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Solid Rocket Propellant Market
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Solid Rocket Propellant Market

Author: Swarup Sahu - Senior Consultant, Report ID - DS2303022, Published - August 2025

Segmented in Propellant Type (Composite, Double Base, Single Base), Applications (Space Missions, Military Defense, Fireworks Manufacturing, Aircraft Propulsion, Missile Launching, Others), Manufacturing Process, Performance Characteristics and Regions - Global Industry Analysis, Size, Share, Trends, and Forecast 2024 – 2034

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Global Solid Rocket Propellant Market Outlook

The market for Solid Rocket Propellant was estimated at $3.2 billion in 2024; it is anticipated to increase to $5.0 billion by 2030, with projections indicating growth to around $7.4 billion by 2035. This expansion represents a compound annual growth rate (CAGR) of 8.1% over the forecast period. The Solid Rocket Propellant market experiences strong expansion because space exploration missions and defense applications and satellite launches drive increasing global demand. The market experiences growth because of rising research and development investments and rocket technology advancements. Solid rocket propellants remain essential to aerospace and defense operations because they deliver high thrust while being reliable and safe which makes them vital for present market needs.


The rocket fuel known as Solid Rocket Propellant provides simplicity alongside safety features and cost-effectiveness. The propellant serves multiple purposes in space vehicles and ballistic missile systems and emergency escape systems. The propellants essential characteristics of high energy content and stability and storage simplicity make it suitable for these applications.


Market Size Forecast & Key Insights

2019
$3.2B2024
2029
$6.9B2034

Absolute Growth Opportunity = $3.7B

The Solid Rocket Propellant market is projected to grow from $3.2 billion in 2024 to $6.9 billion in 2034. This represents a CAGR of 8.1%, reflecting rising demand across Space Exploration, Aerospace Research and Military Defense.

The Solid Rocket Propellant market is set to add $3.7 billion between 2024 and 2034, with manufacturer targeting Military Defense & Fireworks Manufacturing Applications projected to gain a larger market share.

With Increasing space exploration activities, and Advancements in defense technology, Solid Rocket Propellant market to expand 118% between 2024 and 2034.

Opportunities in the Solid Rocket Propellant Market

Untapped Potential in Emerging Markets

The interest in space exploration and missile defense systems continues to grow among emerging markets which include India, China and Brazil. The rising technological capabilities of these countries create new opportunities for solid rocket propellant manufacturers. The space and defense sector expansion of these countries will drive up the demand for solid rocket propellants.

Advancements in Aerospace Technology and Strategic Collaborations for Technological Innovations

The aerospaceindustry'scontinuous advancements present a significant market for solid rocket propellant. The rising need for efficient reliable high-thrust propulsion systems for space exploration and satellite launches will drive market expansion in this sector. The creation of advanced solid rocket propellants with enhanced performance capabilities and safety features would establish market leadership in this growing industry.

The strategic collaboration between solid rocket propellant manufacturers and research institutions would result in the development of new propellant technologies. The development of propellants with improved performance characteristics through these partnerships would enable new applications for solid rocket propellants. The collaboration between these entities would enable resource sharing and knowledge exchange which would drive innovation and market expansion.

Growth Opportunities in North America and Asia-Pacific

Asia Pacific Outlook

The Asia-Pacific region with China and India at its forefront has emerged as a new center for the Solid Rocket Propellant market. The region experiences growth because of rising investments in space research together with satellite launch programs. The development of intercontinental ballistic missiles and defense sector modernization drive up the demand for solid rocket propellants. The market growth faces obstacles because of technological limitations and quality control issues which are essential for market development. The region presents attractive business prospects because it has a large population and its economic strength continues to rise.

North America Outlook

The Solid Rocket Propellant market finds its main influence in North America through the United States. The region maintains its leadership position because its aerospace and defense industries heavily depend on solid rocket propellants. The market demand receives additional support from major industry companies including SpaceX and NASA. The market experiences growth because of technological progress and rising space exploration funding in this region. The market faces intense competition from Asian-Pacific and European emerging players which requires ongoing research and innovation in solid rocket propellants.

North America Outlook

The Solid Rocket Propellant market finds its main influence in North America through the United States. The region maintains its leadership position because its aerospace and defense industries heavily depend on solid rocket propellants. The market demand receives additional support from major industry companies including SpaceX and NASA. The market experiences growth because of technological progress and rising space exploration funding in this region. The market faces intense competition from Asian-Pacific and European emerging players which requires ongoing research and innovation in solid rocket propellants.

