Liquid Propellants Market Forecast and CAGR
Liquid propellants are commonly used in rockets that require higher energy propellants and greater controllability. The energy level of a liquid propellant mixture is much higher than solid propellants mixtures which increases the demand of the product.
The expansion of the rocket propulsion sector is fueled by an increase in the number of space expeditions, high efficiency and technological improvements in the rocket propulsion, due to which the liquid propellants market is expected to grow at a CAGR of over 7% during the forecast period and demand for the product is set to behold the huge gain. During the assessment period, the market is expected to benefit from the rising demand for effective rocket propelling chemicals in numerous countries.
This comprehensive report is intended to provide readers with a complete understanding of dynamics in the market. The report also provides several decision support framework that can help stakeholders of the industry to take data-driven decision on growth, expansion, acquisition and capacity addition.
What is Driving Demand for Liquid Propellants Market?
From the past few years, several countries have increased their research and development efforts in space exploration which is the driving demand for the liquid propellants market. Owing to the increasing unexplored research in various countries such as USA and China have seen a growth, particularly in space research. Getting forward in space research is a factor which determines a country’s growth in the field of technology and gives recognition on a global scale.
Famous space organization around the world such as NASA, SpaceX, ESA, and ISRO etc. are the active users of these propellants for the rocket propulsion. In the near future, newer space mission by these organizations is set to increase the demand for the liquid rocket propellant.
Owing to the afore-mentioned factors, the product is supposed to have its dominance in the coming years.
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What are the Advantages of Liquid Propellant Over Solid Propellants which Influence the Market Growth?
The specific impulse in the liquid-fueled rocket propellant is higher than the solid-fueled propellants which is one of the factor that influence the demand for the product. Furthermore, most of the orbital launch vehicles prefers to have liquid propellants as exert very less pressure inside the propellants tanks in the vehicles having turbo pumps and combustion chamber.
The oxidizers present in liquid rocket propellants is the key advantage of it, which enhances the propulsion when combined with comparable fuels, such as hydrogen peroxide, liquid oxygen, and nitrogen tetroxide. These oxidizers have a superior’s specific impulse to ammonium perchlorate which is used in most of the rockets.
In addition, solid propellants are more expensive than liquid fueled propellants, thus, rockets sent for high orbit and multistage missions uses liquid rocket propellants. Due to such myriad benefits of the liquid propellants over others is driving sales in the market.
Asia Pacific Region Liquid Propellants Market Outlook
During the forecast period, an increase in the number of space missions, particularly in China, Japan, and India, is likely to fuel the demand for liquid rocket propellants. Major government agencies and private corporations are substantially investing in research and development of the rocket propulsion system which in turn increases the demand for the product in Asia Pacific region.
However, India having high COVID-19 infection rates to dampen consumption in the short term as the country is still recovering.
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North America Region Liquid Propellants Market Outlook
The demand for rocket propellants in North America is increasing due to growing need for propellant chemical that will help to reduce the overall cost of space launch operations and the liquid rocket propellants are much cheaper than solid rocket propellants which give a rise to product for the space exploration missions in North America region.
The introduction of space tourism and the maturation of reusable rockets technology is predicted to increase the demand for the rocket propulsion in the future which in turn increases the demand of the product in the forecast period.
As the liquid propellants are cost effective and efficient in performance as well which has a significant features in the rocket propulsion due to which market is expected to grow at a CAGR of 8.0% owing to increase in the demand of the product in North America region.
Who are the Key Players Present in Market?
Manufacturers, suppliers, and distributors are among the key participants recognized across the globe which includes:
- Mil-Spec Industries Corporation
- Island Pyrochemical Industries
- AMPAC Fine Chemicals
- Yongzhou City Lingling Sanxiang Electrochemical Co.Ltd
- CRS Chemicals.
The liquid propellant market is highly competitive, with a lot many key players involved practicing in organic and inorganic strategies. The market players are looking forward for long-term partnership with the end-users in order to maintain continuous business.
An Adaptive Approach to Modern-day Research Needs
The liquid propellants market report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Liquid Propellants Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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Based on product type, the market is segmented into:
- Mono-propellant rockets
- Bi-propellants rockets
- Tri-propellants rockets
Based on property, the market is segmented into:
- Room Storable propellants
- Cryogenic propellants
Based on region, the market is segmented as
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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