Allied Market Research

Pressure Vessel Composite Materials Market in-Depth Research 2017 to 2023

The global pressure vessel composite materials market is segmented based on material, end-use industry, and geography

 

Portland, OR -- (SBWIRE) -- 11/09/2017 -- According to a new report published by Allied Market Research, titled, "Pressure Vessel Composite Materials Market by Material and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global pressure vessel composite materials market was valued at $434 million in 2016, and is expected to reach at $1,871 million by 2023, growing at a CAGR of 23.0% from 2017 to 2023. The epoxy resin accounted for the largest market share in terms of volume to the global market, accounting for more than two-fifths share in 2016.

Pressure vessels are the containers storing fluids at high pressure. These vessels are manufactured from curved sheets, which are joined by welding. Mostly Vbutt welded pressure vessels are used for manufacturing these products. These vessels are categorized into three main types horizontal, vertical, and spherical. The components of these vessels include shell, head, nozzle, and support. In industries, pressure vessels are used as compressed air receivers and domestic hot water storage tanks.

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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.

Pressure Vessel Composite Materials Market Key Segments:

By Material

-Epoxy Resin
-Carbon Fiber
-Glass Fiber

By End-use Industry

-CNG Vehicles
-Hydrogen Vehicles
-Gas Transport