Composite Pressure Vessels Market is Forecasted to Reach US$ 6.2 billion in 2031, Says Stratview Research

The global composite pressure vessels market is projected to witness a growth rate of 17.7% annually from 2024 to 2031, with an anticipated size of US$ 6.2 billion by 2031, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global composite pressure vessels market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2031: US$ 6.2 billion
Growth (CAGR): 17.7% during 2024-2031
Forecast Period: 2024-2031
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 3
Number of Tables & Graphs: 100+

Segment Insights on the Composite Pressure Vessels Market:
The global composite pressure vessels market is segmented based on application type, pressure vessel type, and region.

Based on application type - The market is segmented into life support, transportation, recreational, industrial, gas carrier & storage, and other applications. The gas carrier & storage is expected to drive the demand for composite pressure vessels propelled by the rising use of natural gas and hydrogen, advancements in composite materials, and increasing adoption in marine, aerospace, and industrial applications. As the shift toward clean energy and efficient fuel storage accelerates, the category is also expected to grow at the fastest rate in the coming years.

Based on the pressure vessel type - The market is segmented into type II vessels, type III vessels, and type IV vessels. Type IV vessels are expected to dominate the market and grow the fastest due to their wider use, fueled by their lightweight design, high-pressure retaining capacity, corrosion resistance, and increasing adoption in transportation, energy, and industrial industries. The rising demand for hydrogen and CNG storage, driven by clean energy initiatives, advancements in fuel cell technology, and stringent environmental regulations, is further accelerating their growth. Their long lifespan, fuel efficiency benefits, and increasing use in automotive, aerospace, and marine applications make them the preferred choice for high-performance gas storage solutions.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/2395/composite-pressure-vessels-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the dominant region in the composite pressure vessels market and is likely to grow at the fastest pace during the forecast period. This growth outlook is majorly attributed to the following-
- Rising demand for clean energy storage, rapid industrialization, and strong government support.
- The expansion of hydrogen and CNG-based transportation, increasing investments in energy infrastructure, and the region's leadership in composite material manufacturing.
- With ambitious net-zero targets and incentives for hydrogen adoption, Asia Pacific is set to experience significant market expansion in the coming years.

Composite Pressure Vessels Market Drivers:

Some of the key drivers listed in the report are given below.
- The growing demand for lightweight and durable storage solutions across multiple industries.
- The push toward clean energy and alternative fuels has further increased their adoption, especially in hydrogen fuel cell vehicles and CNG-powered transportation.
- Strict safety regulations and advancements in composite material technology.

Top Companies in the Composite Pressure Vessels Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Hexagon Composites ASA
• Luxfer Holdings PLC
• Worthington Industries, Inc.
• ILJIN Composites Co., Ltd.
• Forvia SE
• Sinoma Science & Technology Co., Ltd.
• CIMC Enric Holdings Limited
• Quantum Fuel Systems LLC
• Drägerwerk AG & Co. KGaA
• Beijing Tianhai Industry Co., Ltd.

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Composite Pressure Vessels Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.