The pressure vessel composite materials market in APAC was valued at US$ 293.72 million in 2019 and is projected to reach US$ 1,433.68 million by 2027; it is expected to grow at a CAGR of 22.0 % from 2020 to 2027.
Pressure vessel composite materials are used in pressure vessels used to store gases and liquids under high pressure. A composite material is a combination of materials that vary in composition or shape on a macro scale. These materials do not dissolve or otherwise blend entirely into each other. Composite materials help boost efficiency and can deliver a large amount of material savings. Therefore, most of them are needed in various industries such as oil refineries, nuclear reactors, automobiles, gas repositories, and aerospace.Based on material type, the APAC pressure vessel composite materials market is segmented into resin, fiber, and others. The resin segment led the market with the largest share in 2019. Resin or epoxy resin is widely used in the pressure vessel composite materials market to produce pressure vessels. For the class of vessels, plastic-lined composite tanks are anticipated to see the most accelerated growth in the next five years. The market for epoxy resins in this category of a vessel as plastic-lined composite tanks uses numerous carbon epoxy composites and also provides maximum weight savings than other types of pressure vessels. Plastic-lined composite tanks are frequently used in mass transit buses and medium and heavy commercial vehicles, which drives the growth of the market. Geographically, the APAC pressure vessel composite materials market is segmented into China, India, Japan, South Korea, Australia, and Rest of APAC. In 2019, China contributed to the largest share in the market. The market growth in China is primarily attributed to the increasing automotive production; growing number of power plants; and rising number of car manufacturers such as Toyota, BMW, Ford, and Nissan across the country. The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of January 2021, India has the highest number of confirmed cases and reported deaths in APAC. The COVID-19 crisis is anticipated to cause a loss of more than US$ 3 billion in the region in coming years. The consequence and impact of the pandemic can be even worse and totally depends on the spread of the virus. The government of APAC is taking possible steps to reduce its effects by announcing lockdown, which impacts the revenue generated by the market negatively. The governments have asked the chemical & materials manufacturers to delay their production, which would hinder the supply of pressure vessel composite materials in the coming years. 3M Company, BASF SE, Hexion Inc., Huntsman International LLC., Kolon Industries. Inc., Mitsubishi Chemical Corporation, Olin Corporation, Solvay S.A., and ZOLTEK Corporation (Toray Group) are among the major players operating in the APAC pressure vessel composite materials market. The overall APAC pressure vessel composite materials market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC pressure vessel composite materials market.