The global pressure vessel composite materials market has the potential to grow by USD 4.82 billion during 2019-2023. The growth momentum will accelerate throughout the forecast period, and the market will grow at a CAGR of almost 23%.
The growing demand for pressure vessels from various end-users and the increasing use of carbon fiber to manufacture pressure vessels are some of the major factors are driving market growth. The US, China, and India are currently the significant markets for pressure vessel composite materials.
Pressure Vessel Composite Materials Market Report - Key Insights
Scope of this Report
The report provides a detailed analysis of the market by type and geography. Also, the pressure vessel composite materials market forecast report analyzes the market’s competitive landscape and offers information on several market vendors.
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Market Segmentation
Pressure Vessel Composite Materials Market by Type
- Epoxy Resins
- Glass fiber
- Carbon fiber
Pressure Vessel Composite Materials Market by Region
- APAC
- Europe
- MEA
- North America
- South America
Market Competitive Analysis
The pressure vessel composite materials market is fragmented, and the degree of fragmentation will remain the same during the forecast period. 3M Co., Air Products and Chemicals Inc., and Doosan Infracore Co. Ltd. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the high costs of carbon fiber will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The pressure vessel composite materials market analysis report provides information on the production, sustainability, and prospects of several companies, including:
- 3M Co.
- Air Products and Chemicals, Inc.
- Doosan Infracore Co. Ltd.
- Hexagon Composites ASA
- Hexion Inc.
- Huntsman International LLC
- Nan Ya Plastics Corp.
- Nippon Steel & Sumitomo Metal Corp.
- Olin Corp.
- Pentair Plc
Pressure Vessel Composite Materials Market: Key Drivers and Trends
Pressure vessels are used in a wide range of applications, including natural gas storage systems, distillation towers, power plants, and hot water storage tanks. In the chemical industry these vessels are used to store industrial liquids and other materials required for the production of various chemicals. They are also used to final products for shipping. In boilers, pressure vessels are used in power-plants to generate high-pressure steam to produce electricity. With the expected increase in the demand for these industrial boilers, the need for pressure vessels will also grow. This will subsequently fuel pressure vessel composite material market growth over the forecast period.
- Pressure vessel composite materials market trends, such as the growing use of carbon fiber to manufacture pressure vessels, will also influence market growth.
- Carbon fiber is a lightweight composite material having high tensile strength and durability, chemical stability, and resistance to corrosion.
- Because of such properties, there is a growing preference for using carbon fiber pressure vehicles in oil and gas and automotive industries.
- To cater to the growing demand, vendors are focusing on developing carbon fiber pressure vessels.
- As a result of such factors, the market will register a CAGR of almost 23% during 2019-2023.
Pressure Vessel Composite Materials Market: Segmentation by Region
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APAC is one of the significant markets for pressure vessel composite materials. The rising automobile production is a major factor driving market growth in this region. Moreover, the increasing number of power plants in countries such as China and India are also driving market growth in the region.
During the forecast period, over 42% of the overall market growth will originate from APAC. Market growth in this region will be faster than the growth of the market in the other regions.
Pressure Vessel Composite Materials Market: Segmentation by Type
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Epoxy resins are available in both liquid and solid forms and are used in pressure vessels because of their mechanical and adhesive properties and resistance to water. These resins are used in the inner pressure vessel as an inner coating liner for water treatment systems.
Over the forecast period, the pressure vessel composite materials market size will increase in the epoxy resins segment. This report provides an accurate prediction of the contribution of various segment to pressure vessel composite materials market growth.
Pressure Vessel Composite Materials Market: Key Highlights of the Report
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the market during the next five years
- Precise estimation of the global pressure vessel composite materials market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the pressure vessel composite materials industry across the APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of pressure vessel composite materials companies
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