The demand for pressure vessel composite materials has increased owing to their high strength to weight ratio. Pressure vessel composite materials improve performance and offer significant material savings, which drives market growth. The high mechanical strength, toughness, weather resistance, and lightweight properties of pressure vessel composite material as compared with other metal alloys is driving their demand. Furthermore, the rise in the demand for cooling and heating equipment has boosted the growth of the pressure vessel composite materials market. Pressure vessel composite materials offers resistance from corrosion and cross-contamination, which facilitates its usage in various chemical procedures. All these factors are significantly driving the growth of the pressure vessel composite materials market.
In 2021, Asia Pacific held the largest revenue share of the global pressure vessel composite materials market. Asia Pacific is one of the lucrative markets for pressure vessel composite materials owing to rise in the use of pressure vessels in the automotive industry. Pressure vessels are mainly utilized in the automotive sector due to their easy availability and reduced cost. Using CNG and hydrogen vehicles in place of traditional fuel vehicles also favors the growth of the pressure vessel composite materials market in Asia Pacific. Pressure vessel composite materials such as epoxy resins and carbon fiber-reinforced plastics (CFRP) improve efficiency and cost savings for the manufacturers of pressure vessels. Moreover, these materials have high pressure containment property, thereby boosting their adoption in the Asia Pacific market.
Many industries, including the chemicals & materials industry, witnessed negative impacts of COVID-19 pandemic during the initial period. Supply chain disruptions caused by lockdowns and trade restrictions hampered the manufacturing outcomes of various large- and small-scale companies. The pressure vessel composite materials market also witnessed severe impacts of the pandemic in 2020. Due to shortage of raw materials and labor, there was a wide demand and supply gap. Moreover, the automobile industry witnessed significant decline in demand due to pandemic-induced recession, which hampered the sales of CNG or natural gas-powered vehicles. This factor directly affected the demand for pressure vessel composite materials. However, the initiatives by pharmaceutical companies to transport COVID-19 vaccines created new opportunities for pressure vessel composite materials market. For instance, GPI developed a 200-liter pressure vessel for the rapid delivery of COVID-19 vaccines in 2020. Such initiatives taken by manufacturers are expected to drive the pressure vessel composite material market.
In 2021, the marketplace witnessed a positive recovery, as the governments announced relaxation in previously imposed restrictions. The manufacturers were permitted to work at full capacity, leveraging their profitability. This factor is expected to further drive the pressure vessel composite materials market growth over the coming years.
The chemicals industry is growing globally due to the increasing consumption of goods such as fertilizers and other agrochemical products, coatings & adsorbents, LED lightings, plastics, man-made fibers, and research laboratory chemicals. Also, according to the International Council of Chemical Associations (ICCA), the chemical industry was valued at US$ 5.7 trillion in 2019, which was equivalent to a 7% share in the global GDP. Likewise, the petrochemical industry is encountering heightened demand from various construction projects around the globe. Pressure vessels are designed to work by entering the pressure required to make an application function, like holding air in a scuba tank. It can deliver pressure either directly by valves and release gauges or indirectly via heat transfer. Potential pressure levels range from 15 psi to 150,000 psi, whereas temperatures are usually above 400°C (750°F). A pressure tank can hold anywhere from 75 liters (20 gallons) to many thousand liters. Pressure vessels are used in different industries, but three industries cover most of the market—chemicals, oil & gas, and energy industries. The growth in the number of industrial power projects and the replacement of existing pressure vessels are one of the significant factors propelling market growth.
Based on material, the global pressure vessel composite materials market is segmented into resin, fiber, and others. The resin segment held the largest share of the global pressure vessel composite materials market in 2021. Resin or epoxy resin is widely used 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 vessel. Plastic-lined composite tanks use more numerous carbon epoxy composites and also provide maximum weight savings compared to other types of pressure vessels. Plastic-lined composite tank form is frequently penetrating, especially in mass transit buses and medium and heavy commercial vehicles. Lower fuel density and lower mass of these vessels allow for more excellent range and fuel efficiency for medium and heavy-duty commercial vehicles, and also longer operating times between refueling stops and reduced maintenance costs.
A few players operating in the global pressure vessel composite materials market include 3M Co, BASF SE, Huntsman Corporation, Kolon Industries Inc, Mitsubishi Chemical Holdings Corp, Solvay SA, ZOLTEK Corp, Steelhead Composites Inc, Hexion Inc, and Olin Corp. Market players are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and mergers & acquisitions.
The regional trends and factors influencing the Pressure Vessel Composite Materials Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pressure Vessel Composite Materials Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1.06 Billion |
| Market Size by 2028 | US$ 3.22 Billion |
| Global CAGR (2022 - 2028) | 20.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Material
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Pressure Vessel Composite Materials Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Pressure Vessel Composite Materials Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The global pressure vessel composite materials market is growing with an upward trend and are extensively being utilized in the space technology domain. This factor is expected to provide lucrative opportunities to the pressure vessel composite materials market.
The major players operating in the global pressure vessel composite materials market include 3M Co, BASF SE, Huntsman Corporation, Kolon Industries Inc, Mitsubishi Chemical Holdings Corp, Solvay SA, ZOLTEK Corp, Steelhead Composites Inc, Hexion Inc, and Olin Corp among few others.
Increasing demand for natural gas-fueled vehicles and increasing demand for pressure vessels from various end-use industries are some of the key driving factors for the pressure vessel composite materials market.
Based on end user, hydrogen vehicles segment is the fastest-growing segment in the pressure vessel composite materials market.
Based on the material, the resin segment accounted for the largest revenue share in 2021 owing to high utilization of resins in manufacturing pressure vessels used in mass transit buses and heavy commercial vehicles.
Asia Pacific accounted for the largest share of the global pressure vessel composite materials market owing to high penetration of CNG vehicles in countries like India and Japan coupled with the presence of well-established automotive industry.