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Carbon Composite Hydrogen Tanks Market Report
The Carbon Composite Hydrogen Tanks Market is segmented by Tank Type (Type III and Type IV), by Application Type (Transportation {Cars, Medium and Heavy Commercial Vehicles or MHCV, and Others}, Gas Storage & Distribution, and Others), by Process Type ...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Hydrogen can be physically stored in gaseous form or liquid form. In gaseous form, hydrogen is stored in high-pressure tanks under 350-700 bar of working pressure. Carbon composite hydrogen tanks include type III and Type IV tanks, made by using carbon fiber. Type III tank has a metal liner (aluminum or steel) with a full-composite overwrap, whereas Type IV is a complete carbon fiber made tank having an inner liner made of polyamide or polyethylene plastic.
With the rapidly increasing emissions from the transportation sector and other applications, economies across the globe are actively implementing stringent standards and mandates supporting environment preservation. The transportation sector generates a quarter of human-induced CO2 emissions. As the predicament becomes even more daunting, the bull’s eye is gradually shifting towards alternative technologies that rely less on fossil fuels, bringing electric vehicles into the picture.
E-mobility is at the juncture of bringing in a revolution in the automotive industry. Battery electric vehicles, plug-in hybrids vehicles, and fuel cell electric vehicles are gaining traction among customers with full tilt. During their entire lifecycle, FCEVs are capable of reducing CO2 emissions by 30% as compared to conventional gasoline vehicles as they do not require large batteries whose production is energy and resource-intensive. When it comes to fuel storage, FCEV manufacturers prefer composite pressure vessels over metallic ones for hydrogen storage (Type III and Type IV).
The global EV production stood at 7 Million units in 2019 of which FCEVs accounted for <1% share. In 2020, the exponentially growing market faced an unforeseen hurdle – the COVID19 pandemic. Even though the market managed to dodge incurring any losses, it experienced softened growth in the dreadful year. Stratview Research’s estimates suggest that the market is likely to pick up the pace from 2021 onwards to ultimately cross the unprecedented landmark figure of US$ 3 Billion by 2026.
Based on the application type, we have segmented the market as transportation, gas storage & distribution, and others. The transportation segment is likely to hold undeniable dominance in the market throughout the study period, driven by the most sought-after FCEVs. The key fuel cell cars on the road, incessantly adding momentum to the market are Toyota Mirai, Hyundai Nexo, and Honda Clarity. Despite the pandemic, the transportation carbon composite hydrogen tanks market was flooded with several contracts signed by Hexagon Composites ASA, ILJIN Composites, Plastic Omnium, and Luxfer Holdings PLC.
Based on the tank type, we have classified the market as type III and type IV. Type IV tank is likely to hold the throne in the market till 2026, whereas type III tank is expected to grow at a faster rate in the next five years. The major markets for type IV are Japan and South Korea and for type III, China remains the leading market. The key advantages offered by type IV tanks are weight reduction, corrosion-free, fatigue resistance, high storage density, and low total cost of ownership.
None of the regions logged any decline in 2020 but recorded a slowdown in growth. Asia-Pacific is anticipated to hold the throne in the market till 2026, whereas Europe is likely to experience the highest growth in the market during the forecast period. All three major FC passenger vehicles including Toyota Mirai (Japan), Hyundai Nexo (South Korea), and Honda Clarity (Japan), are manufactured in the region. China, the largest truck producer, also has an avid focus on the development of fuel cell MHCVs. Ceaseless investments and the development of several policies towards the adoption of clean energy are underway in Europe, cushioning the region’s impressive growth in the next few years.
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Research Scope |
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|---|---|
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Trend & Forecast Period |
2015-2026 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Size in 2026 |
US$ 3 Billion |
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Countries/Subregions Covered |
The USA, Canada, Mexico, Germany, Italy, Norway, China, Japan, China, South Korea, Latin America and others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The carbon composite hydrogen tanks market is segmented into the following categories.
The supply chain of this market comprises raw material suppliers, tank manufacturers, and OEMs.
The key tank manufacturers include-
The formation of long-term contracts, application developments, and consortia and partnerships are some of the key strategies adopted by the major players in order to gain a competitive edge in the market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s carbon composite hydrogen tanks market realities and future market possibilities for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term ramifications of the COVID-19 on the demand for carbon composite hydrogen tanks in various applications at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenarios. The vital data and information provided in the report can play a crucial role for market participants as well as investors in formulating short-term as well as long-term growth strategies.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 700 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into 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:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
The carbon composite hydrogen tank market is expected to witness an impressive growth to reach US$ 3 Billion in the foreseeable future.
Iljin Composites Co., Ltd., Toyota Motor Corporation, Hexagon Composites ASA, Luxfer Holdings PLC, Worthington Industries, Inc., Quantum Fuel Systems LLC, NPROXX B.V., Faber Industrie SpA, Steelhead Composites, INC., Faurecia (Ullit) are among the key players in the carbon composite hydrogen tank market.
Asia-pacific is expected to remain dominant region in the carbon composite hydrogen tank market during the forecast period of 2021-26.
Type III tank is expected to grow at a faster rate in the carbon composite hydrogen tank market in the coming five years.
Europe is expected to witness the highest growth in the carbon composites hydrogen tank market in the coming years.
The transportation segment is expected to remain dominant application in the carbon composites hydrogen tank market during the next five years.
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