Global HTPB Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global HTPB Market Growth

As per the World Economic Forum, the size of the global space economy is expected to grow from USD 630 billion in 2023 to reach USD 1.8 trillion by 2035. Over 60% of this demand is expected to be driven by the growing need for space-centric technologies for businesses engaged in different industries, such as transportation and supply chain, defence, consumer goods, retail, digital communications, and food and beverage. The increasing accessibility to earth observation services and reduced costs of rocket launches in countries like India are expected to propel the HTPB market value. HTPB is extensively used to bind the different ingredients of a solid rocket propellant (including the fuel, oxidiser, and other ingredients) into an elastic, yet solid mass.

The rising demand for functional and customised coatings is emerging as a prominent trend in the automotive industry. As per the market analysis, global consumers are increasingly preferring a wide range of vehicle colours, such as white (35%), black (18%), and blues (8%). In recent times, the demand for antimicrobial, anti-reflective, self-cleaning vehicles has surged significantly, with the popularity of grey-colour cars increasing by 2%. This is expected to lead to the HTPB market expansion as HTPB is extensively used in manufacturing protective coatings for automotives, which ensure advanced resistance to weathering and abrasion.

Key Trends and Developments

Global HTPB Market Trends

HTPB is extensively used in manufacturing flexible polyurethane foam, which is used as a cushioning material in a wide range of commercial and consumer products, including automotive interiors, bedding, furniture, packaging, and carpet underlay. This is expected to drive the HTPB market expansion. Flexible polyurethane foam is durable, supportive, and can be shaped into a variety of shapes. It accounts for nearly 30% of the overall industry in North America. Over the forecast period, the sustained growth in demand for flexible polyurethane foam is expected to influence the market dynamics favourably.

Global HTPB Industry Segmentation

Global HTPB Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period, the Asia Pacific is expected to grow at a CAGR of 11.2% due to the sustained growth of the automotive industry, coupled with increasing government spending on defence.

Leading Companies in the Global HTPB Market

Major players are producing HTPB to cater to the increasing demand for polyurethane production. This can increase the HTPB market revenue.

Idemitsu Kosan Co., Ltd.

Idemitsu Kosan Co., Ltd. was founded in 1911 and is headquartered in Kita-Kyushu, Japan. It is primarily engaged in manufacturing basic chemicals and fuel products, apart from engineered plastics, renewable energy, and organic LED materials.

Tanyun Aerospace Materials (Yingkou) Technology Co.

Tanyun Aerospace Materials (Yingkou) Technology Co. was founded in 1971 and is headquartered in Guangdong, Chi...

The RCS Store, Ltd.

The RCS Store, Ltd. was founded in 1987 and is headquartered in Kyiv, Ukraine. It is an information technology...

Evonik Industries AG

Evonik Industries AG was founded in 2007 and is headquartered in Germany. It specialises in manufacturing high...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other players included in the HTPB market report are Total Energies SE (Cray Valley), CRS Chemicals, Island Pyrochemical Industries Corp (IPI), Orion Chem Pvt. Ltd., and Mach I, Inc., among others.