Pressure Vessel Composite Materials Market Worth USD 3,539.95 million by 2027 - COVID-19 Impact and Global Analysis by The Insight Partners

The pressure vessel composite materials market was valued at US$ 758.36 million in 2019 and is projected to reach US$ 3,539.95 million by 2027; it is expected to grow at a CAGR of 21.4% from 2020 to 2027. Pressure vessel composite materials are used in pressure vessels used to store gases and liquids under high pressure. A composite material is a combination of materials that vary in composition or shape on a macro scale. These materials do not dissolve or otherwise blend entirely into each other. Composite materials help boost efficiency of applications on which it is used and can deliver a large amount of material savings.

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Major key players covered in this report

• 3M Company
• BASF SE
• Hexion Inc.
• Huntsman International LLC.
• Kolon Industries. Inc.
• Mitsubishi Chemical Corporation
• Olin Corporation
• Solvay S.A.
• Steelhead Composites, LLC.
• ZOLTEK Corporation (Toray Group

The chemicals industry is growing across the world due to the increasing consumption of goods such as fertilizers and other agrochemical products, coatings and adsorbents, LED lightings, plastics, and human-made fibers, and research laboratory chemicals. According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at US$ 5.7 trillion in 2019, which was equivalent to a 7% share in the global GDP. Also, the petrochemical industry is receiving a huge demand from various construction projects worldwide.

Pressure vessels are designed to work by reaching the pressure level required to make an application function, such as holding air in a scuba tank. It can deliver pressure either directly by valves and release gauges or indirectly via heat transfer. Potential pressure levels ranges from 15 psi to 150,000 psi, while temperatures are usually above 400°C (750°F). A pressure tank can hold anywhere from 75 liters (20 gallons) to many thousand liters. Pressure vessels are used in different industries, but chemical, oil & gas, and energy industry are the main industries.

The COVID-19 outbreak was first reported in Wuhan (China) in December 2019. Lockdowns, travel bans, and business shutdown measures are restricting the supplies of chemicals and materials products, which is causing a significant loss for pressure vessels composite materials manufacturers.

Pressure Vessel Composite Materials Market- by Material

• Resin
• Fiber

Pressure Vessel Composite Materials Market- by End-User

• CNG Vehicles
• Hydrogen Vehicles
• Gas Transport

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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