Rocket Fuel Market Scope
Growing technological advancement in the space exploration field coupled with increased involvement and support of the government to enhance rocket propulsion systems is driving the market for rocket fuel. Rocket fuel is a specialized chemical that burns in presence of an oxidizer for rocket propulsion. Liquid fuels such as cryogenic and hypergolic propellants are advantageous due to the presence of high-performance oxidizers. Moreover, liquid hydrogen combined with liquid oxygen provides the required thrust for rocket propulsion. Therefore, the rising demand for liquid rocket fuel in space shuttles is expected to drive the market for rocket fuel in a positive direction.
|Unit||Value (USD Million)|
|Key Companies Profiled||c6 corporation (United States), Purser Oil Co. (United States), Industrial Solid Propulsion, Inc. (United States), Mapco Alaska Petroleum Inc. (United States), Air Products and Chemicals Inc. (United States), NOF Corporation (Japan), Rosneft (Russia), Adranos, Inc. (United States), Aerojet Rocketdyne Holdings Inc. (United States) and Bayern Chemie GmbH – MBDA (Germany)|
Major competitors present in the rocket fuel market engage in new and enhanced environment friendly product launches, acquisitions, and upgradation in the current offerings to stay abreast with market trends. With innovations in the space technology and rising adoption of eco-friendly fuel for rocket propulsion, key players are engaging in developing advanced infrastructure to gain market share. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Rocket Fuel market throughout the predicted period.
c6 corporation (United States), Purser Oil Co. (United States), Industrial Solid Propulsion, Inc. (United States), Mapco Alaska Petroleum Inc. (United States), Air Products and Chemicals Inc. (United States), NOF Corporation (Japan), Rosneft (Russia), Adranos, Inc. (United States), Aerojet Rocketdyne Holdings Inc. (United States) and Bayern Chemie GmbH – MBDA (Germany) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Rocket Fuel market by Type and Region with country level break-up.
On the basis of geography, the market of Rocket Fuel has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesIn December 2022, L3Harris Technologies Inc. signed a USD 4.7 billion deal to acquire Aerojet Rocketdyne Holdings Inc. Through this acquisition, Aerojet's solid fuel rocket motors and other propulsion systems is expected to help L3Harris in expansion of its space defense systems and precision munitions businesses.
In September 2022, Adranos, Inc, a manufacturer of advanced solid rocket motors, opened a production facility for ALITEC, a high-performance, aluminum-lithium alloy solid rocket fuel. This inauguration enhanced the payload capacity, range, and speed of space and defense launch systems. ALITEC also maximizes performance by releasing more energy per unit weight of fuel versus traditional solid rocket fuels, thereby contributing to company’s growth.
Influencing Trend:Growing Innovation in Greener Fuels Options for Rocket
Market Growth Drivers:Rising Developments in the Rocket Propulsion Technology and Favorable Government Initiatives and Support Regarding Space Exploration
Challenges:Hydrogen Production Causing Significant Carbon Emissions
Restraints:Rising Accumulation of Space Junk and High Investments Associated with Space Launch
Opportunities:Increasing Developments in Space Exploration Architecture
Key Target AudienceRocket Fuel Suppliers and Distributors, Government Agencies, Potential Investors, Research and Development Institutes, End Users and Others