Asia-Pacific Outlook

The Asia-Pacific region with China and India at its forefront has emerged as a new center for the Solid Rocket Propellant market. The region experiences growth because of rising investments in space research together with satellite launch programs. The development of intercontinental ballistic missiles and defense sector modernization drive up the demand for solid rocket propellants. The market growth faces obstacles because of technological limitations and quality control issues which are essential for market development. The region presents attractive business prospects because it has a large population and its economic strength continues to rise.

Growth Opportunities in North America and Asia-Pacific

Established and Emerging Market's Growth Trend 2025–2034

1

Major Markets : U.S., Russia, China, India, France are expected to grow at 5.9% to 8.5% CAGR

2

Emerging Markets : Brazil, South Africa, UAE are expected to grow at 7.8% to 10.1% CAGR

Market Analysis Chart

The Solid Rocket Propellant market is influenced by a variety of drivers and restraints, each playing a critical role in shaping theindustry'strajectory. One of the primary drivers is the increasing demand for space exploration and satellite launches. As nations and private entities continue to explore the cosmos, the need for reliable and efficient propulsion systems, such as Solid Rocket Propellants, has surged. This trend is expected to continue, fostering market growth. On the other hand, the industry faces several challenges. The production of Solid Rocket Propellants involves hazardous materials, which necessitates stringent safety measures and regulatory compliance. The high costs associated with these safety protocols can act as a restraint on market expansion.

Recent Developments and Technological Advancement

December 2024

Northrop Grumman Corporation announced the successful testing of its advanced solid rocket propellant, promising improved performance and safety

October 2024

Aerojet Rocketdyne secured a significant contract for the supply of its solid rocket propellant for use in military applications, marking a pivotal development in the market

August 2024

Chemring Group PLC unveiled its new environmentally-friendly solid rocket propellant, demonstrating a strategic shift towards sustainable solutions in the industry.

Solid Rocket Propellant, a crucial component in the aerospace industry, has been witnessing significant advancements in recent times. These developments are primarily driven by the escalating demand for efficient propulsion systems in space exploration and defense sectors. One of the notable trends in the Solid Rocket Propellant market is the increasing investment in research and development activities. Stakeholders are striving to enhance the performance of solid propellants, focusing on improving burn rate, stability, and overall efficiency.

Impact of Industry Transitions on the Solid Rocket Propellant Market

As a core segment of the A&D industry, the Solid Rocket Propellant market develops in line with broader industry shifts. Over recent years, transitions such as Advancements in Propellant Technology and Shift towards Green Propellants have redefined priorities across the A&D sector, influencing how the Solid Rocket Propellant market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.

1

Advancements in Propellant Technology:

The solid rocket propellant industry has undergone significant changes with the advent of advanced propellant technologies. These have led to the development of more efficient and safer propellants, thereby enhancing the performance of rockets. For instance, the introduction of composite propellants has revolutionized the industry, offering higher specific impulse and better combustion stability. This has had a profound impact on the space exploration industry, enabling more ambitious missions due to the increased payload capacity and range of rockets.

2

Shift towards Green Propellants:

Another notable transition in the solid rocket propellant industry is the shift towards green propellants. The increasing environmental concerns and stringent regulations have driven the development and adoption of eco-friendly propellants. These propellants not only reduce the environmental footprint of rocket launches but also improve safety and operational efficiency. This transition has significantly influenced the aerospace and defense industries, promoting sustainable practices and fostering innovation in rocket technology.

Global Events Shaping Future Growth

The chart below highlights how external events including emerging market developments, regulatory changes, and technological disruptions, have added another layer of complexity to the A&D industry. These events have disrupted supply networks, changed consumption behavior, and reshaped growth patterns. Together with structural industry transitions, they demonstrate how changes within the A&D industry cascade into the Solid Rocket Propellant market, setting the stage for its future growth trajectory.

Market Dynamics and Supply Chain

Driver: Increasing Space Exploration Activities, and Emergence of Private Aerospace Companies

The increasing focus on space exploration together with satellite launch operations also creates substantial market demand for Solid Rocket Propellant. The propellant also serves as a primary component in spacecraft and satellite launch vehicles because it delivers high thrust while maintaining reliability and safety standards. The Solid Rocket Propellant market will also experience growth during the next years because NASA and SpaceX along with other organizations continue to launch more space missions.
The emergence of private aerospace companies is also another significant market. These companies are also investing heavily in research and development activities to innovate and improve rocket technology, which in turn, is also expected to fuel the demand for Solid Rocket Propellant. The propellants cost-effectiveness and efficiency make it a preferred choice for these companies.
The defense technology sector also depends on Solid Rocket Propellant as a fundamental element for modern missile systems. The rising demand for Solid Rocket Propellant also stems from continuous missile technology development and expanding global defense spending. The propellant delivers instant thrust and maintains a long shelf-life which makes it suitable for military operations.

