The pressure vessel composite materials market size is expected to grow from US$ 1,062.63 million in 2022 to US$ 3,224.09 million by 2028; it is estimated to grow at a CAGR of 20.3% from 2022 to 2028.
A pressure vessel is a container designed to hold fluids (gases or liquid) at a pressure considerably different from ambient pressure. Pressure vessels used in natural gas-fueled vehicles, hydrogen vehicles, gas transportation vehicles are usually made using composite materials as they help in storing more fuel, which extend the vehicle’s driving range and provide optimum fuel economy. Pressure vessel composite materials are also witnessing high demand in space technology sector. The composite overwrapped pressure vessel (COPV) is pressure-containment used in spaceflight owing to its low weight and high strength. Infinite Composites, a composite pressure vessel provider, said substituting heavy metallic structures with composites would allow space exploration to develop by creating reusable rockets, increasing fuel requirements, and lowering the cost of sending goods into orbit. The company has collaborated with NASA and Yeti Space and is currently designing and researching propellant tanks using the CPV technology for the classified space business. According to the Office of Health and Mission Assurance, NASA uses a wide variety of Pressure Vessel Systems (PVS) for in-flight applications, including both composite, overwrapped pressure vessels (COPVs) and metallic, piping, and valves typically to store liquids and gases that are necessary for either the launch phase or operations on orbit. Their reliability is essential as once such vessels leave the pad, they regularly cannot be serviced or checked until they return to earth. Typically, they follow a stringent certification and acceptance testing plan to ensure the project requirements are met. Hence, the increasing use of pressure vessel composite materials for space technology creates huge opportunities for market growth during the forecast period.
Based on end user, the global pressure vessel composite materials market is segmented into resin, fiber, and others. The resin segment held the largest share of the global pressure vessel composite materials market in 2021. Resin or epoxy resin is widely used to produce pressure vessels. As for the class of vessels, plastic-lined composite tanks are anticipated to see the most accelerated growth across the next five years and so is the market for epoxy resins in this category of vessel. Plastic-lined composite tanks use numerous carbon epoxy composites and also provide maximum weight savings compared to other types of pressure vessels. These properties of resins are driving their demand in the market.
In 2021, Asia Pacific held the largest revenue share of the global pressure vessel composite materials market. China is one of the largest markets for pressure vessel composite materials in Asia Pacific. The economic growth in China raised disposable income among individuals. This has led to a rise in demand for automobiles in China. There is surge in the number of automobile manufacturers, including Toyota, BMW, Ford, and Nissan, in the country. The composite materials used to make pressure vessels in natural gas vehicles reduce the weight of the fuel system and the vehicle. They also extend the practical limit for the gas containment pressures and offer better energy storage density. This, in turn, enhances the market demand for pressure vessel composite materials. According to the Industrial Trade Administration, China is the largest vehicle market on a global level. The Government of China expects to expand car production to 35 million units by 2025. This will raise the demand for pressure vessels, incrementing the pressure vessel composite materials market growth in Asia Pacific.
A few players operating in the global pressure vessel composite materials market include 3M Co, BASF SE, Huntsman Corporation, Kolon Industries Inc, Mitsubishi Chemical Holdings Corp, Solvay SA, ZOLTEK Corp, Steelhead Composites Inc, Hexion Inc, and Olin Corp. Market players are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and mergers & acquisitions.
The overall global pressure vessel composite materials market size has been derived using 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 to validate the data and 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 pressure vessel composite materials market.