Propellants Market
Propellants market was valued at around $12.8 billion in 2022, and it is projected to reach approximately $17.3 billion by 2030. (CAGR) of about 4-6%
Propellants are substances or mixtures of substances that undergo combustion to produce thrust or propulsion. They are used in rockets, missiles, ammunition, automotive airbags, fire extinguishers, and other propulsion systems.
The market size and growth of the propellants market are influenced by various factors such as technological advancements, increasing demand from aerospace and defense sectors, automotive safety regulations, and industrial applications. While the exact market size can vary depending on regional dynamics and specific applications, the propellants market is expected to grow steadily in the coming years. Here's an overview.
In 2023, the worldwide Propellants market attained a value of US$ 13,578.9 Million and is anticipated to achieve US$ 20,818.2 Million by 2030, registering a Compound Annual Growth Rate (CAGR) of 5.83% throughout the forecast period.
The propellants market is expected to witness steady growth in the foreseeable future, driven by increasing investments in space exploration, defense modernization, and automotive safety. Technological advancements and innovation in propulsion systems will further fuel market expansion.
Overall, the propellants market offers significant opportunities for growth, driven by diverse end-use applications, technological advancements, and increasing demand from key industries.
| Report Attributes | Details |
| Study Period | 2023 to 2033 |
| Base Year | 2023 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2020-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | 1. Explosia 2. Pakistan Ordnance Factories 3. Australian Munitions 4. Eurenco 5. General Dynamics 6. MAXAM Corp 7. Rheinmetall Defence 8. BAE Systems 9. Forcit 10. Solar Group 11. Serbian defence industrial facilities 12. NITRO-CHEM 13. Poongsan Defense 14. Liming Research Institute of 15. Chemical Industry 16. China North Industries 17. Corporation (NORINCO) 18. Aerojet Rocketdyne Holdings, Inc. 19. Orbital ATK (Now Northrop Grumman Innovation Systems) 20. Chemring Group PLC 21. Nammo AS 22. Pratt & Whitney Rocketdyne 23. General Dynamics Corporation 24. Rheinmetall AG 25. Safran SA 26. Axon Enterprise, Inc. 27. Air Liquide S.A. 28. Others |
| SEGMENTS COVERED | By Type, By Application, and By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Propellants Market Segments Analysis:
By Type
Liquid Propellant
Solid Propellant
By Application
Aerospace
Defense
By Components
Fuels
Oxidizers
Binders and Additives
By Types of Propellants:
Chemical Propellants: These include solid, liquid, and hybrid propellants that undergo chemical reactions to generate thrust. Solid propellants consist of a mixture of fuel and oxidizer in a solid form, while liquid propellants involve liquid fuel and oxidizer components stored separately until ignition.
Gas Propellants: Compressed gases such as nitrogen, carbon dioxide, or air are used to provide propulsion in applications such as airbags, aerosol sprays, and fire extinguishers.
By Applications:
Aerospace and Defense: Propellants play a crucial role in rocket propulsion systems, missiles, satellites, and spacecraft for space exploration, defense, and commercial aerospace applications.
Automotive: In automotive airbag systems, small explosive propellant charges are used to rapidly inflate airbags in the event of a collision, providing occupant protection.
Industrial: Propellants are utilized in industrial applications such as aerosol sprays, firefighting equipment, and power tools for providing pressure or propulsion.
Regional Dynamics:
North America: The region has a significant presence in the aerospace and defense sectors, driving demand for propellants. Companies in the United States and Canada are major contributors to market growth.
Europe: European countries have strong capabilities in aerospace technology and defense, contributing to market growth. The region also focuses on sustainable propulsion solutions.
Asia-Pacific: Rapid industrialization, increasing defense budgets, and space exploration initiatives in countries like China and India fuel market growth in the region.
Middle East & Africa: Growing defense spending and industrial development in the Middle East contribute to market expansion.
Propellants Market players
Key players in the Propellants Market include leading aerospace and defense contractors, chemical manufacturers, automotive safety system suppliers, and industrial propellant manufacturers. These players are involved in research and development, production, and distribution of various types of propellants. Some prominent companies in the market include:
1. Explosia
2. Pakistan Ordnance Factories
3. Australian Munitions
4. Eurenco
5. General Dynamics
6. MAXAM Corp
7. Rheinmetall Defence
8. BAE Systems
9. Forcit
10. Solar Group
11. Serbian defence industrial facilities
12. NITRO-CHEM
13. Poongsan Defense
14. Liming Research Institute of
15. Chemical Industry
16. China North Industries
17. Corporation (NORINCO)
18. Aerojet Rocketdyne Holdings, Inc.
19. Orbital ATK (Now Northrop Grumman Innovation Systems)
20. Chemring Group PLC
21. Nammo AS
22. Pratt & Whitney Rocketdyne
23. General Dynamics Corporation
24. Rheinmetall AG
25. Safran SA
26. Axon Enterprise, Inc.
27. Air Liquide S.A.
28. Others
Growth of Propellants Market:
Growth Drivers:
Increasing Demand from Aerospace and Defence: Rising investments in space exploration, satellite launches, and defence modernization programs drive the demand for propulsion systems and propellants.