Restraint: Regulatory Constraints

The solid rocket propellant market operates under strict regulatory frameworks which determine its overall performance. Multiple international organizations establish these standards to guarantee both safety and environmental sustainability. The manufacturing of solid rocket propellants requires dangerous substances that create major environmental and health threats unless proper handling procedures are followed. The need for strict regulatory compliance results in higher operational expenses and restricted market growth.

Challenge: Technological Limitations

The development and production of solid rocket propellants require advanced technology and expertise. The lack of these resources in emerging markets poses a significant challenge to the growth of the solid rocket propellant industry. Furthermore, the high costs associated with technological advancement can deter market entry for new players, restricting market competition and growth.

Supply Chain Landscape

Raw Material Acquisition

Orica

Austin Powder Company

Propellant Formulation

Aerojet Rocketdyne

Northrop Grumman

Integration & Testing
Lockheed Martin / Boeing
Distribution & End-Use
NASA / SpaceX
Raw Material Acquisition

Orica

Austin Powder Company

Propellant Formulation

Aerojet Rocketdyne

Northrop Grumman

Integration & Testing

Lockheed Martin

Boeing

Distribution & End-Use

NASA

SpaceX

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Leading Providers and Their Strategies

Application AreaIndustryLeading Providers / ConsumersProvider Strategies
Space Exploration
Aerospace
NASA
Development of advanced solid rocket propellant for deep space missions
Military Defense
Defense
Lockheed Martin
Incorporation of solid rocket propellant in missile systems for enhanced performance
Satellite Launch
Telecommunication
SpaceX
Utilization of solid rocket propellant for reliable and efficient satellite launches
Commercial Aviation
Aviation
Boeing
Exploration of solid rocket propellant for emergency escape systems

Elevate your strategic vision with in-depth analysis of key applications, leading market players, and their strategies. The report analyzes industry leaders' views and statements on the Solid Rocket Propellant market's present and future growth.

Our research is created following strict editorial standards. See our Editorial Policy

Applications of Solid Rocket Propellant in Space Exploration, Aerospace Research and Military Defense

Space Exploration

Solid Rocket Propellant is widely used in space exploration missions due to its high thrust-to-weight ratio and reliability. The propellant predominantly used in this application is composite propellant, known for its superior performance characteristics. Top players in this field, such as SpaceX and NASA, leverage the strengths of solid rocket propellant to launch satellites and spacecraft into orbit, maintaining a strong market position with their advanced technology and successful missions.

Aerospace Research

Solid Rocket Propellant is extensively used in aerospace research for high-altitude testing and experimental flights. The composite modified double base propellant, offering a balance of performance and safety, is the preferred choice in this application. Renowned research institutions like the European Space Agency and the Jet Propulsion Laboratory are key players in this application, capitalizing on the strengths of solid rocket propellant to advance their research and maintain a competitive edge in the market.

Military Defense

Solid Rocket Propellant plays a critical role in military defense, particularly in missile systems. The double base propellant, a combination of nitrocellulose and nitroglycerin, is commonly used due to its stability and controlled burn rate. Leading defense companies like Lockheed Martin and Raytheon Technologies utilize solid rocket propellant in their missile systems, offering unique advantages in terms of range, accuracy, and payload capacity. Their market position is strengthened by their extensive experience and innovative solutions in defense technology.

Solid Rocket Propellant vs. Substitutes:
Performance and Positioning Analysis

Solid Rocket Propellant, compared to alternatives like liquid or hybrid propellants, offers simplicity, reliability, and cost-effectiveness. Its unique market positioning lies in its potential for growth in the space exploration and defense sectors. These Alternatives specially Propulsion Systems has experienced a rapid growth as detailed in our latest report.

Solid Rocket Propellant
  • Liquid Rocket Propellant /
  • Hybrid Rocket Propellant /
  • Propulsion Systems
    High thrust, Simplicity in design and operation
    Limited control after ignition, Not reusable
    High energy efficiency, simplicity in design and operation
    Limited control after ignition, non-reusability

Solid Rocket Propellant vs. Substitutes:
Performance and Positioning Analysis

Solid Rocket Propellant

  • High thrust, Simplicity in design and operation
  • Limited control after ignition, Not reusable

Liquid Rocket Propellant / Hybrid Rocket Propellant / Propulsion Systems

  • High energy efficiency, simplicity in design and operation
  • Limited control after ignition, non-reusability

Solid Rocket Propellant, compared to alternatives like liquid or hybrid propellants, offers simplicity, reliability, and cost-effectiveness. Its unique market positioning lies in its potential for growth in the space exploration and defense sectors. These Alternatives specially Propulsion Systems has experienced a rapid growth as detailed in our latest report.

