The global pressure vessel composite materials market size reached US$ 454.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 623.4 Million by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
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.
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 materialsmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on material, application and end user.
Breakup by Material:
Breakup by Application:
Breakup by End User:
Aircraft and Military
Breakup by Region:
Middle East and Africa
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.).
Base Year of the Analysis
Material, Application, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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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Key Questions Answered in This Report
The global pressure vessel composite materials market was valued at US$ 454.7 Million in 2022.
We expect the global pressure vessel composite materials market to exhibit a CAGR of 5.2% during 2023-2028.
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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