Pressure Vessel Composite Materials Market Report by Material (Epoxy Resin, Glass Fiber, Carbon Fiber), Application (CNG Vehicle, Hydrogen Vehicle, Gas Storage), End User (Automotive, Aircraft and Military, Aerospace, Marine, and Others), and Region 2024-2032

Pressure Vessel Composite Materials Market Report by Material (Epoxy Resin, Glass Fiber, Carbon Fiber), Application (CNG Vehicle, Hydrogen Vehicle, Gas Storage), End User (Automotive, Aircraft and Military, Aerospace, Marine, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A6346
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Market Overview: 

The global pressure vessel composite materials market size reached US$ 478.3 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 721.3 Million by 2032, exhibiting a growth rate (CAGR) of 4.53% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 478.3 Million
Market Forecast in 2032
US$ 721.3 Million
Market Growth Rate 2024-2032 4.53%


Pressure vessels are containers made of composite materials, such as carbon fiber and epoxy resin, which are used to store liquid propane gas (LPG), compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen gas (H2). They are lightweight and cost-effective while having a long shelf life compared to their steel-based counterparts. They offer a high strength-to-weight ratio, corrosion resistance, and can be customized to meet specific design requirements. They also provide high strength and durability to withstand harsh environmental conditions. As there is a rise in the utilization of hydrogen and compressed natural gas (CNG) vehicles, the demand for pressure vessel composite materials is rising worldwide.

Global Pressure Vessel Composite Materials Market

Pressure Vessel Composite Materials Market Trends:

The growing awareness among the masses about environment-friendly and fuel-efficient transportation solutions around the world represents one of the key factors driving the market. Besides this, there is an increase in the demand for lightweight and high-performance pressure vessels in the aerospace industry. This, along with the growing demand for boilers in various energy generation procedures, is offering a positive market outlook. Moreover, the rising utilization of pressure vessels in the oil and gas industry to conduct physical and chemical processes under high temperatures and pressure is contributing to the growth of the market. In addition, the increasing employment of pressure vessels in the chemical industry to store and transport various chemicals is offering lucrative growth opportunities to industry investors. Apart from this, key market players are extensively investing in research and development (R&D) activities to introduce customized pressure vessels, which is positively influencing the market. Additionally, there is a rise in the adoption of supercritical power generation technologies across the globe. This, coupled with the burgeoning petrochemical industry, is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global pressure vessel composite materials market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on material, application and end user.

Breakup by Material:

  • Epoxy Resin
  • Glass Fiber
  • Carbon Fiber
     

Breakup by Application:

  • CNG Vehicle
  • Hydrogen Vehicle
  • Gas Storage
     

Breakup by End User:

  • Automotive
  • Aircraft and Military
  • Aerospace
  • Marine
  • Others
     

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


Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and ZOLTEK Corporation (Toray Industries Inc.).

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Material, Application, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global pressure vessel composite materials market was valued at US$ 478.3 Million in 2023.

We expect the global pressure vessel composite materials market to exhibit a CAGR of 4.53% during 2024-2032.

The rising demand for pressure vessel composite materials in hydrogen and Compressed Natural Gas (CNG) vehicles, as they provide high strength and durability to withstand harsh environmental conditions, is primarily driving the global pressure vessel composite materials market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for pressure vessel composite materials.

Based on the material, the global pressure vessel composite materials market can be segmented into epoxy resin, glass fiber, and carbon fiber. Currently, epoxy resin holds the majority of the total market share.

Based on the application, the global pressure vessel composite materials market has been divided into CNG vehicle, hydrogen vehicle, and gas storage. Among these, CNG vehicle currently exhibits a clear dominance in the market.

Based on the end user, the global pressure vessel composite materials market can be categorized into automotive, aircraft and military, aerospace, marine, and others. Currently, the automotive sector accounts for the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global pressure vessel composite materials market include 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., and ZOLTEK Corporation (Toray Industries Inc.).

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Pressure Vessel Composite Materials Market Report by Material (Epoxy Resin, Glass Fiber, Carbon Fiber), Application (CNG Vehicle, Hydrogen Vehicle, Gas Storage), End User (Automotive, Aircraft and Military, Aerospace, Marine, and Others), and Region 2024-2032
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