Composite Pressure Vessels Market Size, Impacted by COVID-19, to Reach US$ 4.4 Billion in 2026, Says Stratview Research
RAIPUR, India, Jan. 5, 2022 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Composite Pressure Vessels Market by Application Type (Life Support, Transportation, Recreational, Gas Carrier & Storage, and Others), by Pressure Vessel Type (Type II, Type III, and Type IV), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's composite pressure vessels market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Composite Pressure Vessels Market: Highlights
A composite pressure vessel is used to store gases at a relatively higher pressure. The vessel is an important part of the industrial infrastructure for safe gas & liquid handling. Composite vessels not only weigh way less than steel and aluminum vessels but also improve performance, key factors driving their use in a variety of applications such as oil refineries, aerospace, defense, research, nuclear reactors, gas storage, and automotive. Characteristics, such as excellent corrosion resistance, high stiffness, high strength, and longer life cycles compared to metal cylinders, further give an impetus to the demand for composite pressure vessels.
The market for composite pressure vessels registered a considerably moderate decline in 2020 due to the COVID-19 breakout. The quick spread of the pandemic has radically altered market dynamics. The pandemic exacerbated existing challenges of the automotive, aerospace, and other industries, causing the industry sales to plummet to their lowest level in the decade. As a result of that, there was an enormous decline in the production of composite pressure vessels across regions.
The market is expected to recover gradually from 2021 onwards with a rebound in the production of automobiles. In the coming years, substantial investments in renewable energy across all areas to fulfill the growing need for energy are predicted to raise the demand for composite pressure vessels. Factors, such as increasing use of composite pressure vessels paired with an increase in the production of natural gas vehicles will fuel the market growth. Overall, the composite pressure vessels market is likely to rebound at a promising CAGR of 25.6% in the long run to reach US$ 4.4 billion in 2026.
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Based on the application type, transportation is expected to be the largest as well as the fastest-growing application type in the market throughout the projection period, due to rising demand for mobility and a projected rebound in ICE vehicle production across regions. Furthermore, the growing penetration of hydrogen fuel-cell vehicles in the developed and developing economies as well as increased investments in R&D and product developments to build new products will support the market to expand throughout the forecast period.
Based on the pressure vessel type, type-IV is expected to remain the dominant as well as the fastest-growing pressure vessel type in the market during the forecast period. Type-IV tanks are becoming more common, especially in medium and heavy-duty vehicles because type-IV reduces the weight of vehicles by a huge factor. Higher fuel density and lower mass of tanks provide fuel efficiency and cheaper maintenance costs.
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In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for composite pressure vessels during the forecast period. The Asia-Pacific's demand for composite pressure vessels is being driven by the usage of alternate fueling options in vehicles rather than gasoline and diesel. Because of the growing number of vehicle manufacturers in the Asia-Pacific region, China and India will dominate the overall pressure vessels market. The spike in demand for energy to meet the needs of the region's rising industrial, commercial, and residential sectors is also among the major contributor to the region's exceptional growth.
Following are the key players in the global composite pressure vessels market:
- Beijing Tianhai Industry Co., Ltd.
- Catalina Cylinders
- Everest Kanto Cylinder Ltd.
- Faber Industrie SPA
- Hexagon Composites ASA
- Iljin Composites
- Luxfer Holdings PLC
- NPROXX B.V
- Quantum Fuel Systems LLC
- Steelhead Composites, Inc.
- Worthington Industries, Inc.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
This report studies the global composite pressure vessels market and has segmented the market in three ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the three ways in which the market is segmented:
Composite Pressure Vessels Market, by Application Type
- Life Support (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Recreational (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Gas Carrier & Storage (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Composite Pressure Vessel Market, by Pressure Vessels Type
- Type-II Pressure Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Type-III Pressure Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Type-IV Pressure Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Composite Pressure Vessels Market, by Region
- North America (Country Analysis: USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Italy, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, The UAE, and Others)
Stratview Research has several high value market reports in the advanced materials industry. Please refer to the following link to browse through our reports: https://www.stratviewresearch.com/market-reports/composites.html
About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.
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