The latest research study "Pressure Vessel Composite Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that 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 represent containers made of composite materials, such as carbon fiber and epoxy resin that are used to store compressed natural gas (CNG), liquid propane gas (LPG), renewable natural gas (RNG), hydrogen gas (H2), etc. They are cost-effective and lightweight while having a long shelf life as compared to their steel-based counterparts. Pressure vessels offer a high strength-to-weight ratio as well as corrosion resistance and can be customized to meet specific design requirements. In line with this, they provide optimal strength and durability to withstand harsh environmental conditions. Consequently, pressure vessel composite materials find extensive applications in various industries, including automotive, aircraft and military, aerospace, marine, etc., across the globe.
Request a free sample brochure: https://www.imarcgroup.com/pressure-vessel-composite-materials-market/requestsample
Pressure Vessel Composite Materials Market Trends and Drivers:
The increasing consumer awareness towards environment-friendly and fuel-efficient transportation solutions is primarily driving the pressure vessel composite materials market. Additionally, the widespread adoption of hydrogen and compressed natural gas (CNG) vehicles and the escalating demand for boilers in energy generation procedures are further catalyzing the market growth. Besides this, the growing utilization of pressure vessels to conduct physical and chemical processes under high temperature and pressure is acting as another significant growth-inducing factor. Moreover, the rising investments in R&D activities to introduce customized pressure vessels and the elevating popularity of these containers to store and transport several chemicals are also positively influencing the global market. Apart from this, the development of supercritical power generation technologies and the expanding petrochemical industry are anticipated to fuel the pressure vessel composite materials market over the forecasted period.
Pressure Vessel Composite Materials Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.).
The report has segmented the market on the basis of 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
Click here to view detailed information with table of content: https://www.imarcgroup.com/pressure-vessel-composite-materials-market
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
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter's Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Contact Us:
IMARC Services Private Limited.
30 N Gould St Ste R
Sheridan, WY 82801 USA - Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800