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Pressure Vessel Composite Materials Market assure to touch $1,871 Million by 2023 | Hydrogen Vehicle Segment is projected to witness the highest growth rate during the forecast period

04-05-2019 02:06 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Pressure Vessel Composite Materials Market

Pressure Vessel Composite Materials Market

The Global Pressure Vessel Composite Materials market was valued at $434 million in 2016, and is expected to reach at $1,871 million by 2023, growing at a CAGR of 23.0% from 2017 to 2023, according to Allied Market Research Study. The epoxy resin accounted for the largest market share in terms of volume to the global market, accounting for more than two-fifths share in 2016.

Pressure vessels are ergonomically designed chambers that enclose gases or liquids at a pressure substantially different from the ambient pressure. These vessels consist of various shapes, the most common being cylindrical and conical for industrial applications. They form an integral part of the industrial infrastructure for safe handling of gases and liquids. These vessels are made of steel alloy, other metal alloy, and composites. Furthermore, the use of composites has increased for manufacturing these vessels, owing to enormous possibilities in design and high strength-to-weight ratio.

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The global pressure vessel composite materials market is segmented based on material, end-use industry, and geography. Based on material, it is classified into epoxy resin, carbon fiber, and glass fiber. Based on end-use industry, it is categorized into CNG vehicles, hydrogen vehicles, and gas transport. The market is analyzed based on geography into North America, Europe, Asia-Pacific, and LAMEA.

In 2016, the epoxy resin segment accounted for the highest market share in terms of volume in the global market, registering a significant CAGR of 16.6% during the forecast period. It enables improved impact-resistance, better dynamic-fatigue, and low-temperature performance of pressure vessels. In addition, epoxy offers high resistance to corrosion, provides high mechanical strength, and good adhesion to fabricate composites; thereby, boosting its high adoption in pressure vessels.

Top Investment Pocket: Pressure Vessel Composite Materials Market

China and India dominated the global pressure vessel composite materials market in 2016, owing to the surge in the number of automobile manufacturers including Toyota, BMW, Ford, and Nissan. The number of natural gas vehicles (NGVs) has increased from 1.5 million units in 2012 to 5 million units in 2016. Similarly, for India, the number for NGVs was 1.25 million units in 2012, and has reached 1.8 million units in 2016. These trends are expected to drive the growth of the global pressure vessel composite materials market.

Segment Review: Pressure Vessel Composite Materials Market

The CNG vehicle segment dominated the global market in 2016. Approximately, more than 80% of the heavy and medium trucks and transit buses use CNG-based fueling systems. Emerging economies exhibit the maximum demand for CNG pressure vessels. In 2008, around 90% of 2 million CNG vehicles were delivered to customers outside Europe and North America. Approximately 32 million CNG vehicles were delivered to customers outside North America and Europe during 2009-2013; thereby, indicating high demand for these vehicles in developing economies.

Pressure Vessel Composite Materials Market Key Findings :

• The CNG vehicle segment occupied the highest share in 2016, and is expected to grow at a CAGR of 22.9%, in terms of value, during the forecast period.
• Asia-Pacific is the leading consumer of pressure vessels composite materials, accounting for approximately three-fifths of the share of the global market in 2016, followed by LAMEA.
• The hydrogen vehicle segment is expected to register the highest CAGR of 27.5% in terms of value.
• Brazil and Argentina are the leading providers of pressure vessel composite materials to the LAMEA region.
• China is the leading market in the Asia-Pacific region, accounting for approximately three-fifths share of the global pressure vessel composite material market in 2016.

Asia-Pacific accounted for the highest market share in 2016, and is estimated to grow at a CAGR of 24.0%, owing to the presence of major automobile manufacturers in China. In addition, the demand from the natural gas vehicles is expected to drive the Asia-Pacific market.

The key players profiled in this report are Samuel Pressure Vessel Group, Doosan Heavy Industries & Construction, Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Westinghouse Electric Company LLC., General Electric, Halvorsen, IHI Corporation, and Pressure Vessels (India).

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About us

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client's insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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