In this paper, the thermal insulator structure of a real rocket which is fabricated in a way that laminated composite rings are connected in series is analyzed using 3-dimensional axisymmetric finite element models. Simulation of cowl zone using a real operating conditions provides that the stress distribution in the laminated composite ring is largely influenced by ply-angles, axial dimensions, and boundary conditions. Notably the plylift that is the precursor to the wedge-out occurs in the ring-to-ring bonding region. It is hypothesized that after the plylift the wedge is dropped out due to the shear stresses in the ply-angle direction and axial compressive stresses.