The global pressure vessel composite materials market size reached US$ 478.3 Million in 2023. Looking forward, the market is projected to reach US$ 721.3 Million by 2032, exhibiting a growth rate (CAGR) of 4.67% during 2023-2032.
Pressure vessels are containers made of composite materials, such as carbon fiber and epoxy resin, which are used to store liquid propane gas (LPG), compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen gas (H2). They are lightweight and cost-effective while having a long shelf life compared to their steel-based counterparts. They offer a high strength-to-weight ratio, corrosion resistance, and can be customized to meet specific design requirements. They also provide high strength and durability to withstand harsh environmental conditions. As there is a rise in the utilization of hydrogen and compressed natural gas (CNG) vehicles, the demand for pressure vessel composite materials is rising worldwide.
In addition, the increasing employment of pressure vessels in the chemical industry to store and transport various chemicals is offering lucrative growth opportunities to industry investors. Apart from this, key market players are extensively investing in research and development (R&D) activities to introduce customized pressure vessels, which is positively influencing the market. Additionally, there is a rise in the adoption of supercritical power generation technologies across the globe. This, coupled with the burgeoning petrochemical industry, is bolstering the growth of the market.
2. What is the expected growth rate of the global pressure vessel composite materials market during 2024-2032?
3. What are the key factors driving the global pressure vessel composite materials market?
4. What has been the impact of COVID-19 on the global pressure vessel composite materials market?
5. What is the breakup of the global pressure vessel composite materials market based on the material?
6. What is the breakup of the global pressure vessel composite materials market based on the application?
7. What is the breakup of the global pressure vessel composite materials market based on end user?
8. What are the key regions in the global pressure vessel composite materials market?
9. Who are the key players/companies in the global pressure vessel composite materials market?
Pressure vessels are containers made of composite materials, such as carbon fiber and epoxy resin, which are used to store liquid propane gas (LPG), compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen gas (H2). They are lightweight and cost-effective while having a long shelf life compared to their steel-based counterparts. They offer a high strength-to-weight ratio, corrosion resistance, and can be customized to meet specific design requirements. They also provide high strength and durability to withstand harsh environmental conditions. As there is a rise in the utilization of hydrogen and compressed natural gas (CNG) vehicles, the demand for pressure vessel composite materials is rising worldwide.
Pressure Vessel Composite Materials Market Trends
The growing awareness among the masses about environment-friendly and fuel-efficient transportation solutions around the world represents one of the key factors driving the market. Besides this, there is an increase in the demand for lightweight and high-performance pressure vessels in the aerospace industry. This, along with the growing demand for boilers in various energy generation procedures, is offering a positive market outlook. Moreover, the rising utilization of pressure vessels in the oil and gas industry to conduct physical and chemical processes under high temperatures and pressure is contributing to the growth of the market.In addition, the increasing employment of pressure vessels in the chemical industry to store and transport various chemicals is offering lucrative growth opportunities to industry investors. Apart from this, key market players are extensively investing in research and development (R&D) activities to introduce customized pressure vessels, which is positively influencing the market. Additionally, there is a rise in the adoption of supercritical power generation technologies across the globe. This, coupled with the burgeoning petrochemical industry, is bolstering the growth of the market.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global pressure vessel composite materials market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on material, application and end user.Breakup by Material:
- Epoxy Resin
- Glass Fiber
- Carbon Fiber
Breakup by Application:
- CNG Vehicle
- Hydrogen Vehicle
- Gas Storage
Breakup by End User:
- Automotive
- Aircraft and Military
- Aerospace
- Marine
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players being Huntsman Corporation, IHI Corporation (Dai-ichi Life Insurance Company Limited), Larsen & Toubro Ltd, Nippon Steel Corporation, Olin Corporation, Pentair plc, Solvay S.A., Steelhead Composites Inc. and ZOLTEK Corporation (Toray Industries Inc.).Key Questions Answered in This Report
1. What was the size of the global pressure vessel composite materials market in 2023?2. What is the expected growth rate of the global pressure vessel composite materials market during 2024-2032?
3. What are the key factors driving the global pressure vessel composite materials market?
4. What has been the impact of COVID-19 on the global pressure vessel composite materials market?
5. What is the breakup of the global pressure vessel composite materials market based on the material?
6. What is the breakup of the global pressure vessel composite materials market based on the application?
7. What is the breakup of the global pressure vessel composite materials market based on end user?
8. What are the key regions in the global pressure vessel composite materials market?
9. Who are the key players/companies in the global pressure vessel composite materials market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Pressure Vessel Composite Materials Market
6 Market Breakup by Material
7 Market Breakup by Application
8 Market Breakup by End User
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Huntsman Corporation
- IHI Corporation (Dai-ichi Life Insurance Company Limited)
- Larsen & Toubro Ltd
- Nippon Steel Corporation
- Olin Corporation
- Pentair plc
- Solvay S.A.
- Steelhead Composites Inc.
- ZOLTEK Corporation (Toray Industries Inc.)
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 478.3 Million |
| Forecasted Market Value ( USD | $ 721.3 Million |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
