The North America pressure vessel composite market was valued at US$ 140.90 million in 2019 and is projected to reach US$ 669.05 million by 2027; it is expected to grow at a CAGR of 21.6% 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 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 North America 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 North America pressure vessel composite materials market is segmented into the US, Canada, and Mexico. 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 North America, which boost the demand for pressure vessel composite materials. The US is a major market for pressure vessel composite, followed by Canada and Mexico. The rapid industrialization, flexible trade policies, and surge in demand for pressure vessels in the energy sector to contain harmful gases are driving the growth of the pressure vessel composite market in the region. The demand for pressure vessel composite materials has increased owing to their high-strength to weight. The pressure vessel composite material improves the performance of the product and offer significant amount of material savings as well as it possesses various properties such as high mechanical strength, toughness, weather resistance, and lightweight as compared to other metal alloys, which drives the market growth. Furthermore, the rise in the demand for cooling and heating equipment is bolstering the growth of the North America pressure vessel composite materials market. 3M Company; BASF SE; Hexion Inc.; Huntsman International LLC.; Mitsubishi Chemical Corporation; Olin Corporation; Solvay S.A.; Steelhead Composites, LLC.; and ZOLTEK Corporation (Toray Group) are among the major players operating in the North America 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. The US has the highest number of COVID-19 confirmed cases in North America. The governments in North America 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, North America 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 North America 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 North America pressure vessel composite market.