Pressure Vessel Composite Materials Market
Pressure Vessel Composite Materials Market Forecasts to 2030 - Global Analysis By Material (Carbon Fiber Reinforced Polymer (CFRP), Glass Fiber Reinforced Polymer (GFRP), Aramid Fiber Reinforced Polymer (AFRP) and Other Materials), Resin Type, Matrix Type, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $53.49 BN |
|
Projected Year Value (2030) |
US $83.13 BN |
|
CAGR (2023 - 2030) |
6.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Pressure Vessel Composite Materials Market is accounted for $53.49 billion in 2023 and is expected to reach $83.13 billion by 2030 growing at a CAGR of 6.5% during the forecast period. Pressure vessel composite materials play a pivotal role in modern engineering by providing lightweight yet durable solutions for containing high-pressure substances. Their significance lies in enhancing structural integrity, minimizing weight, and resisting corrosion, crucial for applications in aerospace, oil and gas, and renewable energy. These advanced materials contribute to improved fuel efficiency, reduced environmental impact, and increased safety standards.
According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at US$ 5.7 trillion in 2019, which was equivalent to a 7% share in the global GDP.
Market Dynamics:
Driver:
Growing end-use industries
End-use industries such as aerospace, automotive, and energy demand lightweight, high-strength materials for applications like fuel storage, transportation, and renewable energy. Composite materials offer advantages such as corrosion resistance, durability, and reduced maintenance costs, driving their adoption in pressure vessel manufacturing. Additionally, advancements in composite technology, including improved manufacturing processes and material formulations, further stimulate market growth.
Restraint:
Limited standardization
Limited standardization in pressure vessel composite materials arises due to the diverse applications and complex performance requirements across industries. Unlike traditional materials, composites offer a wide range of customization options, making it challenging to establish universal standards. This lack of standardization hampers market growth by impeding interoperability, increasing development costs, and hindering regulatory compliance.
Opportunity:
Escalating technological advancements
Escalating technological advancements in pressure vessel composite materials enhances material performance, manufacturing efficiency, and product innovation. Advances such as nanotechnology, additive manufacturing, and novel resin systems enable the development of composite materials with superior strength, durability, and lightweight properties. Additionally, technological progress facilitates cost reduction, scalability, and environmental sustainability, making composite materials increasingly competitive compared to traditional alternatives, thus stimulating further market growth and adoption.
Threat:
High initial costs
Pressure vessel composite materials incur high initial costs primarily due to the expenses associated with advanced raw materials, specialized manufacturing processes, and stringent quality control measures. Additionally, the need for research and development to optimize composite formulations and manufacturing techniques contributes to the initial investment. These high costs hinder market growth by limiting affordability and competitiveness compared to traditional materials.
Covid-19 Impact
The covid-19 pandemic initially disrupted the pressure vessel composite materials market due to supply chain disruptions, reduced industrial activities, and project delays in sectors like aerospace and automotive. However, as economies gradually reopened and industries resumed operations, the market witnessed recovery driven by increasing investments in renewable energy projects, particularly in wind and solar power. The pandemic also highlighted the importance of lightweight, durable materials like composites for applications such as medical oxygen storage, driving further demand.
The epoxy segment is expected to be the largest during the forecast period
The epoxy segment is estimated to have a lucrative growth, due to its excellent mechanical properties, chemical resistance, and adhesion characteristics. It offers high strength-to-weight ratios, making it ideal for applications requiring lightweight yet durable pressure vessels. Epoxy resin systems also provide versatility in fabrication processes, allowing for complex shapes and designs. Overall, these characteristics make epoxy resin an ideal choice for pressure vessel applications, ensuring durability, safety, and efficiency.
