North America Pressure Vessel Composites Market Drivers and Forecasts by 2027

The North America pressure vessel composites market was valued at US$ 140.90 million in 2019 and is projected to reach US$ 669.05 million by 2027; it is expected to grow at a CAGR of 21.6% during 2020–2027.

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 pandemic first began in Wuhan, China, during December 2019, and since then it has spread across the world at a fast pace. The US, India, Brazil, Russia, Spain, Argentina, and France are among the most affected countries in terms of confirmed cases and reported deaths as of February 2021. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. North American chemicals and materials industry is one of the major industries suffering serious disruptions, such as supply chain breaks and interruptions in manufacturing, due to COVID-19 outbreak. The lockdown of various plants and factories in the US as well as leading regions such as Asia Pacific and Europe is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors have greatly affected the North America pressure vessel composites market.

North America Pressure Vessel Composites 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 North America 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.                                                 

North America Pressure Vessel Composites Market, by Material– 2019 and 2027

End User Insights

Based on end user, North America 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.

North America Pressure Vessel Composites Market: Strategic Insights

Product development, merger and acquisition, and business planning are the commonly adopted strategies by companies to expand their product portfolio. Hexion Inc., BASF SE, and other market players implementing this strategy to enlarge the customer base and gain significant market share in North America, which in turn permits them maintain their brand name in the North America market.

Report Spotlights

• Progressive industry trends in the North America 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 North America pressure vessel composites market from 2017 to 2027
• Estimation of North America 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 North America
• Market trends and outlook, coupled with factors driving and restraining the growth of the North America pressure vessel composites market
• Decision-making process by understanding strategies that underpin commercial interest with regard to the North America pressure vessel composites market growth

• North America pressure vessel composites market size at various nodes of market
• Detailed overview and segmentation of the North America pressure vessel composites market, as well as its dynamics in the industry
• North America 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
• Solvay S.A.
• Steelhead Composites, LLC.
• ZOLTEK Corporation (Toray Group)

North America Pressure Vessel Composites Market Report Scope

North America Pressure Vessel Composites Market Players Density: Understanding Its Impact on Business Dynamics

The North America Pressure Vessel Composites 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.