Pressure Vessel Composite Materials Market - Forecast(2021 - 2026)
Pressure Vessel Composite Materials Market size is forecast to reach $1,602.28 million by 2025, after growing at a CAGR of 24.65% during 2020-2025. A pressure vessel is used as a compressed air receiver and a domestic hot water storage tank in various vehicles. Due to the high strength-to-weight ratio, the market for composites has increased in the manufacture of pressure vessels. Composites not only improve performance but also give significant material savings owing to which it has application in a number of sectors such as oil refineries, nuclear plants, gas storage, automotive, aerospace, and others; leading to drive the growth of the Pressure Vessel Composite Materials industry in the forecast period.
Report Coverage
The: “Pressure Vessel Composite Materials Market Report – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Pressure Vessel Composite Materials Industry.
By Type: Epoxy Resins, Fiber, and Others
By Application: CNG Vehicles, Hydrogen Vehicles, Gas Storage, and Others
By End Use: Aircraft & Military, Aerospace, Automotive, Marine, and Others
By Geography: North America, Asia Pacific, Europe, Middle East & Africa, and South America.
Key Takeaways
- APAC dominates the Pressure Vessel Composite Materials due to the increasing production of Composite Pressure Vessel for use in automotive.
- Increasing use pressure vessel composite material due to its superior properties such as light weight, corrosion resistance, high stiffness, high strength, and longer life cycles compared to other materials such as aluminum, steel, and others, carbon fibers will anticipate boosting the market in the forecast era.
- With the World Health Organization declaring the COVID-19 outbreak a pandemic, the automotive industry is being significantly affected as most of the countries have issued “stay at home guidance” i.e., lockdown due to which manufacturing plants are being shuttered around the world. This factor is limiting pressure vessel composite materials market growth in the current situation.
By Type - Segment Analysis
Epoxy Resin is extensively used in Pressure Vessel Composite Materials Market for the production of Pressure Vessels. As for the class of vessel, plastic-lined composite tanks are expected to see the fastest growth over the next five years and so is the market for epoxy resins in this category of vessel. Plastic-lined composite tanks tank uses more carbon epoxy composites and provides maximum weight savings compared to other types of pressure vessels. Plastic-lined composite tank Form is increasingly penetrating particularly in mass transit buses and medium & heavy commercial vehicles. Lower fuel density and lower mass of these vessels allow for greater range and fuel efficiency for medium & heavy-duty commercial vehicles, longer operating times between refueling stops, and reduced maintenance costs.
Application - Segment Analysis
CNG Vehicles held the largest share in the Pressure Vessel Composite Materials Market in 2019. The outer shells of the pressure vessel are made up of a conventional metal alloy which is used to store fuel in a car, truck, or bus equivalent to a gas tank for a combustion engine, or for applications for bulk storage. Composite CNG pressure vessel has much safer burst behavior for passenger vehicles as opposed to metallic CNG. The lining used for CNG pressure vessels is made from HDPE, and carbon fibers are used to wind the vessel filament and can be used in place of gasoline, diesel fuel, and liquefied petroleum gas (LPG). CNG combustion produces fewer undesirable gases than gasoline, diesel fuel, and liquefied petroleum gas mentioned fuels. Natural gas poses less of a threat in the event of a spill compared to other liquids, as it is lighter than air and disperses quickly when released. CNG vehicles have a very high-octane rating which enables them to run smoother.
End Use - Segment Analysis
Automotive Sector held the largest share in the Pressure Vessel Composite Materials Market in 2019 and is projected to grow at a CAGR of 15.62% during the forecast period 2020-2025. Pressure vessel systems gain more and more important especially for automotive applications due to low weight, competitive price range, and safe operation implementation. The global shift towards the use of automobiles driven by fuels other than oil, such as natural gas and hydrogen, has sparked significant growth in pressure vessel Composite Materials manufacturing. A composite material in automotive manufacturing has major advantages over steel. Composites are seen as making cars lighter, safer and more fuel-efficient. According to Oak Ridge National Laboratory (ORNL), Carbon fiber composites weigh around one-fifth as much as steel, but in terms of stiffness and strength, they are as good or better. They also do not rust or corrode like steel or aluminum and by reduces the vehicle weight by as much as 60 percent, they may significantly increase vehicle fuel economy is anticipated to boost the growth of the global sebacic acid market over the forecast period.
Geography- Segment Analysis
Asia Pacific held the largest share with 38.96% in Pressure Vessel Composite Materials Market due to the increasing use of pressure vessels in the automotive industry. Also, increasing the use of pressure vessels in the automobile sector due to its easy availability globally and reduced cost is boosting the market growth. The use of Natural gas vehicles instead of fuel vehicles is also driving the demand for Composite Pressure Vessel in the Asia Pacific region. China and India dominate the global pressure vessel composite materials market due to the rising number of automobile manufacturers in the APAC region. According to the International Trade Administration, China is the largest vehicle market in the world, with the Chinese government expecting car production to reach 30 million units by 2020, and 35 million by 2025. According to the China Association of automobile manufacturers, in 2018, over 27 million vehicles were sold.
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