Asia Pacific Pressure Vessel Composite Materials Market Segments and Growth by 2027

The APAC pressure vessel composites market was valued at US$ 293.72 million in 2019 and is projected to reach US$ 1,433.68 million by 2027; it is expected to grow at a CAGR of 22.0 % from 2020 to 2027.

Pressure vessel composite materials are used in pressure vessels used to store gases and liquids under high pressure. A composite material is a combination of materials that vary in composition or shape on a macro scale. These materials do not dissolve or otherwise blend entirely into each other. Composite materials help boost efficiency and can deliver a large amount of material savings. Therefore, most of them are needed in various industries such as oil refineries, nuclear reactors, automobiles, gas repositories, and aerospace.

The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of January 2021, India has the highest number of confirmed cases and reported deaths in APAC. The COVID-19 crisis is anticipated to cause a loss of more than US$ 3 billion in the region in coming years. The consequence and impact of the pandemic can be even worse and totally depends on the spread of the virus. The government of APAC is taking possible steps to reduce its effects by announcing lockdown, which impacts the revenue generated by the market negatively. The governments have asked the chemical & materials manufacturers to delay their production, which would hinder the supply of pressure vessel composite materials Market in the coming years.

APAC Pressure Vessel Composites Materials Market

Market Insights

Increasing Use of Natural Gas Vehicles

Natural gas vehicles (NGV) use liquefied natural gas (LNG) or compressed natural gas (CNG) stored in a composite pressure vessel. The NGV is coupled with a composite pressure vessel; therefore, the growing use of the NGV would drive the growth of the market in the forecast period. Moreover, NGVs are good options for centrally fuelled fleets and high mileage 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 offers various benefits such as extensive distribution infrastructure, domestic supply, and 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 provides 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 material industry drives the growth of the market in the forecast period.

Material Insights

Based on material, the APAC pressure vessel composite materials market is segmented into resin, fiber, and others. The resin segment led the pressure vessel composite materials market with the largest market share in 2019. Resin or epoxy resin is widely used in the pressure vessel composite materials market to produce pressure vessels. For the class of vessels, plastic-lined composite tanks are anticipated to see the most accelerated growth in the next five years. 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 to other types of pressure vessels. Plastic-lined composite tank form is frequently used in mass transit buses and medium and heavy commercial vehicles, which drives the growth of the market.                                            

APAC Pressure Vessel Composites Materials Market, by Material– 2019 and 2027

End User Insights

Based on end user, APAC pressure vessel composite materials market is segmented into CNG vehicles, hydrogen vehicles, gas transport, and others. The CNG vehicles segment led the market with the largest market share in 2019. It held a significant share in the market it costs lower than other vehicles. The pressure vessel's outer shells are made of a conventional metal alloy, which is used to store fuel in a truck, car, or bus equivalent to a gas tank for a combustion engine or applications for bulk storage. Composite CNG pressure vessel has safer burst behavior for passenger vehicles as opposed to metallic CNG. The lining used for CNG pressure vessels are made from HDPE, and carbon fibers are used to wind the vessel filament and be used in diesel fuel, gasoline, and liquefied petroleum gas (LPG). CNG combustion also produces fewer undesirable gases than diesel fuel, gasoline, and LPG mentioned fuels. These factors has led to an increased sales of pressure vessel composite materials through end user.

APAC Pressure Vessel Composites Materials Market, by End User – 2019 and 2027

Asia Pacific Pressure Vessel Composite Materials Market: Strategic Insights

Product development, merger and acquisition, and business planning are the commonly adopted strategies by companies to expand their product portfolio. Kolon Industries. Inc., Mitsubishi Chemical Corporation, Olin Corporation other market players implementing this strategy to enlarge the customer base and gain significant market share in APAC, which in turn permits them maintain their brand name in the APAC market.

Report Spotlights

• Progressive industry trends in the APAC pressure vessel composites market that help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the APAC pressure vessel composites market from 2017 to 2027
• Estimation of APAC pressure vessel composites demand across various industries
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
• Recent developments to understand the market competition in APAC
• Market trends and outlook, coupled with factors driving and restraining the growth of the APAC pressure vessel composites market
• Decision-making process by understanding strategies that underpin commercial interest with regard to the APAC pressure vessel composites market growth

• APAC pressure vessel composites market size at various nodes of market
• Detailed overview and segmentation of the APAC pressure vessel composites market, as well as its dynamics in the industry
• APAC pressure vessel composites market size in various regions with promising growth opportunities

Pressure Vessel Composite Materials Market, by Material

• Resin
• Fiber
• Others

Pressure Vessel Composite Materials Market, by End User

• CNG Vehicles
• Hydrogen Vehicles
• Gas Transport
• Others

Company Profiles

• 3M Company
• BASF SE
• Hexion Inc.
• Huntsman International LLC.
• Mitsubishi Chemical Corporation
• Olin Corporation
• Kolon Industries. Inc
• Solvay S.A.
• ZOLTEK Corporation (Toray Group)

Asia Pacific Pressure Vessel Composite Materials Market Report Scope

Asia Pacific Pressure Vessel Composite Materials Market Players Density: Understanding Its Impact on Business Dynamics

The Asia Pacific Pressure Vessel Composite Materials 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.