The scope of our recent study on the "Pressure Vessel Composite Materials Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Material and End User" includes factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players, along with their key developments.
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 register a CAGR of 20.3% from 2022 to 2028.
A pressure vessel is a container that holds gas and liquid at pressure either lower or higher than ambient pressure. These vessels are usually used to store natural gas in CNG vehicles. Pressure vessels are also used to store hydrogen gas in hydrogen-powered vehicles and in the gas transportation sector. Composite pressure vessels have high mechanical strength, high chemical resistance, and good insulating properties. Moreover, composite materials are lightweight and cost-effective. Composite pressure vessels also improve the vehicle performance and result in low carbon emissions. These factors are significantly driving the demand for pressure vessel composite materials. Carbon fiber is extensively used in pressure vessels due to its high specific strength and modulus, low coefficient of thermal expansion, and high fatigue strength.
Government initiatives for environment sustainability and zero carbon economy are driving the demand for CNG and hydrogen vehicles. For instance, in 2020, German government introduced National Hydrogen Strategy aiming at reducing the country's greenhouse gas emissions (GHG) by the application of hydrogen as transport fuel. Such strategies are expected to boost the demand for pressure vessels, thereby driving the pressure vessel composite materials market growth.
Based on end user, the pressure vessel composite materials market is segmented into CNG vehicles, hydrogen vehicles, gas transport, and others. The CNG vehicles segment held the largest share in 2021. The hydrogen vehicles segment is expected to register the fastest CAGR from 2022 to 2028. CNG vehicles use pressure vessel to store natural gas. Pressure vessels made using composite materials are lightweight, increase fuel efficiency, and increase the vehicle performance. This factor is driving the segmental growth.
The global pressure vessel composite materials market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. In 2021, Asia Pacific held the largest share in the global pressure vessel composite materials market and is expected to register the fastest CAGR from 2022 to 2028. Asia Pacific is one of the fastest developing regions. Rising demand for natural gas-fueled vehicles is driving the growth of pressure vessel composite materials market. Moreover, the rising number of power plants in countries such as India and China is driving the market growth.
Impact of COVID-19 Pandemic on Pressure Vessel Composite Materials Market
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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