The Europe pressure vessel composite market was valued at US$ 219.01 million in 2019 and is projected to reach US$ 1,005.35 million by 2027; it is expected to grow at a CAGR of 21.1% during 2020–2027.
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 of the pressure vessel 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 Europe 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 various carbon epoxy composites and also offers 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. By country, the Europe pressure vessel composite materials market is segmented into the UK, Germany, Italy, Russia, France, and Rest of Europe. Companies present in the region are continuously enhancing the overall business processes in the best possible way to meet the customer demand. Various domestic and international companies have a strong foothold in Europe, which boost the demand for pressure vessel composite materials. Germany is a major market for pressure vessel composite, followed by the UK and France. The rapid industrialization and flexible trade policies are driving the growth of the Europe pressure vessel composite market. The enhancement in the quality of resin & fibers and the technological advancements in the fabrication techniques used in pressure vessels expand the market growth. The manufactures of different types of pressure vessels—such as boilers, separators, and reactors—and the employment of pressure vessel composite materials for the same propel the demand for pressure vessel composite materials. Europe has the matured automotive, power generation, and oil & gas sectors, which provides lucrative opportunities for the producers of pressure vessel composite materials in the region. Besides, the wide scale availability of metallurgical skills and equipment needed to produce such materials escalates the growth of the Europe pressure vessel composite materials market. 3M Company, BASF SE, Hexion Inc., Huntsman International LLC., Mitsubishi Chemical Corporation, Olin Corporation, Solvay S.A., and ZOLTEK Corporation (Toray Group) are among the major players operating in the Europe pressure vessel composite market.The COVID-19 outbreak was first reported in Wuhan (China) in December 2019. As of February 2021, the US, India, Brazil, Russia, Mexico, South Africa, Spain, Argentina, and the UK are among the worst-affected countries in terms of confirmed cases and reported deaths. The pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Russia has the highest number of COVID-19 confirmed cases in Europe. The governments in Europe are taking possible steps to reduce the effects of the COVID-19 outbreak by announcing lockdown, which, in turn, is impacting the revenue generated by the market. Shutdowns of the chemicals and materials industry and disruptions in supply chains due to lockdown of countries are restricting the supplies of the various products offered by this industry. The majority of the manufacturing plants were shut down during the lockdown and the construction industry was also at a halt, which have hindered the pressure vessel composite market. In Canada, manufacturing units deemed nonessential were shut down, and the essential projects are subject to public health guidelines. Additionally, Europe is responsible for the major portion of sales of pressure vessel composite materials and decline in its sales in -the region might restrain the overall growth of the pressure vessel composite market. The COVID-19 outbreak would have a limited short-term impact on the market. The overall Europe pressure vessel composite market size has been derived in accordance to both primary and secondary source. 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 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 Europe pressure vessel composite market.