Pressure Vessel Composite Materials Market Key Players, Top Regions, Growth, Size, Shares, Revenue Segmentations by Types

The 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.

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.

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Analysis of the Top Market Players:

1. 3M Co
2. BASF SE
3. Huntsman Corporation
4. Kolon Industries Inc
5. Mitsubishi Chemical Holdings Corp
6. Solvay SA
7. ZOLTEK Corp
8. Steelhead Composites Inc
9. Hexion Inc
10. Olin Corp

In this report, the market has been segmented on the basis of:

Material (Resin, Fiber, and Others)
End User (CNG Vehicles, Hydrogen Vehicle, Gas Transport, and Others)

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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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