Global Pressure Vessel Composite Materials Industry: Key Statistics and Insights in 2024-2032
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 industry 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 demand for lightweight materials in transportation and aerospace is rising. This surge is boosting the need for composite materials in pressure vessels. Composites, like carbon fiber-reinforced polymers, are strong yet light. They help reduce the weight of vehicles and aircraft. Lighter vehicles and planes use less fuel, perform better, and emit less. This is crucial for meeting strict environmental rules. Using lightweight composites in pressure vessels also allows for more cargo, longer trips, and savings in fuel and upkeep. As a result, the market for these materials is growing in sectors that need strong, durable, and lightweight solutions.
- Growing Adoption for Hydrogen Fuel Storage:
The pressure vessel market for composite materials is growing due to hydrogen fuel technology. This technology is gaining popularity for its zero emissions, especially in automotive, aerospace, and energy sectors. Storing hydrogen needs strong, lightweight vessels to contain gas at high pressures. Composite materials are perfect for this. Carbon fiber composites are ideal for hydrogen tanks. They resist fatigue and corrosion and tolerate high pressure. The growth of hydrogen infrastructure and government support for clean energy is boosting the market.
- Increasing Utilization in the Oil and Gas Industry:
In the oil and gas sector, composite materials are now preferred for high-pressure tasks, such as storing and transporting compressed natural gas (CNG). Unlike metal vessels, which corrode and require much maintenance, composites are more durable, corrosion-resistant, and lighter. This makes handling natural gas more efficient on land and at sea, while also extending the life of pressure vessels. Furthermore, the increasing energy demand and the push to explore natural gas resources are boosting market prospects.
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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.).
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