Epoxy Resin Market in Pressure Vessels for Alternative Fuels Analysis | 2021-2026

Epoxy Resin Market in Pressure Vessels for Alternative Fuels Analysis | 2021-2026

Epoxy Resin Market in Pressure Vessels for Alternative Fuels Analysis | 2021-2026
Report code - SRAM131 Published On : Nov,2021 No. of Pages: 128
Epoxy Resin Market in Pressure Vessels for Alternative Fuels Size, Share, Trends, Dyn See more...

Market Insights

The epoxy resin market in pressure vessels for alternative fuels is likely to grow at a healthy CAGR of 16.9% during 2021-2026 to reach USD 49.7 million in 2026.

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Market Dynamics

Introduction

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.

Key Players

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.

  • Huntsman Corporation
  • Hexion Inc.
  • The 3M Company
  • Olin Corporation
  • Nan Ya Plastics Corporation
  • Aditya Birla Chemicals Ltd.

Note: The above list does not necessarily include all the top players in the market.

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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.

Segment Analysis

Segmentations

List of Sub-Segments

Segments with High Growth Opportunity

Vessel Type Analysis

Frames, and Lens

Type IV is expected to remain the largest and the fastest-growing vessel type in the market during the forecast period.

Application Type Analysis

Offline, and Online

CNG vehicles unassailably dominated the market in 2020 and are expected to remain the largest application type over the next five years as well.

Vehicle Type Analysis

Commercial Jets, Military Jets, and Helicopters

Light vehicle is expected to remain the largest and the fastest-growing vehicle type in the market during the forecast period.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

Europe is expected to remain the largest region for the epoxy resin market in PVs for alternative fuels during the forecast period.

By Vessel Type

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.

By Application Type

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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By Vehicle Type

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.

Regional Analysis

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.

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Research Methodology

  • 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.

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 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:

  • 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, New Product Launches, etc.
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The epoxy resin market in pressure vessels for alternative fuels is segmented into the following categories.

By Vessel Type

  • Type II Vessels
  • Type III Vessels
  • Type IV Vessels

By Application Type

  • CNG Vehicles
  • Hydrogen Vehicles
  • Gas Transport

By Vehicle Type

  • Light Vehicles
  • M&HCV
  • Others

By Region

  • North America (Country Analysis: the USA, and Canada)
  • Europe (Country Analysis: Germany, France, the UK, Italy, Norway, and Rest of Europe)
  • Asia-Pacific (Country Analysis: Japan, China, Korea, Thailand, and Rest of Asia-Pacific)
  • Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Epoxy-Resin-Market-in-Pressure-Vessels-for-Alternative-Fuels-Segmentation

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the 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

Frequently Asked Questions (FAQs)

The epoxy resin market in PVs for alternative fuels is estimated to grow at a CAGR of 16.9% by 2026.

The epoxy resin market in pressure vessels for alternative fuels is likely to reach an estimated value of USD 49.7 million in 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 market.

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 market in the coming five years.

Light vehicles is expected to remain the largest segment in the market in the coming years.