Hydroxyl-Terminated Polybutadiene (HTPB) Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCH2952 | Last Updated On: Jun 22 2022 | Available Formats

> Global Hydroxyl-Terminated Polybutadiene (HTPB) Market Expected to reach a high CAGR during the forecast period 2022-2029: DataM Intelligence

Global Hydroxyl-Terminated Polybutadiene (HTPB) Market is segmented By Type (Conventional Hydroxyl Terminated Polybutadienes, Low Molecular Weight Hydroxyl Terminated Polybutadienes), By Application (Adhesives and Sealants, Rocket Fuel, Potting and Encapsulation, Waterproof Coatings & Membranes, Others), By End-User (Electrical & Electronics, Automotive, Aerospace & Defense, Building and Construction, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global Hydroxyl-Terminated Polybutadiene (HTPB) Market is expected to grow at a CAGR of 3% during the forecasting period (2022-2029).

Hydroxyl-terminated polybutadiene (HTPB) is made by synthesizing and grafting the methoxyl polyethylene glycols. Hydroxyl-terminated polybutadiene (HTPB) is the workhorse propellant binder used to manufacture the paints, adhesives, and sealants used to manufacture automotive, aerospace, and missile applications. It is a crucial propellant with its ultimate mechanical and ballistic properties. Its characteristics include low volatiles content, excellent hydrophobicity, low glass transition temperatures, and a high reactive functionality level.

The hydrocarbon nature of HTPB with 98.6% has low viscosity and low specific gravity; hence, it is a promising fuel binder for PU formation. HTPBs can modify chemically through various chemical reactions. For example, Polyols are used for making polyurethanes with chain extenders of the HTTBs. Hydroxyl-terminated polybutadiene (HTPB) is substantially used in end-user industries such as electrical & electronics, automotive, aerospace & defence, building & construction, etc.

 

Market Dynamics

The global hydroxyl-terminated polybutadiene (HTPB) is driven by the rising demand for adhesives and sealants in the building and construction industry with growing urbanization worldwide. The hydroxyl-terminated polybutadiene (HTPB) forms various chemicals and binders used in the building and construction industries. The growing demand for hydroxyl-terminated polybutadiene in the automotive sector to increase the production and sale of vehicles worldwide has propelled the market growth.

Rising demand for HTTBs in the paints and coating industry with the growing building and construction sector has propelled market growth worldwide.

The market is driven by an increase in the demand in the paints and coating industries due to the growing urbanization and the rising building and construction sector around the globe as Hydroxyl-Terminated Polybutadiene (HTPB) is used to bind the chemicals together in the paints and coatings industry. For instance, as per the American Paint Association Organization in 2018, paints and coatings industry revenue in the Asia-Pacific region increased to 23.7 billion litres and 18.5 billion litres, which was valued at around US$ 74.2 billion, respectively. It has a massive demand for the growth of the hydroxyl-terminated polybutadiene (HTTB) market.

Growing demand in the automobile sector with growing production and sale of vehicles worldwide has propelled the market growth.

The growing demand for energy-saving with suitable sealants and adhesives in the building and construction sector with increasing urbanization has propelled the market growth. Also, increasing automobile production and sales due to the growing demand for vehicles worldwide has driven market growth. For instance, according to the car group organization report in 2018, the global light vehicle production increased to around 94.5 million units and is growing rapidly globally. It created a massive demand for HTTBs market growth.

The growing demand for hydroxyl-terminated polybutadiene (HTPB) in the aerospace and defence industry with the advent of the advanced technology and materials launched by the leading players is expected to strengthen the market growth.

The increasing launching of advanced material based on HTTBs for aerospace and defence equipment and several other industrial requirements by the leading manufacturers have created a huge opportunity to grow the HTTBs market growth. For instance, on 23rd May 2020, The Advanced Centre of Research in High Energy Materials (ACRHEM), in collaboration with a DRDO centre of excellence at the University of Hyderabad (UoH) has been developed “Hydroxyl Terminated Polybutadiene (HTPB) based Polyurethanes and granted a patent for it helps to bind ingredients which acts as an oxidizing agent into a solid but elastic mass. It is an inert prepolymer with nearly 10-15% mass of the propellant compositions. It retains inherent properties, which is crucial to obtaining an energetic binder used in rocket technology.

COVID-19 Impact Analysis

The global hydroxyl-terminated polybutadiene (HTPB)market has shown declination due to theCovid-19  pandemic, as several leading manufacturing industries were closed. Several countries have restricted production activities during the covid-19 pandemic. Further, low demand in 2020 also declined the textile & apparel market. For instance, the Indian construction industry's investment has been reduced by around 12 to 16% to nearly Rs during the Covid-19 pandemic.

However, the demand for the hydroxyl-terminated polybutadiene (HTPB) is slightly increased in August 2020, as several leading manufacturers started production. The demand for the HTTBs is increased in August 2020 due to increasing manufacturing of the automotive, aerospace, and defence industry with growing investment for enhancing the production of the vehicles due to increasing demand. Further, increasing demand for medical devices during the covid-19 pandemic created a huge opportunity for the hydroxyl-terminated polybutadiene (HTPB) market. For instance. Additional demand for hydroxyl-terminated polybutadiene (HTPB)s will increase as soon as the pandemic is over.

