HTPB Market: Introduction
Transparency Market Research delivers key insights on the global HTPB market. In terms of revenue, the global HTPB market is estimated to expand at a CAGR of 4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global HTPB market.
The global HTPB market is broadly affected by several factors, including usage of HTPB in aerospace & defense applications as solid rocket propellant. Increase in applications of HTPB in the automotive sector is propelling the global HTPB market.
HTPB Market: Dynamics
The increase in the demand for hydroxyl terminated polybutadiene (HTPB) from the building & construction industry is expected to boost the global market for HTPB during the forecast period. Rise in urbanization and construction activities is also projected to drive the market for HTPB during the forecast period. A series of high performance HTPB are used worldwide in adhesives for construction of buildings, which, in turn, is boosting the global HTPB market.
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An important application of HTPB is in the aerospace & defense industry, as it is used as solid rocket propellant. HTPB binds the oxidizing agent, fuel, and other ingredients into a solid but elastic mass in most composite propellant systems.
Cured polyurethane acts as a fuel in such mixtures. For instance, HTPB is utilized in all 3/4 stages of the Japanese M-5 rocket satellite launchers and PSLV rocket developed by ISRO for satellite launches. HTPB is also used as a hybrid rocket fuel. Increase in space explorations by countries such as China and India is likely to drive the market during the forecast period. Moreover, rising investments in space technologies across the globe is anticipated to boost the consumption of HTPB in the aerospace & defense industry.
HTPB Market: Prominent Regions
Asia Pacific dominated the global HTPB market in 2020. Increase in the number of automotive and aerospace manufacturers in the region is a major factor driving the demand for HTPB in Asia Pacific. Furthermore, the demand for sealants & adhesives made using HTPB has been rising in the region due to a surge in construction activities.
The HTPB market in North America is anticipated to expand at a significant pace during the forecast period. Presence of a large number of domestic manufacturers in the U.S. and Canada and rise in the demand for HTPB in the aerospace and building & construction sectors are projected to propel the market in the region during the forecast period.
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Furthermore, increase in investments in space technologies by countries such as the U.S., China, and India is expected to drive the market. For instance, in 2018, India launched 31 satellites into the orbit. Several such programs and launches were carried out by various countries, and are compelling governments to invest towards it, thereby boosting the market.
HTPB Market: Key Players
The global HTPB market is consolidated with the presence of few major players. Key players operating in the global HTPB market are Cray Valley, Island Pyrochemical Industries (IPI), CRS Chemicals, Idemitsu Kosan Co. Ltd., and Evonik Industries AG.
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