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Research Methodology

This market research methodology defines the Solid Rocket Propellant market scope, gathers reliable data, and validates findings using integrated primary and secondary research. Our systematic framework ensures precise market sizing, growth trend analysis, and competitive benchmarking.


Secondary Research Approach


We begin secondary research by defining the targeted market at macro and micro levels. As part of the A&D ecosystem, we analyze Solid Rocket Propellant across Space Missions, Military Defense, and Fireworks Manufacturing Applications. Our team gathers data systematically from country level ministerial sources, industry associations & federations, trade databases, company annual & quarterly reports and other credential sources, enabling us to map global and regional market size, pricing trends, regulatory standards, and technology advancements.



Key Sources Referenced:

International Air Traffic Association (IATA)

EDA - Europe / NATO Publications

Aerospace Industries Association (AIA)

SIPRI / World Bank Database

CFR - Conflict Tracker

Annual Reports / Industry Magazines / Country Level Ministerial Sources

• NAICS - Economic Statistics (US, Canada)

We benchmark competitors such as Aerojet Rocketdyne, Northrop Grumman Innovation Systems, and China Aerospace Science and Technology Corporation by reviewing company financial statements, and regulatory filings. Our secondary insights identify key market drivers and constraints, forming the analytical foundation for primary research.


Primary Research Methods


We conduct structured interviews and surveys with industry stakeholders, including Raw Material Acquisition, Propellant Formulation, and Integration & Testing. Our geographic coverage spans Americas (40%), Europe (30%), Asia-Pacific (25%) and Middle East & Africa (5%). Our online surveys generally achieve a response rate of above 65%, and telephone interviews yield 60%, resulting in above 92% confidence level with a ±7% margin of error.


Through targeted questionnaires and in-depth interviews, we capture purchase intent, adoption barriers, brand perception across Segment Type. We use interview guides to ensure consistency and anonymous survey options to mitigate response bias. These primary insights validate secondary findings and align market sizing with real-world conditions.


Market Engineering & Data Analysis Framework


Our data analysis framework integrates Top-Down, Bottom-Up, and Company Market Share approaches to estimate and project market size with precision.


Top-down & Bottom-Up Process


In Top-down approach, we disaggregate global A&D revenues to estimate the Solid Rocket Propellant segment, using historical growth patterns to set baseline trends. Simultaneously, in Bottom-up approach, we aggregate Country-Level Demand Data to derive regional and global forecasts, which provide granular consumption insights. By reconciling both approaches, we ensure statistical precision and cross-validation accuracy.


We evaluate the supply chain, spanning Raw Material Acquisition (Orica, Austin Powder Company), Propellant Formulation (Aerojet Rocketdyne, Northrop Grumman), and Integration & Testing. Our parallel substitute analysis examines Liquid Rocket Propellant, Hybrid Rocket Propellant, and Propulsion Systems, highlighting diversification opportunities and competitive risks.


Company Market Share & Benchmarking


We benchmark leading companies such as Aerojet Rocketdyne, Northrop Grumman Innovation Systems, and China Aerospace Science and Technology Corporation, analyzing their capabilities in pricing, product features, technology adoption, and distribution reach. By assessing company-level revenues and product portfolios, we derive market share comparisons, clarifying competitive positioning and growth trajectories across the ecosystem.


Our integration of data triangulation, supply chain evaluation, and company benchmarking, supported by our proprietary Directional Superposition methodology enables us to deliver precise forecasts and actionable strategic insights into the Solid Rocket Propellant market.


Quality Assurance and Compliance


We cross-reference secondary data with primary inputs and external expert reviews to confirm consistency. Further, we use stratified sampling, anonymous surveys, third-party interviews, and time-based sampling to reduce bias and strengthen our results.


Our methodology is developed in alignment with ISO 20252 standards and ICC/ESOMAR guidelines for research ethics. The study methodology follows globally recognized frameworks such as ISO 20252 and ICC codes of practice.