Automotive Safety Regulations: Stringent automotive safety regulations mandating the use of airbag systems in vehicles contribute to the demand for propellant materials used in airbag inflators.
Industrial Applications: Propellants are utilized in industrial applications such as aerosol sprays, fire extinguishers, and power tools, contributing to market growth.
Technological Advancements: Advancements in propulsion technologies, including the development of environmentally friendly propellants and additive manufacturing techniques, fuel market growth.
Several Factors May Act as Restraints for The Propellants Market:
Stringent Regulations: Compliance with stringent regulations related to the handling, storage, and transportation of propellants may pose challenges for manufacturers and restrict market growth.
Environmental Concerns: Growing environmental concerns and regulations related to emissions and pollution may lead to a shift towards eco-friendly and sustainable propellant alternatives, impacting the demand for traditional propellants.
Safety Risks: Propellants are highly reactive materials, and mishandling or accidents during production, storage, or transportation can pose significant safety risks, leading to concerns among end-users and regulatory authorities.
Volatility in Raw Material Prices: Fluctuations in the prices of raw materials used in propellant production, such as chemicals and metals, can affect profit margins for manufacturers and impact pricing strategies.
Technological Challenges: Developing advanced propellant formulations with improved performance characteristics while meeting safety and environmental standards can be challenging and may require substantial investments in research and development.
Market Competition: Intense competition among propellant manufacturers, including established players and new entrants, may lead to pricing pressures and margin erosion, especially in commoditized segments of the market.
Geopolitical Instability: Geopolitical tensions and uncertainties in regions with significant propellant production or consumption may disrupt supply chains and lead to market volatility.
Shift in Consumer Preferences: Changing consumer preferences and demand for alternative propulsion technologies, such as electric vehicles or renewable energy sources, may reduce the reliance on traditional propellants in certain applications.
Addressing these restraints requires a combination of technological innovation, regulatory compliance, risk management strategies, and market diversification to ensure sustainable growth and competitiveness in the Propellants Market.
Covid-19 impact on Propellants Market
The COVID-19 pandemic has had both direct and indirect impacts on the Propellants Market:
Disruption in Supply Chains: The pandemic-induced lockdowns and restrictions disrupted global supply chains, leading to delays in the production and transportation of propellants. Manufacturing facilities faced closures or reduced capacity, impacting the availability of raw materials and finished products.
Decline in Demand: Reduced economic activity and disruptions in various industries, including aerospace, defense, automotive, and industrial sectors, resulted in a decline in demand for propellants. Delayed or canceled projects, lower consumer spending, and travel restrictions contributed to reduced demand.
Impact on Aerospace and Defense: The aerospace and defense sectors, major consumers of propellants, experienced significant disruptions due to travel restrictions, grounding of flights, and delays in defense procurement programs. This led to a decrease in orders for propulsion systems and related propellants.
Automotive Industry Slowdown: Automotive manufacturers, particularly those producing vehicles with airbag systems, faced challenges due to supply chain disruptions and lower vehicle sales. This affected the demand for propellants used in airbag inflators and other automotive safety systems.
Shift in Consumer Behavior: Changes in consumer behavior, including reduced travel, remote working arrangements, and altered spending patterns, affected industries reliant on transportation and leisure activities, indirectly impacting the demand for propellants.
Market Recovery and Resilience: Despite the initial disruptions, the Propellants Market is expected to gradually recover as economic activities resume and industries adapt to the new normal. Governments' stimulus packages, infrastructure investments, and revival of aerospace and defense programs are expected to drive market recovery.
Focus on Safety and Efficiency: The pandemic highlighted the importance of safety and efficiency in propulsion systems, leading to increased focus on advanced propulsion technologies and sustainable propellants that offer improved performance and environmental benefits.
Overall, while the COVID-19 pandemic caused short-term challenges for the Propellants Market, the long-term outlook remains positive. Recovery efforts, technological advancements, and growing demand from aerospace, defense, and industrial sectors are expected to drive market growth in the post-pandemic era.
