Thermogravimetric analysis is used to examine the degradation of a multicomponent polymer binder consisting of a blend of a polyethylene co-ethyl acrylate with a polyisobutymethacrylate polymer. In the polymer blends without ceramic powder, the methacrylate component degrades at a temperature lower than the ethylene copolymer. Minor additives polyethylene glycol, stearic acid, and paraffinic mineral oil are also considered. The thermal degradation of a five-component blend is only approximately as expected from the individual components, with retardation of the methacrylate degradation. Oxide ceramic powder significantly alters polymer degradation, retarding degradation in the early stages but accelerating degradation in the later exothermic stages. Polymer-polymer interactions and oxide-polymer interactions make the degradation behavior of blends difficult to predict from single component behavior.