Farmington, May 08, 2023 (GLOBE NEWSWIRE) -- The Global Hydroxyl-Terminated Polybutadiene (HTPB) Market is set to witness a CAGR of 9.5% to reach a market valuation of US$ 498.7 million by 2030, up from US$ 203 million in 2022. Hydroxyl-terminated polybutadiene (HTPB) is an oligomer of the chemical compound butadiene that contains hydroxyl functional groups at both ends. When hydroxyl-terminated polybutadiene and isocyanates are combined, polyurethane polymers are produced. It is a transparent liquid with the same consistency as maize syrup and the same color as wax paper. The primary application of HTPB compounds is as solid rocket propellant. These polybutadienes are predominantly used in the aerospace and defense industries due to their high water repellency, low glass transition temperatures, and low volatile content.
The largest growth drivers for the hydroxyl-terminated polybutadiene market are increasing investments in space technology and the global expansion of the aerospace and defense industries. Countries like the United States, China, and India are likely to propel the market's growth by investing more in space technology. Numerous coatings, packings, cushions, membranes, and adhesives utilize growth-promoting properties. It has become a potential binder in composite propellant applications for oxidants, metal fuels, and other additives. These factors should aid the expansion of the international HTPB market.
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Segmentation Overview:
By type:
- Free radical polymerization
The new technique available on the market is known as free radical polymerization (FRP). Formerly employed in the production of polyurethane foam and other thermoplastics, it is now predominantly employed in the HTPB Sales Market. This market is driven by the high demand from end-use industries such as automotive, construction, electrical and electronics, and packaging, among others.
- Anionic polymerization
Anionic polymerization is a chemical procedure used to create polymers containing anions. Adding sulfuric acid to water is the most common method for producing anionic polymers. In a different procedure, peroxides are used as initiators and methanol as a solvent. This method is called the anionic ring-opening polymerization (AROP) process.
Regional Analysis:
With a market share of over 38%, North America dominated the Htpb industry, followed by APAC and Europe. Aerospace and defense, as well as construction and civil engineering, have increased their use of HTPB in the region due to its increasing prevalence. The United States will dominate the North American market by 2022. CRS Chemical (United States), Emerald Performance Materials (United States), and Monomer-Polymer & DAJAC Labs (United States) are the leading HTPB manufacturers in North America.
The Asia-Pacific region is anticipated to lead the market for hydroxyl-terminated polybutadiene over the forecast period, on account of rising demand from India and China.
In the electrical and electronic industries, hydroxyl-terminated polybutadiene serves as encapsulants and potting compounds. In the automotive industry, hydroxyl-terminated polybutadiene sealants are used to seal headlamps, speakers, bumpers, and dampening material. In 2019, China and India will produce approximately 30.2 million automobiles, a decrease of 7.5% and 12.0%, respectively, from their production levels in 2018. However, increasing ecological initiatives and the success of electric and hybrid vehicles are expected to fuel market expansion.
In the formulation of solid rocket propellants, hydroxyl-terminated polybutadiene is used to bond the fuel and oxidizing agent together. Increasing space explorations by countries such as China and India are expected to drive the market over the forecast period.
In addition, the expanding construction industries in India and China are expected to drive market growth. According to the National Development and Reform Commission, the Chinese government approved 26 infrastructure projects in 2019 at an estimated cost of USD 142 billion, with completion anticipated by 2023. Moreover, the Indian government has allocated USD 63 billion for infrastructure in 2019-2020 and plans to spend USD 1,400 billion over the next five years.
In addition to government support, the aforementioned factors will contribute to the increase in demand for hydroxyl-terminated polybutadiene in the Asia-Pacific region over the forecast period.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 9.5% from 2023 to 2030. |
| Revenue Forecast by 2030 | $ 498.7 million |
| By Type |
|
| By Use |
|
| By Companies |
|
| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Drivers and opportunities:
- More and more people want innovative aircraft parts.
- Hydroxyl-terminated polybutadiene (HTPB) is becoming more popular in the auto business.
- The use of hydroxyl-terminated polybutadiene (HTPB) in solid rocket fuel
- Have a positive view of consumer electronics
Key Segments Covered:
Top Market Players:
- Evonik
- Total Cray Valley
- Idemitsu Kosan
- CRS Chemicals
- Emerald Performance Materials
- Island Pyrochemical Industries
- Zibo Qilong Chemical Industry
- Aerocon Systems
- Monomer-Polymer
- Dajac Labs
- RCS Rocket Motor Components
By Use:
- Construction and civil engineering
- Aerospace and defense
- Automotive
- Electrical and electronics
- Others
By Type:
- Free radical polymerization
- Anionic polymerization
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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