Increasing demands for carbon fibers and rise in production of natural gas vehicles in North America is projected to escalate the carbon fiber in light weight pressure vessels market at a CAGR of 11.4%
Latest market study on "Global Carbon Fiber in Light Weight Pressure Vessels Market to 2027 – Analysis and Forecasts by Precursors (Polyacrylonitrile (PAN), Pitch), Tow Sizes (12k to 24k, Above 24k)", The global carbon fiber in light weight pressure vessels market is accounted to US$ 187.0 Mn in 2018 in 2018 and is expected to grow at a CAGR of 11.4% during the forecast period 2019 – 2027, to account to US$ 486.5 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Under the type segment, the 12k to 24k segment accounted for the largest share in the global carbon fiber in a lightweight pressure vessels market. A tow size is used to indicate the untwisted bundle of continuous filaments. In carbon fiber tow, the K number indicates thousands of filaments per tow. For instance, 12k to 24k indicates 12,000 filaments/tow to 24,000 filaments/tow. Some factories use the 12K to 24K for cost reduction as this range of fabric is cheaper than those compared to others. The 12K to 24K needs only one layer as compared to others that require three layers and hence proves to be cheaper and involves less work. On the other hand, the robust and huge pattern of 12K hampers its applications. The 12K to 24K are also heavier as the weave is larger and is also stiffer. The 12k to 24k carbon fibers are used in military and industrial robotics and also in scientific equipment. A couple of layers of these tow size carbon fibers can be used in critical high-stress areas, and the chain stays.
North America is estimated to emerge as one of the fastest-growing regions for natural gas vehicles. Manufacturers are planning to capitalize more on low-cost local natural gas and government are prioritizing more on the reduction of environmental emissions and reducing dependence on imported oil. Currently, the U.S. is the largest market for natural gas vehicles and expected to grow at a higher rate than other markets like Canada and Mexico. These growing production scenarios of natural gas vehicles will lead to increasing demands of carbon fibers in lightweight pressure vessels. Many leading manufacturers of carbon fiber-based pressure vessels are situated in North America who are continuously involved in meeting the growing demands of customers. The growing demands of carbon fibers from the industrial and automotive industries are expected to be one of the key opportunities in North America.
The market for global carbon fiber in light weight pressure vessels is concentrated with some very well-established players. Some of the key players in the global carbon fiber in light weight pressure vessels market include HYOSUNG CORPORATION, Solvay, Formosa Plastics Corporation, Toray Industries, Inc., Teijin Limited, SGL Carbon, Mitsubishi Chemical Corporation, Kureha Corporation, Hexcel Corporation, Dowaksa among others.
Global Carbon Fiber in Light Weight Pressure Vessels Market - By Region Breakdown, 2018