The storage vessels segment is expected to have the highest CAGR during the forecast period
The storage vessels segment is anticipated to witness the highest CAGR growth during the forecast period, due to their unique properties. These materials offer lightweight yet robust solutions for storing various substances, including gases, liquids, and chemicals. Composite storage vessels are corrosion-resistant, ensuring long-term durability and minimizing maintenance requirements. Additionally, their high strength-to-weight ratio allows for greater storage capacity without compromising structural integrity.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to rapid industrialization, infrastructural development, and increasing investments in renewable energy projects. Countries like China, India, Japan, and South Korea are leading contributors to market expansion due to their expanding aerospace, automotive, and energy sectors. Additionally, supportive government initiatives promoting the adoption of lightweight and high-performance materials further propel market growth.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. Europe is experiencing steady growth attributed to the region's emphasis on sustainability, stringent regulations, and growing demand from end-use industries such as automotive, aerospace, and energy. European countries like Germany, France, and the United Kingdom are key players in the market, driven by their advanced manufacturing capabilities and investments in research and development. Additionally, increasing focus on reducing carbon emissions and promoting renewable energy sources further fuels the adoption of composite materials in pressure vessel applications.
Key players in the market
Some of the key players profiled in the Pressure Vessel Composite Materials Market include Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction, The 3M Company, BASF SE, Huntsman Corporation, Kolon Industries Inc, Mitsubishi Chemical Holdings Corporation, Solvay SA, Zoltek Corporation, Steelhead Composites Inc, Hexion Inc, Olin Corporation, Larsen & Toubro Limited, Samuel CNG Pressure Vessel Group, IHI Corporation, General Electric and Westinghouse Electric Company LLC.
Key Developments:
In August 2018, The Institute for Advanced Composites Manufacturing Innovation (IACMI) announced a project to develop Smart Composite Pressure Vessels (SCPV) with integrated health monitoring. The project is led by Steelhead Composites LLC, with the project team including Teijin Carbon, Oak Ridge National Laboratory and the University of Tennessee. Steelhead Composites will utilize ORNL’s composite processing experience to optimize monitoring procedures in the vessel assembly. This validated technology can then be used to lower the cost of adopting composite pressure vessels in fuel cell cars and other applications in transportation markets.
Materials Covered:
• Carbon Fiber Reinforced Polymer (CFRP)
• Glass Fiber Reinforced Polymer (GFRP)
• Aramid Fiber Reinforced Polymer (AFRP)
• Other Materials
Resin Types Covered:
• Epoxy
• Polyester
• Vinyl Ester
• Phenolic
• Polyurethane
• Other Resin Types
Matrix Types Covered:
• Polymer Matrix Composites (PMC)
• Metal Matrix Composites (MMC)
• Ceramic Matrix Composites (CMC)
Applications Covered:
• Storage Vessels
• Transportation Vessels
• Process Vessels
• Other Applications
End Users Covered:
• Oil & Gas Industry
• Chemical Industry
• Aerospace Industry
• Automotive Industry
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Pressure Vessel Composite Materials Market, By Material
5.1 Introduction
5.2 Carbon Fiber Reinforced Polymer (CFRP)
5.3 Glass Fiber Reinforced Polymer (GFRP)
5.4 Aramid Fiber Reinforced Polymer (AFRP)
5.5 Other Materials
6 Global Pressure Vessel Composite Materials Market, By Resin Type
6.1 Introduction
6.2 Epoxy
6.3 Polyester
6.4 Vinyl Ester
6.5 Phenolic
6.6 Polyurethane
6.7 Other Resin Types
7 Global Pressure Vessel Composite Materials Market, By Matrix Type
