Pressure Vessel Composites Market is Projected to Grow US$ 3,539.95 Million by 2027- The Insight Partners

Increasing Demand for Natural Gas Vehicles Drives Pressure Vessel Composites Market Growth - COVID-19 Impact and Global Analysis By Material and End User

Pune, India, March 08, 2021 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on the Pressure Vessel Composites Market was valued at US$ 758.36 million in 2019 and is projected to reach US$ 3,539.95 million by 2027; it is expected to grow at a CAGR of 21.4% during 2020–2027.

In 2019, Asia Pacific accounted for the largest share of the market, followed by Europe and North America. The highest market share is due to the increased automotive production is a key driver of market growth in this region. Besides, the growing number of power plants in countries such as China and India are driving demand growth of pressure vessel composites in the region. Based on material, the market is segmented into the resin, fiber, and others. Resin market dominated the global pressure vessel composite market in 2019. By end-user, the market is categorized into CNG vehicles, hydrogen vehicles, gas transport, and others. The hydrogen vehicles segment is anticipated to grow at the highest CAGR during the forecast period.

“Increasing Demand for Pressure Vessels from Various End-Use Industries to Escalate Market Growth at 21.4 % CAGR during 2020–2027”

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The natural gas vehicle (NGV) is coupled with a composite pressure vessel. NGVs are good options for centrally fuelled fleet, as they can provide the same fuel range support for applications that are not interested in long haul routes where fuel stations can become scarce. As a transportation fuel, natural gas benefits include extensive distribution infrastructure, domestic supply, and also reduced greenhouse gas emissions over traditional gasoline and diesel fuels. Moreover, high-pressure gas storage vessels represent one of the fastest-growing and most significant markets for advanced composites, especially for filament-wound carbon fiber composites. Although they are used in self-contained breathing apparatuses and also provide oxygen and gas storage on aerospace vehicles, the principal end markets for composite-reinforced pressure vessels are bulk transportation, also called mobile pipeline of compressed natural gas (CNG) products, and fuel storage in buses, passenger cars, and trucks with powertrains dependent on compressed natural gas and hydrogen alternatives to diesel and gasoline. Therefore, increasing natural gas vehicles in the chemical and materials industry is driving the growth of the market.

Pressure Vessel Composites Market: Segmental Overview

Based on material, the resin segment dominated market and accounted for nearly half of the market share in 2019. Resin or epoxy resin is widely used in the pressure vessel composite materials market to produce pressure vessels. As for the class of vessels, plastic-lined composite tanks are anticipated to see the most accelerated growth across the next five years and so is the market for epoxy resins in this category of a vessel as plastic-lined composite tanks uses more numerous carbon epoxy composites and also provides maximum weight savings compared with other types of pressure vessels. By end user, the hydrogen vehicles segment is anticipated to growth at the highest rate owing to its adoption by major automobile manufacturers such as Ford, BMW, Nissan, Toyota. It eliminates pollution and has higher fuel efficiency than CNG and other gas engine vehicles.

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Pressure Vessel Composites Market: Competition Landscape and Key Developments

The companies such as 3M Company, BASF SE, Hexion Inc., Huntsman International LLC., Kolon Industries. Inc., Mitsubishi Chemical Corporation, Olin Corporation, Solvay S.A., Steelhead Composites, LLC., and ZOLTEK Corporation (Toray Group) are the key companies operating in the pressure vessel composites market. Companies have been implementing various strategies that have helped the growth of the company and, in turn, have brought about various changes in the market. For Instance, in 2020 Huntsman Corporation announced the completion of the acquisition of CVC Thermoset Specialties, a North American specialty chemical company supplying consumer composites, adhesives, and coatings industries. Huntsman acquired the company from Emerald Performance Materials LLC, a majority-owned American Securities LLC subsidiary, for approximately US$300 million, subject to customary closing changes. The all-cash deal was financed from the liquidity available.

Impact of COVID-19 on Pressure Vessel Composites Market

The extended lockdowns and travel bans owing to the rise in the number of COVID-19 positive cases are restricting the supplies of chemicals and materials, which is causing a significant loss for pressure vessel composite materials manufacturers. The global chemical and materials industry is one of the major industries that is suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries, and it is also one of the worst-affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various chemicals and materials.

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