The Middle East & Africa pressure vessel composites material market was valued at US$ 65.98 million in 2019 and is projected to reach US$ 269.04 million by 2027; it is expected to grow at a CAGR of 19.3% during 2020–2027.
A pressure vessel 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. The chemicals industry is growing in Middle East & Africa due to the increasing consumption of goods such as fertilizers and other agrochemical products, coatings & adsorbents, LED lightings, plastics, and human-made fibers, and research laboratory chemicals. According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at US$ 5.7 trillion in 2019, which was equivalent to a 7% share in the global GDP. Also, the petrochemical industry is receiving high demand from various construction projects across the world. Pressure vessels are designed to work by entering the pressure required to make an application function, like holding air in a scuba tank. It can deliver pressure either directly by valves and release gauges or indirectly via heat transfer. Potential pressure levels ranges from 15 psi to 150,000 psi, whereas temperatures are usually above 400°C (750°F). A pressure tank can hold anywhere from 75 liters (20 gallons) to many thousand liters. Pressure vessels are used in different industries, but the chemical industry, oil & gas industry, and the energy industry cover most of the market. Based on material, the Middle East & Africa pressure vessel composites material market is segmented into resin, fiber, and others. In 2019, the resin segment dominated the market. However, the resin segment is also projected to register the highest CAGR during the forecast period. Resin or epoxy resin is widely used in the pressure vessel composite materials market to produce pressure vessels. The plastic-lined composite tanks are anticipated to see the most accelerated growth in the next five years along with epoxy resins as plastic-lined composite tanks uses more numerous carbon epoxy composites and also provides maximum weight savings compared to other types of pressure vessels. Plastic-lined composite tank form is frequently used, especially in mass transit buses and medium and heavy commercial vehicles. Lower fuel density and lower mass of these vessels allow excellent range for medium and heavy-duty commercial vehicles together with reduced maintenance costs and longer operating times between refuelling stops. By country, the Middle East & Africa pressure vessel composites material market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The region is expected to witness a rapid increase in commercialization and industrialization, which would further boost various industrial sectors in coming years. The MEA is an evolving market for composite materials as stringent policies regarding the environment have banned the use of plastics in various applications. The use of pressure vessel composite materials in pressure vessels is rising due to their high strength to weight ratio and enormous possibilities in design. Also, the use of pressure vessel composite materials in the coating and fabrication of pressure vessels due to their high adhesion property and high mechanical strength along with improved impact resistance and better dynamic fatigue raises the demand for pressure vessel composites materials in Middle East and Africa. The market for MEA is experiencing rapid development with the growth of markets such as Dubai, Abu Dhabi, and Iran. New investments and better marketing strategies have led to the capture of market share in the Middle East and African Region. 3M Company, BASF SE, Hexion Inc., Huntsman International LLC., Olin Corporation, Solvay S.A., and ZOLTEK Corporation (Toray Group) are among the major players operating in the Middle East & Africa pressure vessel composites material market.The COVID-19 pandemic was first reported in Wuhan (China) in December 2019. As of February 2021, South Africa, Saudi Arabia, and the UAE are among the worst-affected countries of Middle East & Africa in terms confirmed cases and reported deaths. The pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns of chemicals & materials industry and disruptions in supply chains are hindering the supplies of the offerings of this industry. The UAE was the first country to report a COVID-19 confirmed case in Middle East and Africa. Due to lockdown in Middle East and African countries, various chemicals & materials companies remain closed that led to the reduction in the sale of various products, which has hindered the market for pressure vessel composite material in the region. The overall Middle East & Africa pressure vessel composites material market size has been derived in accordance to 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 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 Middle East & Africa pressure vessel composites material market.