Pressure vessels are ergonomically designed chambers that enclose gases or liquids at a pressure substantially different from the ambient pressure. These vessels consist of various shapes, the most common being cylindrical and conical for industrial applications.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Increased adoption of natural gas vehicles globally and supportive regulations due to zero emission of greenhouse gases are anticipated to drive the global Pressure Vessel Composite Materials Market in the near future. 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
The global pressure vessel composite materials market is segmented based on material, end-use industry, and geography. Based on material, it is classified into epoxy resin, carbon fiber, and glass fiber. Based on end-use industry, it is categorized into CNG vehicles, hydrogen vehicles, and gas transport. The market is analyzed based on geography into North America, Europe, Asia-Pacific, and LAMEA.
In 2016, epoxy resin accounted for the largest market in terms of volume and is expected to maintain its dominance in the global market during the forecast period. Its high adhesion property and high mechanical strength makes it suitable for fabrication of composite pressure vessels. It enables improved impact-resistance, better dynamic-fatigue, and low-temperature performance. Moreover, it is coated on most of the pressure vessels due to high weather resistant properties. In 2016, the CNG vehicles segment accounted for the highest revenue in the global market, owing to the lower cost as compared to other vehicles. The metallurgical skills and equipment needed to produce them are widely available across the globe. In addition, CNG counterparts reduce the weight of the storage container by 30-40%. Moreover, the hydrogen vehicles segment is estimated to register the highest growth rate during the forecast period, as it eliminates pollution and has higher fuel efficiency than CNG and other gas engines vehicles.
Key Findings of the Pressure Vessel Composite Materials Market:
- The CNG vehicle segment occupied the highest share in 2016, and is expected to grow at a CAGR of 22.9%, in terms of value, during the forecast period.
- Asia-Pacific is the leading consumer of pressure vessels composite materials, accounting for approximately three-fifths of the share of the global market in 2016, followed by LAMEA.
- The hydrogen vehicle segment is expected to register the highest CAGR of 27.5% in terms of value.
- Brazil and Argentina are the leading providers of pressure vessel composite materials to the LAMEA region.
- China is the leading market in the Asia-Pacific region, accounting for approximately three-fifths share of the global pressure vessel composite material market in 2016.
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