Pressure Vessel Composite Materials Market Demand, Future Trend And Recent Development By Forecast 2028

According to Premium Market Insights new research study on "Pressure Vessel Composite Materials Market size is expected to grow from US$ 1,062.63 million in 2022 to US$ 3,224.09 million by 2028; it is estimated to grow at a CAGR of 20.3% from 2022 to 2028.

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A pressure vessel is a container designed to hold fluids (gases or liquid) at a pressure considerably different from ambient pressure. Pressure vessels used in natural gas-fueled vehicles, hydrogen vehicles, gas transportation vehicles are usually made using composite materials as they help in storing more fuel, which extend the vehicle's driving range and provide optimum fuel economy. Pressure vessel composite materials are also witnessing high demand in space technology sector. The composite overwrapped pressure vessel (COPV) is pressure-containment used in spaceflight owing to its low weight and high strength. Infinite Composites, a composite pressure vessel provider, said substituting heavy metallic structures with composites would allow space exploration to develop by creating reusable rockets, increasing fuel requirements, and lowering the cost of sending goods into orbit. The company has collaborated with NASA and Yeti Space and is currently designing and researching propellant tanks using the CPV technology for the classified space business. According to the Office of Health and Mission Assurance, NASA uses a wide variety of Pressure Vessel Systems (PVS) for in-flight applications, including both composite, overwrapped pressure vessels (COPVs) and metallic, piping, and valves typically to store liquids and gases that are necessary for either the launch phase or operations on orbit. Their reliability is essential as once such vessels leave the pad, they regularly cannot be serviced or checked until they return to earth. Typically, they follow a stringent certification and acceptance testing plan to ensure the project requirements are met. Hence, the increasing use of pressure vessel composite materials for space technology creates huge opportunities for market growth during the forecast period.

Based on end user, the global pressure vessel composite materials market is segmented into resin, fiber, and others. The resin segment held the largest share of the global pressure vessel composite materials market in 2021. Resin or epoxy resin is widely used to produce pressure vessels. As for the class of vessels, plastic-lined composite tanks are anticipated to see the most accelerated growth across the next five years and so is the market for epoxy resins in this category of vessel. Plastic-lined composite tanks use numerous carbon epoxy composites and also provide maximum weight savings compared to other types of pressure vessels. These properties of resins are driving their demand in the market.

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Many economies were affected due to the impacts of the COVID-19 pandemic. The significant disruption in manufacturing activities and raw material sourcing negatively impacted the growth of pressure vessel composite materials market. Furthermore, the temporary closure of composite material manufacturing plants globally severely impacted the production efficiency of many small and large-scale composite material manufacturers, which created a wide demand and supply gap. In the US, the prices of gas increased during pandemic and continuously changing regulatory environment limited the pressure vessel composite materials market growth.

However, in 2021, the marketplace started recovering from financial losses. The natural gas demand recovered as the economies resumed their operations and many government restrictions were relaxed. Moreover, the introduction of vaccines helped in controlling the spread of the virus, which positively impacted the operations of various industries. Further, manufacturers were permitted to operate at full capacity helping them in overcoming the demand and supply gap. Currently, the market is recovering at a faster pace and is expected to witness growth over the forecast period.

The report includes the segmentation of the global pressure vessel composite materials market as follows:

The global pressure vessel composite materials market is segmented into material, end user, and geography. Based on material, the market is segmented into resin, fiber, and others. Based on end user, the global pressure vessel composite materials market is segmented into CNG vehicles, hydrogen vehicles, gas transport, and others. By geography, the global pressure vessel composite materials market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America

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The overall global pressure vessel composite materials market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the pressure vessel composite materials market.

Table Of Contents
1. Introduction
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 Pressure Vessel Composite Materials Market, by Material
1.3.2 Pressure Vessel Composite Materials Market, by End User
1.3.3 Pressure Vessel Composite Materials Market, by Geography
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Pressure Vessel Composite Materials Market Landscape
4.1 Market Overview
4.2.1 North America PEST Analysis
4.2.2 Europe PEST Analysis
4.2.3 Asia Pacific PEST Analysis
4.2.4 South & Central America PEST Analysis
4.2.5 Middle East & Africa PEST Analysis
4.3 Expert Opinion
5. Pressure Vessel Composite Materials Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand for Natural Gas-Fueled Vehicles
5.1.2 Increasing Demand for Pressure Vessels from Various End-Use Industries
5.2 Restraint
5.2.1 Storage Capacity of Composite Pressure Vessels
5.3 Opportunity
5.3.1 Increasing use of Pressure Vessel Composite Materials for Space Technology
5.4 Future Trend
5.4.1 Rising Demand for Epoxy Resins
5.4.2 Surging Adoption of Carbon Fiber-Reinforced Plastic (CFRP) Pressure Vessels
5.5 Impact Analysis of Drivers and Restraints
Continued…...!

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This release was published on openPR.