Automotive Pressure Vessels Market Forecast | 2021-2026

Market Insights

The Automotive Pressure Vessels Market was valued at US$ 2.5 Billion in 2020 and is projected to reach US$ 6.6 Billion by 2026, registering a CAGR of 16.6% during the forecast period.

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Despite being suffered by a huge loss in 2020, the automotive pressure vessel market seems to be brighter with a number of growth opportunities for pressure vessel manufacturers in the years to come. The “clean air” initiatives taken by various governments, the presence of natural gas in abundance, and the increasing demand for FCEVs are likely to accelerate the demand for pressure vessels in the coming years. Considering the past years' trend, NGV statistics, future growth prospects, and extensive primary interviews.

Market Dynamics

Alternative fuel vehicles refer to those vehicles that run on fuel other than gasoline or diesel. The study on automotive pressure vessels includes CNG, LNG, and hydrogen pressure vessels that are used in alternative fuel vehicles. The demand for these vehicles has been constantly growing, due to the inclination toward clean-energy alternatives of diesel-or-gasoline-powered vehicles and the need for reducing carbon dioxide and other vehicle emissions. These pressure vessels are used in a number of vehicles, such as buses, trucks, forklifts, and passenger cars.

The market with excellent growth potential saw a massive decline in 2020. Implementation of lockdown and postponement of vehicle purchase, and decline in new alternative fuel vehicle registration due to the pandemic negatively impacted the automotive pressure vessels market in 2020.

Additionally, Increased disposable incomes in developing countries that are developing quickly, decentralized networks, intelligent automation, and the proliferation of demand for smart storage are a few of the important market developments.

Energy consumption, automotive, industrial, and consumer goods sales are boosted by the post-pandemic economic rebound, which results in an outstanding growth rate in 2021.

COVID-19 Impact

In 2020, the market with the best potential for growth had a significant decrease. The automotive pressure vessels industry suffered in 2020 as a result of the lockdown implementation, postponement of car purchases, and a decrease in new alternative fuel vehicle registrations brought on by the pandemic. Despite suffering a significant loss in 2020, the future of this market appears to be brighter, with several chances for growth for pressure vessel manufacturers.

Segment Analysis

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 market is segmented into the following categories-

By Pressure Vessel Type

• Type I
• Type II
• Type III
• Type IV

By Fuel Type

• CNG
• LNG
• Hydrogen

By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

Pressure Vessel Trends

The market is segmented as type I, type II, type III, and type IV. Type-I pressure vessels occupied the major market share of more than 65% in 2020 and are expected to maintain their leading position during the forecast period as well. This is majorly due to the significant use of type-I tanks in CNG-powered vehicles in developing economies. 

However, Type-IV pressure vessels are likely to offer excellent growth opportunities in the coming years, driven by their various advantageous properties, such as lowest weight, better energy storage density, corrosion and fatigue resistance, and improved fuel economy.

Fuel Trends

The market is segmented as CNG, LNG, and Hydrogen. CNG fuel type segment owned the major market share of more than 30% in 2020. In the coming years, the use of hydrogen pressure vessels is expected to grow at a magnificent rate, driven by the capacity expansion plans of FCEV manufacturers, development of hydrogen refueling infrastructure, continuous increase in investments in the clean energy sector, and supremacy of hydrogen fuel-cell vehicles over battery and diesel vehicles.

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Regional Insights

Asia-Pacific is expected to remain the largest market for automotive pressure vessels and it holds a revenue share of more than 75% in 2020, driven by countries like China, India, Japan, and South Korea. As per 2019 NGV statistics, Asia-Pacific alone accounted for a 71% share of the global NGV fleet, with China, Iran, and India being the top three countries on the list. There is a huge dominance of type-I pressure vessels in Europe, whereas, the North American market is highly dominated by type-III and type-IV pressure vessels. Europe and North America are also likely to offer favorable growth opportunities in the coming five years, driven by an increased acceptance of alternative fuel-based vehicles in both regions. In terms of market size, Europe is far larger than North America.

Key Players

Key players operating in the automotive pressure vessels market are-

• Cylinders Holding Group
• Everest Kanto Cylinder Ltd.
• Beijing Tianhai Industry Co., Ltd.
• Faber Industrie SpA
• Hengyang Jinhua High-Pressure Container Co., Ltd
• Hexagon Composites ASA
• ILJIN Composites,
• Luxfer Holdings PLC
• Sinoma Science & Technology Co., Ltd.
• Worthington Industries, Inc.

Target Audience

Here is the list of the group of customers that the automotive pressure vessels market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

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.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s automotive 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 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.

Customization Options

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.

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