Table of Content
1 Introduction to Research & Analysis Reports
1.1 Propellants Market Definition
1.2 Market Segments
1.2.1 Market by Type
1.2.2 Market by Application
1.3 Global Propellants Market Overview
1.4 Features & Benefits of This Report
1.5 Methodology & Sources of Information
1.5.1 Research Methodology
1.5.2 Research Process
1.5.3 Base Year
1.5.4 Report Assumptions & Caveats
2 Global Propellants Overall Market Size
2.1 Global Propellants Market Size: 2023 VS 2032
2.2 Global Propellants Revenue, Prospects & Forecasts: 2018-2032
2.3 Global Propellants Sales: 2018-2032
3 Company Landscape
3.1 Top Propellants Players in Global Market
3.2 Top Global Propellants Companies Ranked by Revenue
3.3 Global Propellants Revenue by Companies
3.4 Global Propellants Sales by Companies
3.5 Global Propellants Price by Manufacturer (2018-2024)
3.6 Top 3 and Top 5 Propellants Companies in Global Market, by Revenue in 2023
3.7 Global Manufacturers Propellants Product Type
3.8 Tier 1, Tier 2 and Tier 3 Propellants Players in Global Market
3.8.1 List of Global Tier 1 Propellants Companies
3.8.2 List of Global Tier 2 and Tier 3 Propellants Companies
4 Sights by Product
4.1 Overview
4.1.1 By Type - Global Propellants Market Size Markets, 2023 & 2032
4.1.2 Liquid Propellant
4.1.3 Solid Propellant
4.2 By Type - Global Propellants Revenue & Forecasts
4.2.1 By Type - Global Propellants Revenue, 2018-2024
4.2.2 By Type - Global Propellants Revenue, 2025-2032
4.2.3 By Type - Global Propellants Revenue Market Share, 2018-2032
4.3 By Type - Global Propellants Sales & Forecasts
4.3.1 By Type - Global Propellants Sales, 2018-2024
4.3.2 By Type - Global Propellants Sales, 2025-2032
4.3.3 By Type - Global Propellants Sales Market Share, 2018-2032
4.4 By Type - Global Propellants Price (Manufacturers Selling Prices), 2018-2032
5 Sights by Application
5.1 Overview
5.1.1 By Application - Global Propellants Market Size, 2023 & 2032
5.1.2 Aerospace
5.1.3 Defense
5.2 By Application - Global Propellants Revenue & Forecasts
5.2.1 By Application - Global Propellants Revenue, 2018-2024
5.2.2 By Application - Global Propellants Revenue, 2025-2032
5.2.3 By Application - Global Propellants Revenue Market Share, 2018-2032
5.3 By Application - Global Propellants Sales & Forecasts
5.3.1 By Application - Global Propellants Sales, 2018-2024
5.3.2 By Application - Global Propellants Sales, 2024-2032
5.3.3 By Application - Global Propellants Sales Market Share, 2018-2032
5.4 By Application - Global Propellants Price (Manufacturers Selling Prices), 2018-2032
6 Sights by Region
6.1 By Region - Global Propellants Market Size, 2023 & 2032
6.2 By Region - Global Propellants Revenue & Forecasts
6.2.1 By Region - Global Propellants Revenue, 2018-2024
6.2.2 By Region - Global Propellants Revenue, 2025-2032
6.2.3 By Region - Global Propellants Revenue Market Share, 2018-2032
6.3 By Region - Global Propellants Sales & Forecasts
6.3.1 By Region - Global Propellants Sales, 2018-2024
6.3.2 By Region - Global Propellants Sales, 2025-2032
6.3.3 By Region - Global Propellants Sales Market Share, 2018-2032
6.4 North America
6.4.1 By Country - North America Propellants Revenue, 2018-2032
6.4.2 By Country - North America Propellants Sales, 2018-2032
6.4.3 US Propellants Market Size, 2018-2032
6.4.4 Canada Propellants Market Size, 2018-2032
6.4.5 Mexico Propellants Market Size, 2018-2032
6.5 Europe
6.5.1 By Country - Europe Propellants Revenue, 2018-2032
6.5.2 By Country - Europe Propellants Sales, 2018-2032
6.5.3 Germany Propellants Market Size, 2018-2032
6.5.4 France Propellants Market Size, 2018-2032
6.5.5 U.K. Propellants Market Size, 2018-2032
6.5.6 Italy Propellants Market Size, 2018-2032
6.5.7 Russia Propellants Market Size, 2018-2032
6.5.8 Nordic Countries Propellants Market Size, 2018-2032
