Solid Propellant Market Size, Share & Growth | Forecast 2031

Report Description

Solid Propellant Market Outlook

The global solid propellant market was valued at USD 12,616.4 Mn in 2022 and is expected to reach USD 27,382.1 Mn in 2031, expanding at a CAGR of 7.7% during the forecast period.

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.

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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. Solid propellants can be categorized as single base, double base, triple base, and composite solid propellants.  Composite propellants are distinguished from double-base propellants, as these are typically composed of nitrocellulose (NC) and nitroglycerin and are used in small charges for firearms and mortars.

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.

Macro-economic Factors

Mergers & Acquisitions in the Aerospace & Defense Industry

In the aerospace and defense (A&D) industries, mergers and acquisitions (M&A) have become a financially viable business strategy, as it enables companies to increase their technological expertise while sharing the risks related to technological upheavals.

M&A makes it easy for businesses to survive and, in several situations, helps the major players develop quickly than their competitors. In certain cases, M&A is not always restricted to one industry, and the companies collaborate across industries to expand their product offerings and advance their technology capabilities in order to meet the unique needs of a wide consumer base. Thus, mergers & acquisitions can affect the sales of solid propellants across the market.

Defense Budget

The defense budget is one of the key factors affecting the market. It is directly correlated with the expenses associated with the aerospace industry components such as propellants. The consistently rising defense budget is expected to have a positive impact on the market in the coming years.

According to a report by Space Tech Analytics, published in 2021, a high amount is spent by the US than by all other nations combined for space exploration. Its expenditure for space exploration far outstrips that of China, Russia, France, Japan, and Germany. Out of the total USD 70.9 billion in government space investments made in 2018, 63% were given for civil programs.

The medium-term forecast for global space budgets is anticipated to continue growing in the coming years, reaching an expected peak of USD 84.6 billion by 2025 before downcycling. A high budget significantly affects the product supply chains, and thus impacting the market.

Solid Propellant Market Dynamics

Market Driver- Increasing Defense Spending

Defense spendings of countries such as the US, China, Russia, India, and several countries in Europe are increasing steadily. Factors such as terrorist activities, cross-border conflicts, and internal political instability are fueling the defense spending. The defense products include aircrafts, artilleries, tanks, armed vehicles, and missiles.

Solid equipment finds applications in bullets, howitzers, and missiles. These ammunitions form an integral part of the defense arsenal of the majority of the nations. Propellants play a pivotal role in functioning of these ammunitions by providing the thrust to the projectile such bullet or missile. Thus, the increasing demand from defense applications such as bullets, artillery guns, and missiles are bolstering the market for solid propellants.

Market Driver- Increasing Demand from the Aerospace Industry

The aerospace industry is growing with a rapid pace in the recent years, owing to technological advancements in the industry. The aerospace industry has a variety of applications such as space exploration, surveillance, communication, weather forecasting, and navigation. All of the major economies across the globe are actively investing in the aerospace industry in order to develop robust aerospace technologies.

Governments of the various countries are aggressively pursuing the space programs, owing to increasing strategic importance of satellites in the field of security and communication. Solid propellants play an important role in overall aerospace technology. Thus, the increasing demand from the aerospace industry is propelling the market. 

Market Restraint- Technological Disadvantages

There are number technological disadvantages associated with solid propellants. These disadvantages create hinderance in the performance of the propulsion engine. Technological disadvantages include instability towards mechanical shock. Majority of the solid propellants cannot withstand bullet impact or fall from a high altitude.

The instantaneous explosion can lead to catastrophic outcome in such scenarios. Another shortage of using a solid propellant is it requires a separate ignition system and additional insulation. One of the major disadvantage of solid propellant is radio frequency attenuation, due to rocket plume when solid propellants are burned.

The radio communication between launcher and the mission control is hampered, due to excessive plumes generated by solid propellants. These disadvantages decrease the adoption rate of solid propellants, which in turn hampers the market.  

