Pressure Vessel Composite Materials Market Share and Forecast by 2028

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2028

Pressure Vessel Composite Materials Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Resin, Fiber, and Others) and End User (CNG Vehicles, Hydrogen Vehicle, Gas Transport, and Others)

  • Report Date : Dec 2022
  • Report Code : TIPRE00003577
  • Category : Chemicals and Materials
  • Status : Published
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 152

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

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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.

Market Insights

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.

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.

Pressure Vessel Composite Materials Market Regional Insights

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.

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Pressure Vessel Composite Materials Market Report Scope

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
  • Resin
  • Fiber
By End User
  • CNG Vehicles
  • Hydrogen Vehicle
  • Gas Transport
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • 3M Co
  • BASF SE
  • Huntsman Corporation
  • Kolon Industries Inc
  • Mitsubishi Chemical Holdings Corp
  • Solvay SA
  • ZOLTEK Corp
  • Steelhead Composites Inc
  • Hexion Inc

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

    The 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.

    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:

    1. 3M Co
    2. BASF SE
    3. Huntsman Corporation
    4. Kolon Industries Inc
    5. Mitsubishi Chemical Holdings Corp

    Disclaimer: The companies listed above are not ranked in any particular order.


    pressure-vessel-composite-materials-market-cagr

    • Get the Pressure Vessel Composite Materials Market top key players overview

    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

    Frequently Asked Questions

    What are the opportunities for pressure vessel composite materials in the global market?

    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.

    Can you list some of the major players operating in the global 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.

    What are the key drivers for the growth of the global pressure vessel composite materials market?

    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, which is the fastest-growing segment in 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, why does the resin segment have the largest revenue share?

    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.

    What is the largest region within the global pressure vessel composite materials market?

    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.

    Habi Ummer
    Habi Ummer
    Manager,
    Market Research & Consulting

    Habi is a seasoned Market Research Analyst with 8 years of experience specializing in the Chemicals and Materials sector, with additional expertise in the Food & Beverages and Consumer Goods industries. He is a Chemical Engineer from Vishwakarma Institute of Technology (VIT) and has developed deep domain knowledge across industrial and specialty chemicals, paints and coatings, paper and packaging, lubricants, and consumer products. Habi’s core competencies include market sizing and forecasting, competitive benchmarking, trend analysis, client engagement, report writing, and team coordination—making him adept at delivering actionable insights and supporting strategic decision-making.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List of Companies - Pressure Vessel Composite Materials Market

    1. 3M Co
    2. BASF SE
    3. Huntsman Corporation
    4. Kolon Industries Inc
    5. Mitsubishi Chemical Holdings Corp
    6. Solvay SA
    7. ZOLTEK Corp
    8. Steelhead Composites Inc
    9. Hexion Inc
    10. Olin Corp
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