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Epoxy Resin Market In Pressure Vessels Report
Epoxy Resin Market in Pressure Vessels for Alternative Fuels: Size, Share, Trend, Forecast, & Competitive Analysis: 2021-2026
Epoxy Resin Market in Pressure Vessels for Alternative Fuels is Segmented by Vessel Type (Type II, Type III, and Type IV), by Application Type (CNG Vehicles, Hydrogen Vehicles, and Gas Transport), by Vehicle Type (Light Vehicles, Medium & Heavy Duty Commercial Vehicles, and Others), and by Region...
Epoxy resin is preferably used in the manufacturing of composite pressure vessels for alternative fuels. It is used to provide excellent strength to hollow cylindrical storage pressure vessels. It stretches to absorb the strain against the force exerted by the compressed fuels filled inside the chamber of the vessel. It also provides structural support by bonding with the fibers.
Epoxy resin in pressure vessels for alternative fuels accounts for a fraction of the overall epoxy resin market. Epoxy resins are widely used in different applications and industries (paints and coatings, construction, automobile, aircraft, and many others). The overall epoxy resin is a mature market whereas the epoxy resin market in pressure vessels for alternative fuels is gaining traction with the increase in the usage of composite pressure vessels. The epoxy resin market in pressure vessels is directly proportional to the demand for pressure vessels for alternative fuels.
The epoxy resin market in pressure vessels for alternative fuels maintained good growth from 2015 to 2019 and was expected to maintain its upward growth trajectory in 2020 as well. However, the sudden outburst of the pandemic trashed the market hope owing to which, there was an enormous decline in the production of automobiles across regions which, in turn, affected the demand for epoxy resins in pressure vessels for alternative fuels. After a colossal decline of -31.6% in 2020, the market is set to rebound in 2021, followed by a healthy CAGR of 16.9% over the next five years to reach US$ 49.7 Million in 2026.
Based on the vessel type, the epoxy resin market in PVs for alternative fuels is segmented as Type II, Type III, and Type IV. Type IV is expected to remain the largest and the fastest-growing vessel type in the market during the forecast period. Type-IV tank incorporates a greater amount of carbon epoxy composites and offers maximum weight savings as compared to other pressure vessel types. It offers approximately 40% weight reduction compared to similar-sized type-III vessels.
Based on the application type, the market is segmented as CNG vehicles, hydrogen vehicles, and gas transport. CNG vehicles unassailably dominated the market in 2020 and are expected to remain the largest application type over the next five years as well. Hydrogen vehicles are likely to grow at the fastest pace in the market during the forecast period. Almost all hydrogen vehicles are likely to be fitted with composite vessels, mainly type III and IV, creating a huge demand for epoxy resin in the coming years.
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Based on vehicle type, the market is segmented as light vehicles, medium- & heavy-duty commercial vehicles (M&HCVs), and others. Light vehicle is expected to remain the largest and the fastest-growing vehicle type in the market during the forecast period. Natural gas vehicles are less pollutant than gasoline or diesel-based vehicles, so there has been a growing trend towards the usage of light vehicles powered with alternative fuels, such as CNG, to curb carbon emissions. M&HCV to remain the second-dominant segment of the market during the forecast period. There is a rapid shift of OEMs towards alternative fuels, especially in North America and Europe, in the M&HCV segment.
In terms of regions, Europe is expected to remain the largest region for the epoxy resin market in PVs for alternative fuels during the forecast period. Italy is likely to remain the largest market for pressure vessels in Europe, propelled by a huge fleet of CNG vehicles. Type-I vessel is still most dominant in the region with increasing acceptance of composite pressure vessels, particularly type-III and type-IV.
The following are the key players in the epoxy resin market in PVs for alternative fuels. Most of the major players are supplying epoxy resin in PVs for alternative fuels for all the major vehicle types.
All the major players of the market are well diversified and serving epoxy resin for various applications. New product development and collaboration with pressure vessel manufacturers are some of the key strategies adopted by epoxy resin manufacturers to gain a competitive edge in the market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s epoxy resin market (PVs for alternative fuels) 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 in order 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 the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
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 1,000 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 in the most comprehensive way. 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:
The epoxy resin market in PVs for alternative fuels is segmented into the following categories.
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The epoxy resin market in PVs for alternative fuels is estimated to grow at a CAGR of 16.9% by 2026.
Huntsman Corporation, Hexion Inc., The 3M Company, Aditya Birla Chemicals Ltd., and Nan Ya Plastics Corporation, and Olin Corporation are the leading players in the epoxy resin market in PVs for alternative fuels.
Europe is estimated to remain dominant in the epoxy resin market in PVs for alternative fuels in the foreseen future.
CNG Vehicles is expected to remain the largest application type in the Epoxy Resin Market in Pressure Vessels for Alternative Fuels in the coming five years.
The size of Epoxy Resin Market in Pressure Vessels for Alternative Fuels is expected to reach US$ 49.7 Million in the foreseeable future.
Light vehicle is expected to remain the largest segment in the epoxy resin market in pressure vessels for alternative fuels in the coming years.
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