10.6.3 Gaseous Propellant
10.7 Basis Point Share (BPS) Analysis By Type
10.8 Absolute $ Opportunity Assessment By Type
10.9 Market Attractiveness Analysis By Type
10.10 Europe Aerospace Propellant Market Size Forecast By Application
10.10.1 Business
10.10.2 Military
10.11 Basis Point Share (BPS) Analysis By Application
10.12 Absolute $ Opportunity Assessment By Application
10.13 Market Attractiveness Analysis By Application
Chapter 11 Asia Pacific Aerospace Propellant Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Aerospace Propellant Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Aerospace Propellant Market Size Forecast By Type
11.6.1 Solid Propellant
11.6.2 Liquid Propellant
11.6.3 Gaseous Propellant
11.7 Basis Point Share (BPS) Analysis By Type
11.8 Absolute $ Opportunity Assessment By Type
11.9 Market Attractiveness Analysis By Type
11.10 Asia Pacific Aerospace Propellant Market Size Forecast By Application
11.10.1 Business
11.10.2 Military
11.11 Basis Point Share (BPS) Analysis By Application
11.12 Absolute $ Opportunity Assessment By Application
11.13 Market Attractiveness Analysis By Application
Chapter 12 Latin America Aerospace Propellant Analysis and Forecast
12.1 Introduction
12.2 Latin America Aerospace Propellant Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Aerospace Propellant Market Size Forecast By Type
12.6.1 Solid Propellant
12.6.2 Liquid Propellant
12.6.3 Gaseous Propellant
12.7 Basis Point Share (BPS) Analysis By Type
12.8 Absolute $ Opportunity Assessment By Type
12.9 Market Attractiveness Analysis By Type
12.10 Latin America Aerospace Propellant Market Size Forecast By Application
12.10.1 Business
12.10.2 Military
12.11 Basis Point Share (BPS) Analysis By Application
12.12 Absolute $ Opportunity Assessment By Application
12.13 Market Attractiveness Analysis By Application
Chapter 13 Middle East & Africa (MEA) Aerospace Propellant Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Aerospace Propellant Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Aerospace Propellant Market Size Forecast By Type
13.6.1 Solid Propellant
13.6.2 Liquid Propellant
13.6.3 Gaseous Propellant
13.7 Basis Point Share (BPS) Analysis By Type
13.8 Absolute $ Opportunity Assessment By Type
13.9 Market Attractiveness Analysis By Type
13.10 Middle East & Africa (MEA) Aerospace Propellant Market Size Forecast By Application
13.10.1 Business
13.10.2 Military
13.11 Basis Point Share (BPS) Analysis By Application
13.12 Absolute $ Opportunity Assessment By Application
13.13 Market Attractiveness Analysis By Application
Chapter 14 Competition Landscape
14.1 Aerospace Propellant Market: Competitive Dashboard
14.2 Global Aerospace Propellant Market: Market Share Analysis, 2022
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Air Products and Chemicals, Inc.
14.3.2 Haltermann Carless UK Ltd.
14.3.3 Island Pyrochemical Industries (IPI)
14.3.4 Shell Plc
14.3.5 Linde plc
14.3.6 Neste
Methodology
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