The HTPB market size is estimated to be USD 131.9 million in 2017 and is projected to reach USD 215.7 million by 2022, at a CAGR of 10.3% between 2017 and 2022

LONDON, June 12, 2018 /PRNewswire/ -- The HTPB market is expected to grow at a CAGR of 10.3% during forecast period
The HTPB market size is estimated to be USD 131.9 million in 2017 and is projected to reach USD 215.7 million by 2022, at a CAGR of 10.3% between 2017 and 2022. HTPB is a telechelic (macro-molecule that contains two reactive end groups) polymer having an unsaturated hydrocarbon backbone. HTPB is currently used as rocket fuel and binder in the solid rocket propellants on smaller missiles and tactile systems (70 mt human-rated vehicles), which are the most common type of missiles. HTPB is also used in the construction & civil engineering industry to manufacture adhesives and sealants. The growing electrical & electronics industry and investments in the aerospace & defense industry globally are expected to drive the market of HTPB during the forecast period. However, high price; stringent government regulations for manufacturing, exporting, and importing; and difficulties in handling HTPB are expected to hinder the market growth.

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Adhesives is expected to be the fastest-growing application of the HTPB market
The adhesives segment is projected to witness the highest growth during the forecast period.The growth can be attributed to the wide use of HTPB-based adhesives in the aerospace & defense, automotive, electrical & electronics, and construction & civil engineering industries.

HTPB is used in the preparation of elastomer-based adhesives that can have either thermoplastic or thermosetting properties, depending on whether cross-linking is necessary for the adhesive to perform its function.

Aerospace & Defense industry accounted for the largest share of HTPB market in 2016
The aerospace & defense industry accounted for the major share of the HTPB market in 2016.Increasing demand for HTPB in the preparation of solid rocket motor propellants where it finds application both as a fuel and a binder for better stress-strain properties.

The growth of the aerospace & defense industry and increased investments in new technologies and innovations pertaining to the quality and types of fuel used for rockets will drive the demand for HTPB during the forecast period.

Asia Pacific expected to be the fastest-growing market for HTPB during the forecast period
Asia Pacific is expected to be the fastest-growing market for HTPB during the forecast period.The increasing investments by APAC countries in the aerospace & defense industry is expected to drive the market for HTPB in the region.

The increasing military expenditure has also increased over the years in the region.HTPB is used in solid propellants as fuel and binder.

Hence, increased investments in the aerospace & defense industry will drive the market for HTPB in the region.China is projected to be the fastest-growing market for HTPB in Asia Pacific, followed by Japan and India.

The growth of various industries such as electrical & electronics, increasing aerospace & defense, and automotive is driving the HTPB market in these countries.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments and information gathered through secondary research.

The break-up of primary interviews is given below:
• By Company Type - Tier 1 – 52%, Tier 2 – 26%, and Tier 3 – 22%
• By Designation - C level – 48%, Director Level – 23%, and Others* – 29%
• By Region – Asia Pacific – 42%, Europe – 28%, North America – 21%, South America- 6%, and Middle East & Africa- 3%

Note: The tiers of the companies are defined on the basis of their total revenue, as of 2016: Tier 1 = >USD 500 million, Tier 2 = USD 100 million to USD 500 million and Tier 3 =
*Others include sales managers, marketing managers, and product managers.

Companies profiled in this market research report include TOTAL Cray Valley (France), Evonik Industries (Germany), Idemitsu Kosan (Japan), CRS Chemicals (US), Emerald Performance Materials (US), ISLAND PYROCHEMICAL INDUSTRIES CORP (US), Monomer-Polymer & DAJAC Labs (US), Zibo Qilong Chemical Industry (China), and Aerocon Systems Co. (US). MACH I, (US), Polymer Source (Canada), and RCS Rocket Motor Components (US) are major distributors of HTPB globally.

Research Coverage:
This research report categorizes the HTPB market on the basis of application, end-use industry, and region.The report includes detailed information regarding the major factors influencing the growth of the HTPB market such as drivers, restraints, challenges, and opportunities.

A detailed analysis of key industry players was carried out to provide insights into their business overviews, geographical presence, and products.

Reasons to Buy the Report

The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the HTPB market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.

2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.

3. This report will help stakeholders understand major competitors and gain insights to enhance their position in the business.

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