Scope of Solid Propellant Market Report     

The report on the Global Solid Propellant Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Solid Propellant Market Segmental Outlook

Based on type, the global solid propellant market is segmented into single base, double base, triple base, and composite. The single base segment is estimated to expand at a CAGR of XX% during the forecast period, owing to the increased demand from applications such as small arms and gun ammunition. Single base propellants are primarily made up of nitroglycerin.

Single base propellants consist of other elements such as oxidizers and stabilizers along with nitroglycerin. These components control the properties such burning rate and energy density of the propellant. Nitroglycerin makes up to around 90 to 98% of the total weight percent of the single base propellant. 

Double base propellants consist of two active components, which are responsible for the propellant action. The primary compounds used in double base propellants are nitro-cellulose and plasticizers such as nitroglycerine or ethylene glycol dinitrate. Composite propellants are the advanced type of solid propellants used in aerospace applications.

Composite propellants are a heterogeneous mixture of fuels and additives such as oxidizers, plasticizers, and binders. Composite propellants find applications in rocket systems, kick motors for satellites, and booster motors for launching cruise missiles.

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Based on the process, the solid propellant market is bifurcated into batch mixing and continuous mixing. The batch mixing segment is dominating the market and is expected to hold a significant market share during the forecast period. This can be attributed to the simple structure and the ease at which the process is conducted.

Moreover, the competency required for operation is much lower in batch mixing as compared to a continuous process. Continuous mixing involves continually measuring the same propellant ingredients into a mixing chamber, mixing them, and continuously releasing the resulting propellant into the motor or another container until the desired propellant quantity is attained. Moving a sizable amount of material through the process equipment in a given amount of time is important to get a high throughput out of a continuous process.

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Based on the end use, the market is bifurcated into commercial and aerospace & defense. The aerospace & defense segment is expected to hold a major market share during the forecast period, as solid propellants are extensively used for aerospace and military applications. In the aerospace & defense industry, solid propellants are suitable for appropriate thrust and minimize air resistance. Additionally, solid propellant has a number of advantages.

One of the major advantages is that it is cost-effective. The materials used to create solid propellants are cheaper as compared to liquid propellants. The design of solid propellant rocket boosters is simple, thus reducing the overall weight of the launch vehicle. Weight is a crucial factor in space missions, as it takes high costs to upthrust heavy objects.

Commercial applications have been associated with safety. For instance, solid propellants are used in airbags, owing to their instant reactivity to the stimulus. Moreover, the airbag mandate in the majority of automotive vehicles has been supporting the market for solid propellants in commercial applications.

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Regional Outlook

On the basis of region, the global solid propellant market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is projected to expand at a CAGR of XX% during the forecast period, owing to the growth of the aviation industry in the region.

The North America aviation market is home to many significant players, including The Boeing Company, Airbus SE, Lockheed Martin Corporation, General Dynamics Corporation, Textron Inc., and others. The market is extremely competitive, owing to the presence of these aircraft manufacturing giants.

The region is home to the majority of the global aircraft industry, making it a hub for global aerospace suppliers with manufacturing, sales, and support facilities. The market in Europe is expected to increase during the forecast period, owing to substantial investments in aviation as well as space programs in the region.

The Multiannual Financial Framework (MFF) allotted EUR 43.9 billion for defense and security in 2022, a 123% increase over the previous EU budget of EUR 19.7 billion. The European Defense Fund (EDF), which funds military technology research and development, has risen to EUR 8 billion.

In February 2022, Germany announced the establishment of a special military fund of EUR 100 billion or USD 112 billion in response to the ongoing escalation of the Russia-Ukraine war. It is in addition to the regular funds of EUR 47.31 billion or USD 52.8 billion, as estimated by SIPRI. These factors are projected to make Europe as one of the fastest-growing defense regions in the coming years.

The market in Asia Pacific is expected to hold a considerable share in the forecasted period. This can be attributed to the rising aviation sector in the region. China has been increasing its aircraft fleet, in line with its plans to strengthen its airborne military capabilities. The country has also strengthened its domestic military aircraft manufacturing capabilities. A new variant of the first fifth-generation fighter J-20, was unveiled in July 2020 in China.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Solid 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 Solid Propellant Market Performance