7.1 Introduction
7.2 Polymer Matrix Composites (PMC)
7.3 Metal Matrix Composites (MMC)
7.4 Ceramic Matrix Composites (CMC)
8 Global Pressure Vessel Composite Materials Market, By Application
8.1 Introduction
8.2 Storage Vessels
8.3 Transportation Vessels
8.4 Process Vessels
8.5 Other Applications
9 Global Pressure Vessel Composite Materials Market, By End User
9.1 Introduction
9.2 Oil & Gas Industry
9.3 Chemical Industry
9.4 Aerospace Industry
9.5 Automotive Industry
9.6 Other End Users
10 Global Pressure Vessel Composite Materials Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Bharat Heavy Electricals Limited
12.2 Doosan Heavy Industries & Construction
12.3 The 3M Company
12.4 BASF SE
12.5 Huntsman Corporation
12.6 Kolon Industries Inc
12.7 Mitsubishi Chemical Holdings Corporation
12.8 Solvay SA
12.9 Zoltek Corporation
12.10 Steelhead Composites Inc
12.11 Hexion Inc
12.12 Olin Corporation
12.13 Larsen & Toubro Limited
12.14 Samuel CNG Pressure Vessel Group
12.15 IHI Corporation
12.16 General Electric
12.17 Westinghouse Electric Company LLC
List of Tables
1 Global Pressure Vessel Composite Materials Market Outlook, By Region (2021-2030) ($MN)
2 Global Pressure Vessel Composite Materials Market Outlook, By Material (2021-2030) ($MN)
3 Global Pressure Vessel Composite Materials Market Outlook, By Carbon Fiber Reinforced Polymer (CFRP) (2021-2030) ($MN)
4 Global Pressure Vessel Composite Materials Market Outlook, By Glass Fiber Reinforced Polymer (GFRP) (2021-2030) ($MN)
5 Global Pressure Vessel Composite Materials Market Outlook, By Aramid Fiber Reinforced Polymer (AFRP) (2021-2030) ($MN)
6 Global Pressure Vessel Composite Materials Market Outlook, By Other Materials (2021-2030) ($MN)
7 Global Pressure Vessel Composite Materials Market Outlook, By Resin Type (2021-2030) ($MN)
8 Global Pressure Vessel Composite Materials Market Outlook, By Epoxy (2021-2030) ($MN)
9 Global Pressure Vessel Composite Materials Market Outlook, By Polyester (2021-2030) ($MN)
10 Global Pressure Vessel Composite Materials Market Outlook, By Vinyl Ester (2021-2030) ($MN)
11 Global Pressure Vessel Composite Materials Market Outlook, By Phenolic (2021-2030) ($MN)
12 Global Pressure Vessel Composite Materials Market Outlook, By Polyurethane (2021-2030) ($MN)
13 Global Pressure Vessel Composite Materials Market Outlook, By Other Resin Types (2021-2030) ($MN)
14 Global Pressure Vessel Composite Materials Market Outlook, By Matrix Type (2021-2030) ($MN)
15 Global Pressure Vessel Composite Materials Market Outlook, By Polymer Matrix Composites (PMC) (2021-2030) ($MN)
16 Global Pressure Vessel Composite Materials Market Outlook, By Metal Matrix Composites (MMC) (2021-2030) ($MN)
17 Global Pressure Vessel Composite Materials Market Outlook, By Ceramic Matrix Composites (CMC) (2021-2030) ($MN)
18 Global Pressure Vessel Composite Materials Market Outlook, By Application (2021-2030) ($MN)
19 Global Pressure Vessel Composite Materials Market Outlook, By Storage Vessels (2021-2030) ($MN)
20 Global Pressure Vessel Composite Materials Market Outlook, By Transportation Vessels (2021-2030) ($MN)
21 Global Pressure Vessel Composite Materials Market Outlook, By Process Vessels (2021-2030) ($MN)
22 Global Pressure Vessel Composite Materials Market Outlook, By Other Applications (2021-2030) ($MN)
23 Global Pressure Vessel Composite Materials Market Outlook, By End User (2021-2030) ($MN)
24 Global Pressure Vessel Composite Materials Market Outlook, By Oil & Gas Industry (2021-2030) ($MN)
25 Global Pressure Vessel Composite Materials Market Outlook, By Chemical Industry (2021-2030) ($MN)
26 Global Pressure Vessel Composite Materials Market Outlook, By Aerospace Industry (2021-2030) ($MN)
27 Global Pressure Vessel Composite Materials Market Outlook, By Automotive Industry (2021-2030) ($MN)
28 Global Pressure Vessel Composite Materials Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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