6.5.9 Benelux Propellants Market Size, 2018-2032
6.6 Asia
6.6.1 By Region - Asia Propellants Revenue, 2018-2032
6.6.2 By Region - Asia Propellants Sales, 2018-2032
6.6.3 China Propellants Market Size, 2018-2032
6.6.4 Japan Propellants Market Size, 2018-2032
6.6.5 South Korea Propellants Market Size, 2018-2032
6.6.6 Southeast Asia Propellants Market Size, 2018-2032
6.6.7 India Propellants Market Size, 2018-2032
6.7 South America
6.7.1 By Country - South America Propellants Revenue, 2018-2032
6.7.2 By Country - South America Propellants Sales, 2018-2032
6.7.3 Brazil Propellants Market Size, 2018-2032
6.7.4 Argentina Propellants Market Size, 2018-2032
6.8 Middle East & Africa
6.8.1 By Country - Middle East & Africa Propellants Revenue, 2018-2032
6.8.2 By Country - Middle East & Africa Propellants Sales, 2018-2032
6.8.3 Turkey Propellants Market Size, 2018-2032
6.8.4 Israel Propellants Market Size, 2018-2032
6.8.5 Saudi Arabia Propellants Market Size, 2018-2032
6.8.6 UAE Propellants Market Size, 2018-2032
7 Manufacturers & Brands Profiles
7.1 Explosia
7.1.1 Explosia Company Summary
7.1.2 Explosia Business Overview
7.1.3 Explosia Propellants Major Product Offerings
7.1.4 Explosia Propellants Sales and Revenue in Global (2018-2024)
7.1.5 Explosia Key News & Latest Developments
7.2 Pakistan Ordnance Factories
7.2.1 Pakistan Ordnance Factories Company Summary
7.2.2 Pakistan Ordnance Factories Business Overview
7.2.3 Pakistan Ordnance Factories Propellants Major Product Offerings
7.2.4 Pakistan Ordnance Factories Propellants Sales and Revenue in Global (2018-2024)
7.2.5 Pakistan Ordnance Factories Key News & Latest Developments
7.3 Australian Munitions
7.3.1 Australian Munitions Company Summary
7.3.2 Australian Munitions Business Overview
7.3.3 Australian Munitions Propellants Major Product Offerings
7.3.4 Australian Munitions Propellants Sales and Revenue in Global (2018-2024)
7.3.5 Australian Munitions Key News & Latest Developments
7.4 Eurenco
7.4.1 Eurenco Company Summary
7.4.2 Eurenco Business Overview
7.4.3 Eurenco Propellants Major Product Offerings
7.4.4 Eurenco Propellants Sales and Revenue in Global (2018-2024)
7.4.5 Eurenco Key News & Latest Developments
7.5 General Dynamics
7.5.1 General Dynamics Company Summary
7.5.2 General Dynamics Business Overview
7.5.3 General Dynamics Propellants Major Product Offerings
7.5.4 General Dynamics Propellants Sales and Revenue in Global (2018-2024)
7.5.5 General Dynamics Key News & Latest Developments
7.6 MAXAM Corp
7.6.1 MAXAM Corp Company Summary
7.6.2 MAXAM Corp Business Overview
7.6.3 MAXAM Corp Propellants Major Product Offerings
7.6.4 MAXAM Corp Propellants Sales and Revenue in Global (2018-2024)
7.6.5 MAXAM Corp Key News & Latest Developments
7.7 Rheinmetall Defence
7.7.1 Rheinmetall Defence Company Summary
7.7.2 Rheinmetall Defence Business Overview
7.7.3 Rheinmetall Defence Propellants Major Product Offerings
7.7.4 Rheinmetall Defence Propellants Sales and Revenue in Global (2018-2024)
7.7.5 Rheinmetall Defence Key News & Latest Developments
7.8 BAE Systems
7.8.1 BAE Systems Company Summary
7.8.2 BAE Systems Business Overview
7.8.3 BAE Systems Propellants Major Product Offerings
7.8.4 BAE Systems Propellants Sales and Revenue in Global (2018-2024)
7.8.5 BAE Systems Key News & Latest Developments
7.9 Forcit
7.9.1 Forcit Company Summary
7.9.2 Forcit Business Overview
7.9.3 Forcit Propellants Major Product Offerings
7.9.4 Forcit Propellants Sales and Revenue in Global (2018-2024)
7.9.5 Forcit Key News & Latest Developments
7.10 Solar Group
7.10.1 Solar Group Company Summary
7.10.2 Solar Group Business Overview
7.10.3 Solar Group Propellants Major Product Offerings
7.10.4 Solar Group Propellants Sales and Revenue in Global (2018-2024)
7.10.5 Solar Group Key News & Latest Developments
7.11 Serbian defence industrial facilities
