The Market of Epoxy Resin in Pressure Vessels for Alternative Fuels to grow beyond US$ 38.3 million by 2022

The new report of Stratview Research analyses the Epoxy Resin Market in Pressure Vessels for Alternative Fuels over the trend period from 2011 to 2016 and forecast period from 2017 to 2022. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.

Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
• Strategic segmentation
• Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Detailed Competitive Rivalry landscaping
• Market trend and forecast analysis
• Future Growth Boulevards

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The Global Epoxy Resin Market in Pressure Vessels for Alternative Fuels: The Growth Prognosis & its Drivers
Pressure vessels represent one of the fastest-growing markets for epoxy resin in the composites industry. Global epoxy resin market in pressure vessels for alternative fuels is projected to grow at a double-digit CAGR of 12.2% over the next five years to reach US$ 38.3 million in 2022, driven by increasing demand for alternative fuel based vehicles owing to stringent government regulations and lower price of natural gas as compared to gasoline and shift from type I vessel to type II, III, and IV vessels to make the vehicle lightweight for greater fuel efficiency and reduced carbon emissions.

Market Segments
Based on vessel type, type IV tank is likely to witness the highest growth over the next five years and so is the demand for epoxy resins in this vessel type. Type IV tank incorporates a greater amount of carbon epoxy composites and offers maximum weight saving as compared to other pressure vessel types. There is an increasing penetration of type IV tanks particularly in mass transit buses and medium & heavy duty commercial vehicles. For medium & heavy duty commercial vehicles, higher fuel density and lower mass of these vessels permit greater range and fuel efficiency, increased the operational interval between refueling stops, and reduced maintenance cost.

Based on application type, CNG vehicles alone accounted for more than 90% of the epoxy resin market in the pressure vessels for alternative fuels and is expected to remain the largest application type over the next five years as well. Hydrogen fuel based vehicles currently generate negligible demand for pressure vessels and hence, the epoxy resin, but it is plausible that there would be a healthy production of hydrogen fuel based vehicles in the coming years as more than ten automakers have already released FCV demonstrators and test fleets.

Europe is projected to remain the largest market for epoxy resins in pressure vessels for alternative fuels over the next five years, driven by an increased demand for alternative fuel vehicles using composite pressure vessels. This region is also likely to remain the fastest growing market during the same period as major European automakers are launching new auto models with powertrains dependent on compressed natural gas to leverage the abundant shale gas resources. A majority of them are using lightweight tanks with the purpose of reducing vehicle's weight to achieve European carbon emission standards.

Market Players
The global epoxy resin market in pressure vessels is highly consolidated with the presence of a few major global players. Huntsman Corporation, Hexion Inc, Olin Corporation, Nan Ya Plastics, and The 3M Company are the major epoxy resin suppliers to the pressure vessel manufacturers worldwide. New product development and collaboration with pressure vessel manufacturers are some of the key strategies adopted by epoxy resin manufacturers to gain a competitive edge in the market.

Comprehensive Market Coverage
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This release was published on openPR.