Segmentation Analysis

The global hydroxyl-terminated polybutadiene (HTPB)is segmented based on type, application, end-user, and region.

Rising the demand for the lower molecular weight hydroxyl-terminated polybutadiene (HTPB) segment in the aerospace and defence industry around the globe

Based on the type, the global hydroxyl-terminated polybutadiene (HTPB) is segmented into conventional hydroxyl-terminated polybutadienes and low molecular weight hydroxyl-terminated polybutadienes. The low molecular weight hydroxyl-terminated polybutadiene (HTPB)segment had the highest market share in 2019, owing to increasing demand in the aerospace and defence industry with growing government and private spending worldwide. For instance, as per the Aerospace industries Association report in 2019, the United States aerospace & defence industries sale in 2019 increased to US$ 929 billion.

Growing demand for adhesives and sealants in the growing building and construction industry has propelled the market growth.

Based on the application, the global hydroxyl-terminated polybutadiene (HTPB) market is divided into rocket fuel, adhesives and sealants, potting and encapsulation, waterproof coatings & membranes, and others. The adhesives and sealants segment had the highest market share in 2020; this is primarily due to the rising building and construction industry globally due to rising urbanization and the growing global population. For instance, according to our world data organization, in 2017, the global urban population reached 4.1 billion and is projected to reach 6 billion by 2045. It created a massive demand for the growth of this market.

Rising demand in the automotive sector with the surge in passenger vehicles' global sales has propelled the market growth.

In terms of end-user, the global hydroxyl-terminated polybutadiene (htpb) is bifurcated into electrical & electronics, automotive, aerospace & defence, building, and construction others. Among these, automotive has the highest market share in 2019, owing to rising demand in automotive manufacturing facilities due to increasing sales and production of vehicles worldwide. According to the International Organization of Motor Vehicle Manufacturers, the global passenger vehicle sale reached around 67.14 million units, which propel the hydroxyl-terminated polybutadiene (HTPB) market requirements manufacturing the automotive components and wirings assembly lines.

Geographical Analysis

Asia-Pacific region holds the largest market share global hydroxyl-terminated polybutadiene (HTPB), Market.

Asia-Pacific region is dominating the global Hydroxyl-Terminated Polybutadiene (HTPB) market accounted for the largest market share in 2019 due to several manufacturing companies' presence, growing industrialization, and rising investment by the leading players in this region, followed by North America and Europe. Increasing automotive production with increasing demand by the leading manufacturers has propelled the market growth. For instance, as per the International Organization of Motor Vehicle Manufacturers, the Asia-pacific region has produced more than 51.8 million vehicles in 2019, growing due to rising urban population demand in this region.

Similarly, North America is also growing faster due to advanced technology with growing building & infrastructure development projects. For instance, Trump's Government has provided the plan with an investment of US$2 trillion for the United States infrastructure development for the overall growth of the region's industry in 2019. The market demand is also driven by the increasing building and construction industry with the surge in the population demand in this region. For instance, according to the United States Census Bureau Organization, construction spending in the United States reached more than US$ 1.3 trillion. It created a massive demand for the hydroxyl-terminated polybutadiene (HTPB) s require in this region, followed by Europe.

 

Competitive Landscape

The hydroxyl-terminated polybutadiene (HTPB) Market is fragmented with the presence of global and local companies.  Some of the key players contributing to the market's growth include Cray Valley, CRS Chemicals, Evonik Industries AG, Idemitsu Kosan Co., Ltd, Orion Chem Pvt Ltd, and Polymer Source. Inc, Zibo Qilong Chemical Co., Ltd, Island Pyrochemical Industries (IPI), and others.

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the Hydroxyl-Terminated Polybutadiene (HTPB) Market globally.  For instance, on 2nd July 2020, X-Mol launched self-adjusting polytetrafluoroethylene (PTFE)/TiO2 organic-inorganic double-layer coatings using thermal field and gradient pressure with the addition of titanium alloy. It created a massive demand for the hydroxyl-terminated polybutadiene (HTPB) market.

Cray Valley:

Overview: Cray Valley is a Total SE subsidiary company founded in 2009 and headquartered in Pennsylvania, United States. The company manufactures resins for its customers with an extensive range of products with high-tech and custom-manufactured grades. The company is the leading manufacturers of gel coats, unsaturated polyesters, photo cure resins, and hydrocarbon resins.

Product Portfolio: The company has a product portfolio of electrical coating insulation includes Hydroxyl Terminated Polybutadiene Resins, Poly bd, and Krasol resin.

  • Poly bd and Krasol resin: They are low molecular weight, hydroxyl-terminated homopolymers of butadiene. This hydroxyl-terminated polybutadiene (HTPB) resins have low glass transition temperatures, low volatiles content, excellent hydrophobicity, and a high reactive functionality level.

Key Development:

  • In June 2017, Cray Valley started producing the Krasol F 3000 diol product commercially.  The products such as Ricon and Krasol product lines are the extension of liquid polybutadiene resins.
  • In March 2017, Cray Valley showcased its product range, including Poly bd and Krasol liquid polybutadiene resins, at the Adhesive and Sealant Council (ASC) Conference Expo. The company presented its product portfolio with the latest resin technology utilized.

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