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Pressure Vessel Composite Materials Market in Asia-Pacific is likely to grow with a prominent CAGR up to 2023
Pressure Vessel Composite Materials Market
The hydrogen vehicle segment is projected to witness the highest growth rate during the forecast period, owing to the establishment of several chemical companies in the Middle East. At present, the count for hydrogen fuel vehicles globally is approximately 15,000, and the number is expected to rise in the coming decade due to their availability and renewable properties. In addition, these vehicles are more fuel efficient than diesel or other gas engine vehicles.
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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.
The other applications of pressure vessel are diving cylinders, distillation towers, recompression chambers, autoclaves, pressure reactors, nuclear reactor vessels, vessels in oil refineries & petrochemical plants, submarine & space ship habitats, hydraulic reservoirs, pneumatic reservoirs, storage vessels for LPG, fuel containers in automobiles, and others. The market for pressure vessel composite materials is driven by the increase in the number of natural gas vehicle (NGV) vehicles globally. In addition, low-cost natural gases are preferred in the Asia-Pacific and LAMEA regions, owing to increase in the average prices of fuels over the last one decade.
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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