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The hydroxyl terminated polybutadiene (HTPB) market size is estimated to grow at a CAGR of 5.01% between 2022 and 2027. The hydroxyl terminated polybutadiene market size is forecast to increase by USD 57.48 million. The growth of the market depends on several factors, including rising demand for adhesives and sealants, rising number of mergers and acquisitions, and wide application in various industries.
This hydroxyl terminated polybutadiene market report extensively covers market segmentation by application (rocket fuel, paints, and others), end-user (aerospace and defense, electrical and electronics, construction, automotive, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising demand for adhesives and sealants is notably driving the market growth, although factors such as increased demand for eco-friendly products may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising demand for adhesives and sealants is notably driving the market growth. The market is anticipated to grow as a result of the rising demand for adhesives and sealants in a variety of industries, including construction, packaging, transportation, and others. Applications for membranes, adhesives, coatings, packing, and cushioning have all made extensive use of HTPB-based PU. The demand for adhesives and sealants is anticipated to be driven by the expanding infrastructure and construction activities in nations like India, China, Japan, Thailand, Indonesia, the Philippines, and others. This will spur the expansion of the global HTPB market.
Adhesives made from HTPB serve a variety of purposes in the building and construction sector. It is frequently used to repair roofing systems, roof tiles, and resilient flooring. It offers the building's components better stability, toughness, and strength. It is commonly used as the bonding material for floor fixing between the substrate and the existing floor. Hence, such factors will boost the global HTPB market during the forecast period.
Increased spending on space exploration is an emerging trend in market growth. Strong demand for solid rocket propellant is a key driver of the HTPB market growth. Many national governments have launched space exploration missions to find out whether there is liquid water, precious metals, or other substances on other planets. Governments of major nations, including the US, China, Russia, France, and Japan, have recently supported space programs totaling billions of dollars.
Global government spending on space initiatives was estimated to be USD 103 billion in 2022. In 2021, the US accounted for more than half of the USD 54.6 billion spent globally on spaceflight activities. By 2030, total spending is anticipated to be around USD 110 billion annually. Therefore, due to increased spending on space explorations, the global HTPB market is expected to witness high growth during the forecast period.
Increased demand for eco-friendly products is a major challenge impeding the market growth. The production of non-biodegradable raw materials is increasing as a result of the rising demand for HTPB from numerous end-user industries. Butadiene, a substance that is not biodegradable and harms the environment, serves as the main component of HTPB. These raw materials disrupt the ecological balance and harm the soil.
Environmentally friendly products are, therefore, becoming increasingly popular, especially in developed nations like the US, Canada, and Germany. This encourages businesses to use biodegradable materials and less carbon-intensive materials, which may lower demand for HTPB. Therefore, the strong demand for environmentally friendly raw materials during the forecast period might restrain the development of the global HTPB market.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Hydroxyl Terminated Polybutadiene Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Island Pyrochemical Industries Corp. - The company primarily focuses on manufacturing and supplying specialty chemicals and related materials. The key offerings of the company include hydroxyl terminated polybutadiene solutions such as Poly bd.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the rocket fuel segment will be significant during the forecast period. According to its functionality, hydroxyl terminated polybutadiene is a telechelic polymer with two or more terminal hydroxyl groups that is primarily used to make adhesives, coatings, and as a binder in composite rocket propellants.
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The rocket fuel segment was valued at USD 120.96 million in 2017 and continued to grow until 2021. The growth of the rocket HTPB market can be attributed to the rising demand for rocket propulsion as a result of increased space exploration, improved rocket propulsion efficiency and technology, and rising commercial space applications. The rocket HTPB market is also expanding as a result of rising investments in space activities. Thus, such factors are anticipated to drive the growth of the global market.
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Europe is estimated to contribute 33% to the growth of the global market during the forecast period. North America is another region that offers significant growth opportunities to vendors. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America dominated the global market with the highest market share in 2022. The primary markets for space-based programs in the region are the US, Canada, and Mexico. These nations' advanced infrastructures and participation in numerous space programs provided market opportunities for HTPB products. Furthermore, numerous aircraft OEMs are present in North America's expanding aviation market. The government's growing R&D expenditures and purchases of cutting-edge fighters, helicopters, transport aircraft, and training aircraft from regional suppliers benefit the defense industry. Making adhesives and sealants also uses HTPB. As a result, it is anticipated that the growing remodeling and restructuring of older homes in this region will increase demand for adhesives and sealants, which will, in turn, spur the growth of the regional market during the forecast period.
In 2020, COVID-19 had a negative impact on the HTPB market in North America. However, lockdown restrictions were lifted in North America in 2021 because of wide-scale vaccination drives across the region, which, in turn, led to the restoration resumption of various commercial and developmental activities in North America. It encouraged the end-user industries to resume operations in end-user industries and manufacturing facilities, thus increasing the demand for HTPB in North America. As a result, the market is expected to grow substantially in North America during the forecast period.
The hydroxyl terminated polybutadiene market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global hydroxyl terminated polybutadiene (HTPB) market as a part of the global specialty chemicals market. The global specialty chemicals market covers products and companies engaged in high-value-added chemicals used in the manufacturing of a wide variety of products, including, but not limited to, fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Hydroxyl Terminated Polybutadiene Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.01% |
Market growth 2023-2027 |
USD 57.48 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.6 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 33% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anant Pharmaceuticals Pvt. Ltd., Antares Chem Pvt. Ltd., C.R. Supply Co., Cole Parmer Instrument Co. LLC, Entegris Inc., Evonik Industries AG, Headworks International, Island Pyrochemical Industries Corp., Kunshan PG Chem Co. Ltd., Lanxess AG, Mach I Inc., mr natural environmental group, OHAir, Orion Chem Pvt. Ltd., PapChem International LLC, RCS Rocket Motor Components Inc., RXChemicals, TotalEnergies SE, and Idemitsu Kosan Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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