The pressure vessel composite materials market size is expected to grow from US$ 1,062.63 million in 2022 to US$ 3,224.09 million by 2028; it is estimated to register a CAGR of 20.3% from 2022 to 2028.
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.
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Pressure Vessel Composite Materials Market: Strategic Insights
Market Size Value in US$ 1,062.63 Million in 2022 Market Size Value by US$ 3,224.09 Million by 2028 Growth rate CAGR of 20.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Pressure Vessel Composite Materials Market: Strategic Insights
| Market Size Value in | US$ 1,062.63 Million in 2022 |
| Market Size Value by | US$ 3,224.09 Million by 2028 |
| Growth rate | CAGR of 20.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Pressure Vessel Composite Materials 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.
Global Pressure Vessel Composite Materials Market Breakdown – by Region
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Market Insights
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Increasing Demand for Pressure Vessels from Various End-Use Industries
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.
Material Insights
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.
Pressure Vessel Composite Materials Market, by Material – 2021 and 2028
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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.
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Report Spotlights
- Progressive industry trends in the pressure vessel composite materials market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing countries
- Quantitative analysis of the pressure vessel composite materials market from 2020 to 2028
- Estimation of global demand for pressure vessel composite materials
- PEST analysis to illustrate the political, economic, social, and technological factors impacting the global pressure vessel composite materials market growth.
- Recent developments to understand the competitive market scenario
- Market trends and outlook, as well as factors driving and restraining the growth of the pressure vessel composite materials market
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Pressure vessel composite materials market size at various nodes
- Detailed overview and segmentation of the market, as well as the pressure vessel composite materials’ industry dynamics
- Size of the pressure vessel composite materials market in various regions with promising growth opportunities
Company Profiles
- 3M Co
- BASF SE
- Huntsman Corporation
- Kolon Industries Inc
- Mitsubishi Chemical Holdings Corp
- Solvay SA
- ZOLTEK Corp
- Steelhead Composites Inc
- Hexion Inc
- Olin Corp
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
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.
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 List of Companies - Pressure Vessel Composite Materials Market
- 3M Co
- BASF SE
- Huntsman Corporation
- Kolon Industries Inc
- Mitsubishi Chemical Holdings Corp
- Solvay SA
- ZOLTEK Corp
- Steelhead Composites Inc
- Hexion Inc
- Olin Corp
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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