Global Pressure Vessel Composite Materials Market Statistics: USD 721.3 Million Value by 2032
Pressure Vessel Composite Materials Industry
Summary:
- The global pressure vessel composite materials market size reached USD 478.3 Million in 2023.
- The market is expected to reach USD 721.3 Million by 2032, exhibiting a growth rate (CAGR) of 4.53% during 2024-2032.
- Asia Pacific leads the market, accounting for the largest pressure vessel composite materials market share.
- Epoxy resin accounts for the majority of the market share in the material segment as it is highly valued for its strong adhesion, chemical resistance, and durability.
- CNG vehicle holds the largest share in the pressure vessel composite materials industry.
- Automotive remains a dominant segment in the market due to the increasing production of vehicles.
- The lightweight advantage in transportation and aerospace is a primary driver of the pressure vessel composite materials market.
- The rising utilization in the oil and gas industry and the increasing adoption for hydrogen fuel storage are reshaping the pressure vessel composite materials market.
Industry Trends and Drivers:
- Lightweight Advantage in Transportation and Aerospace:
The growing demand for lightweight materials in transportation and aerospace industries is catalyzing the demand for pressure vessel composite materials. Composites, such as carbon fiber-reinforced polymers, offer high strength-to-weight ratios, making them ideal for reducing the overall weight of vehicles and aircraft. This reduction in weight translates to enhanced fuel efficiency, improved performance, and lower emissions, which are critical in sectors striving to meet stringent environmental regulations. The use of lightweight composite materials in pressure vessels also contributes to increased payload capacity, longer range, and cost savings in both fuel and maintenance. The increasing adoption of composite pressure vessels in industries that require high-performance, durable, and lightweight solutions is propelling the market growth.
- Growing Adoption for Hydrogen Fuel Storage:
The pressure vessel composite materials market is seeing substantial growth due to the increasing adoption of hydrogen fuel technology. As the world transitions to cleaner energy sources, hydrogen fuel is gaining prominence for its zero-emission characteristics, particularly in automotive, aerospace, and energy sectors. Storing hydrogen requires durable and lightweight pressure vessels that can safely contain gas at high pressures, and composite materials provide the ideal balance of strength and weight for this purpose. Carbon fiber-reinforced composites are particularly suited for hydrogen storage tanks due to their resistance to fatigue, corrosion, and high-pressure tolerance. The expanding hydrogen infrastructure, coupled with government incentives and investments in clean energy, is supporting the market growth.
- Increasing Utilization in the Oil and Gas Industry:
In the oil and gas industry, composite materials are becoming a preferred choice for high-pressure applications, such as compressed natural gas (CNG) storage and transportation. Traditional metal vessels are prone to corrosion and require significant maintenance in harsh environments, whereas composite materials offer better durability, corrosion resistance, and reduced weight. These features allow for more efficient handling of natural gas in both onshore and offshore operations, while also extending the lifespan of pressure vessels used in these sectors. Apart from this, the growing demand for energy, along with the increasing exploration of natural gas resources, is offering a favorable market outlook.
Request for a sample copy of this report: https://www.imarcgroup.com/pressure-vessel-composite-materials-market/requestsample
Pressure Vessel Composite Materials Market Report Segmentation:
Breakup By Material:
- Epoxy Resin
- Glass Fiber
- Carbon Fiber
Epoxy resin accounts for the majority of shares as it is highly valued for its strong adhesion, chemical resistance, and durability.
Breakup By Application:
- CNG Vehicle
- Hydrogen Vehicle
- Gas Storage
CNG vehicle dominates the market on account of the rising demand for alternative fuel vehicles that reduce emissions.
Breakup By End User:
- Automotive
- Aircraft and Military
- Aerospace
- Marine
- Others
Automotive represents the majority of shares due to the increasing production of vehicles.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position owing to a large market for pressure vessel composite materials driven by the expanding energy sector.
Top Pressure Vessel Composite Materials Market Leaders:
The pressure vessel composite materials market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:
- Huntsman Corporation
- IHI Corporation (Dai-ichi Life Insurance Company Limited)
- Larsen & Toubro Ltd
- Nippon Steel Corporation
- Olin Corporation
- Pentair plc
- Solvay S.A.
- Steelhead Composites Inc.
- ZOLTEK Corporation (Toray Industries Inc.).
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: [email protected]
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
Comments