The global carbon fiber in light weight pressure vessels market accounted to US$ 187.0 Mn in 2018 and is expected to grow at a CAGR of 11.4% during the forecast period 2019 – 2027, to account to US$ 486.5 Mn by 2027. The carbon fibers are widely being used in pressure vessel applications due to its superior properties like light weight, corrosion resistance, high stiffness, high strength, longer life spans, as compared to other materials like aluminum, steel, and others. The carbon fiber is a rigid, chemically inert material which makes it difficult to compress and stretch. The carbon fibers provide high strength to the vessels, which helps in preventing the explosions of gases storage systems. Carbon fiber in light weight pressure vessels are increasingly being manufactured through filament winding process in which continuous fiber filaments are being wound on an assistant mandrel.
The global carbon fiber in light weight pressure vessels market is bifurcated on the basis of precursors into Polyacrylonitrile (PAN) and pitch. The Polyacrylonitrile (PAN) segment accounted for the largest share in the global carbon fiber in light weight pressure vessels market. Polyacrylonitrile (PAN) is carbon fiber that contains approximately 68% of carbon and is one of the most widely used precursors for carbon fibers. PAN is polymerized from acrylonitrile (AN) by the commonly used inhibitors such as azo compounds and peroxides through the polymerization process. The process consists of two types as suspension polymerization and solution polymerization. An upsurge in the manufacturing and production of Polyacrylonitrile is driving the growth of carbon fiber in the light-weight pressure vessels market.
Rising demands from automotive and industrial applications are driving the growth of the carbon fiber is light weight pressure vessels market. The carbon fiber offers high modulus and specific strength, high fatigue strength, high stiffness, high pressure withstanding capacity, lower thermal expansion coefficient, corrosion-resistant, and other beneficial properties, which makes them a feasible option for pressure vessels in automotive and other industrial applications. Also, the rising demands of lightweight materials along with government initiatives are also expected to drive the growth of carbon fiber in light weight pressure vessels market.
Lightweight pressure vessels are majorly used in natural gas and hydrogen gas storage cylinders, high-pressure gas storage tanks, compressed natural gas fuel tanks, rocket motors, portable water storage tanks, and other commercial applications. APAC region is the fastest-growing region for carbon fiber-based pressure vessels, as with increasing population and growing environmental concerns governments in countries such as India, China, Japan, among others are focusing on energy-efficient and environmental friendly CNG vehicles. The growing demand from the automotive industry is expected to drive the carbon fiber in light weight pressure vessels market in the region
Some of the players present in global carbon fiber in light weight pressure vessels market are HYOSUNG CORPORATION, Solvay, Formosa Plastics Corporation, Toray Industries, Inc., Teijin Limited, SGL Carbon, Mitsubishi Chemical Corporation, Kureha Corporation, Hexcel Corporation, Dowaksa among others.
The overall global carbon fiber in light weight pressure vessels market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the carbon fiber in light weight pressure vessels market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the carbon fiber in light weight pressure vessels market.