7.11.1 Serbian defence industrial facilities Company Summary
7.11.2 Serbian defence industrial facilities Propellants Business Overview
7.11.3 Serbian defence industrial facilities Propellants Major Product Offerings
7.11.4 Serbian defence industrial facilities Propellants Sales and Revenue in Global (2018-2024)
7.11.5 Serbian defence industrial facilities Key News & Latest Developments
7.12 NITRO-CHEM
7.12.1 NITRO-CHEM Company Summary
7.12.2 NITRO-CHEM Propellants Business Overview
7.12.3 NITRO-CHEM Propellants Major Product Offerings
7.12.4 NITRO-CHEM Propellants Sales and Revenue in Global (2018-2024)
7.12.5 NITRO-CHEM Key News & Latest Developments
7.13 Poongsan Defense
7.13.1 Poongsan Defense Company Summary
7.13.2 Poongsan Defense Propellants Business Overview
7.13.3 Poongsan Defense Propellants Major Product Offerings
7.13.4 Poongsan Defense Propellants Sales and Revenue in Global (2018-2024)
7.13.5 Poongsan Defense Key News & Latest Developments
7.14 Liming Research Institute of
7.14.1 Liming Research Institute of Company Summary
7.14.2 Liming Research Institute of Business Overview
7.14.3 Liming Research Institute of Propellants Major Product Offerings
7.14.4 Liming Research Institute of Propellants Sales and Revenue in Global (2018-2024)
7.14.5 Liming Research Institute of Key News & Latest Developments
7.15 Chemical Industry
7.15.1 Chemical Industry Company Summary
7.15.2 Chemical Industry Business Overview
7.15.3 Chemical Industry Propellants Major Product Offerings
7.15.4 Chemical Industry Propellants Sales and Revenue in Global (2018-2024)
7.15.5 Chemical Industry Key News & Latest Developments
7.16 China North Industries
7.16.1 China North Industries Company Summary
7.16.2 China North Industries Business Overview
7.16.3 China North Industries Propellants Major Product Offerings
7.16.4 China North Industries Propellants Sales and Revenue in Global (2018-2024)
7.16.5 China North Industries Key News & Latest Developments
7.17 Corporation (NORINCO)
7.17.1 Corporation (NORINCO) Company Summary
7.17.2 Corporation (NORINCO) Business Overview
7.17.3 Corporation (NORINCO) Propellants Major Product Offerings
7.17.4 Corporation (NORINCO) Propellants Sales and Revenue in Global (2018-2024)
7.17.5 Corporation (NORINCO) Key News & Latest Developments
8 Global Propellants Production Capacity, Analysis
8.1 Global Propellants Production Capacity, 2018-2032
8.2 Propellants Production Capacity of Key Manufacturers in Global Market
8.3 Global Propellants Production by Region
9 Key Market Trends, Opportunity, Drivers and Restraints
9.1 Market Opportunities & Trends
9.2 Market Drivers
9.3 Market Restraints
10 Propellants Supply Chain Analysis
10.1 Propellants Industry Value Chain
10.2 Propellants Upstream Market
10.3 Propellants Downstream and Clients
10.4 Marketing Channels Analysis
10.4.1 Marketing Channels
10.4.2 Propellants Distributors and Sales Agents in Global
11 Conclusion
12 Appendix
12.1 Note
12.2 Examples of Clients
12.3 Disclaimer
Propellants Market Segments Analysis:
By Type
Liquid Propellant
Solid Propellant
By Application
Aerospace
Defense
By Components
Fuels
Oxidizers
Binders and Additives
Propellants Market players
1. Explosia
2. Pakistan Ordnance Factories
3. Australian Munitions
4. Eurenco
5. General Dynamics
6. MAXAM Corp
7. Rheinmetall Defence
8 BAE Systems
9 Forcit
1 Solar Group
1 Serbian defence industrial facilities
1 NITRO-CHEM
1 Poongsan Defense
1 Liming Research Institute of
1 Chemical Industry
1 China North Industries
1 Corporation (NORINCO)
1 Aerojet Rocketdyne Holdings, Inc.
1 Orbital ATK (Now Northrop Grumman Innovation Systems)
Chemring Group PLC
2 Nammo AS
2 Pratt & Whitney Rocketdyne
2 General Dynamics Corporation
2 Rheinmetall AG
2 Safran SA
2 Axon Enterprise, Inc.
2 Air Liquide S.A.
Others
