Pressure vessels are containers that are specifically designed to hold gasses or fluids at a weight not equal to the encompassing weight without explosion. These vessels are made of steel alloys, other metal alloys, and composites. Moreover, the demand for composites has increased for manufacturing pressure vessels, owing to the high strength-to-weight ratio. Composites not only improve the performance, but also offer significant amount of material savings. They have applications in various industries, such as oil refineries, atomic reactors, gas repositories, automobile, aerospace, and others.
The global pressure vessel composite materials market was valued at $434 million in 2016, and is expected to reach at $1,871 million by 2023, growing at a CAGR of 23.0% from 2017 to 2023. The pressure vessel composite materials market is segmented based on material, end-use industry, and geography. The demand for pressure vessels made-up of composite materials has increased, owing to rise in the usage of natural gas vehicles. Asia-Pacific witnesses a growth of 55% in the NGVs from 2012 to 2016. Similarly, the growth for NGVs in the LAMEA was approximately 12% during 2012‐2016. The statistics indicates the growth of overall NGVs in the developing economies, which led the growth of pressure vessel composite materials market. Moreover, high mechanical, adhesive, toughness, weather resistant, and lightweight properties are ideal characteristics consider while manufacturing pressure vessels. Thus, superior properties of composites as compared to metal alloys is expected to drive the market growth during the forecast period.
Based on material, the market is classified into epoxy resin, carbon fiber and glass fiber. In 2016, the epoxy resin as a composite segment dominated the global market in terms of volume, owing to its high mechanical, high adhesion, and weather resistant properties. In addition, the carbon fiber segment witnessed the highest growth due to properties such as high tensile strength and greater design flexibility. Based on application, it is categorized into CNG vehicles, hydrogen vehicles, and gas transport. The hydrogen vehicles segment is estimated to witness the highest growth rate from 2017 to 2023, owing to its adoption by major automobile manufacturers such as, Ford, BMW, Nissan, Toyota.
Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the global market in 2016, owing to rise in usage of natural gas vehicles in countries, such as China, Australia, South Korea, and India.
The companies profiled in the report are as follows
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
BY END-USE INDUSTRY
THE OTHER KEY PLAYERS IN THE MARKET VALUE CHAIN INCLUDE THE FOLLOWING
*The above list of companies is not profiled, but can be profiled based on client request.
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