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Solid Rocket Propellant Market Data: Size, Segmentation & Growth Forecast

Report AttributeDetails
Market Value in 2025USD 3.4 billion
Revenue Forecast in 2034USD 6.9 billion
Growth RateCAGR of 8.1% from 2025 to 2034
Base Year for Estimation2024
Industry Revenue 20243.2 billion
Growth OpportunityUSD 3.7 billion
Historical Data2019 - 2023
Growth Projection / Forecast Period2025 - 2034
Market Size UnitsMarket Revenue in USD billion and Industry Statistics
Market Size 20243.2 billion USD
Market Size 20274.0 billion USD
Market Size 20294.7 billion USD
Market Size 20305.0 billion USD
Market Size 20346.9 billion USD
Market Size 20357.4 billion USD
Report CoverageMarket revenue for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends
Segments CoveredPropellant Type, Applications, Manufacturing Process, Performance Characteristics
Regional scopeNorth America, Europe, Asia Pacific, Latin America and Middle East & Africa
Country scopeU.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa
Companies ProfiledAerojet Rocketdyne, Northrop Grumman Innovation Systems, China Aerospace Science and Technology Corporation, Lockheed Martin, Safran, Thales, Roketsan, Nammo, Hanwha Corporation, Tactical Missiles Corporation, Bharat Dynamics Limited and Israel Aerospace Industries
CustomizationFree customization at segment, region or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement which is almost equivalent to 10% of report value

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Table of Contents

Industry Insights Report - Table Of Contents

Chapter 1

Executive Summary

Major Markets & Their Performance - Statistical Snapshots

Chapter 2

Research Methodology

2.1Axioms & Postulates
2.2Market Introduction & Research MethodologyEstimation & Forecast Parameters / Major Databases & Sources
Chapter 3

Market Dynamics

3.1Market OverviewDrivers / Restraints / Opportunities / M4 Factors
3.2Market Trends
3.2.1Introduction & Narratives
3.2.2Market Trends - Impact Analysis(Short, Medium & Long Term Impacts)
3.3Supply Chain Analysis
3.4Porter's Five ForcesSuppliers & Buyers' Bargaining Power, Threat of Substitution & New Market Entrants, Competitive Rivalry
Chapter 4

Solid Rocket Propellant Market Size, Opportunities & Strategic Insights, by Propellant Type

4.1Composite
4.2Double Base
4.3Single Base
Chapter 5

Solid Rocket Propellant Market Size, Opportunities & Strategic Insights, by Applications

5.1Space Missions
5.2Military Defense
5.3Fireworks Manufacturing
5.4Aircraft Propulsion
5.5Missile Launching
5.6Others
Chapter 6

Solid Rocket Propellant Market Size, Opportunities & Strategic Insights, by Manufacturing Process

6.1Cast Process
6.2Extrusion Process
6.3Solvent Process
Chapter 7

Solid Rocket Propellant Market Size, Opportunities & Strategic Insights, by Performance Characteristics

7.1High Thrust
7.2Long Shelf Life
7.3High Specific Impulse
7.4Low Temperature Sensitivity
Chapter 8

Solid Rocket Propellant Market, by Region

8.1North America Solid Rocket Propellant Market Size, Opportunities, Key Trends & Strategic Insights
8.1.1U.S.
8.1.2Canada
8.2Europe Solid Rocket Propellant Market Size, Opportunities, Key Trends & Strategic Insights
8.2.1Germany
8.2.2France
8.2.3UK
8.2.4Italy
8.2.5The Netherlands
8.2.6Rest of EU
8.3Asia Pacific Solid Rocket Propellant Market Size, Opportunities, Key Trends & Strategic Insights
8.3.1China
8.3.2Japan
8.3.3South Korea
8.3.4India
8.3.5Australia
8.3.6Thailand
8.3.7Rest of APAC
8.4Middle East & Africa Solid Rocket Propellant Market Size, Opportunities, Key Trends & Strategic Insights
8.4.1Saudi Arabia
8.4.2United Arab Emirates
8.4.3South Africa
8.4.4Rest of MEA
8.5Latin America Solid Rocket Propellant Market Size, Opportunities, Key Trends & Strategic Insights
8.5.1Brazil
8.5.2Mexico
8.5.3Rest of LA
8.6CIS Solid Rocket Propellant Market Size, Opportunities, Key Trends & Strategic Insights
8.6.1Russia
8.6.2Rest of CIS
Chapter 9

Competitive Landscape

9.1Competitive Dashboard & Market Share Analysis
9.2Company Profiles (Overview, Financials, Developments, SWOT)
9.2.1Aerojet Rocketdyne
9.2.2Northrop Grumman Innovation Systems
9.2.3China Aerospace Science and Technology Corporation
9.2.4Lockheed Martin
9.2.5Safran
9.2.6Thales
9.2.7Roketsan
9.2.8Nammo
9.2.9Hanwha Corporation
9.2.10Tactical Missiles Corporation
9.2.11Bharat Dynamics Limited
9.2.12Israel Aerospace Industries