Composite Pressure Vessels Market Report

Market Highlights

"The global composite pressure vessels market was valued at US$ 1.1 billion in 2020 and is projected to reach US$ 4.4 billion by 2026, registering a CAGR of 25.6% during the forecast period."

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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 impetus to the demand for composite pressure vessels.

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 the increasing use of composite pressure vessels paired with an increase in the production of natural gas vehicles, will fuel the market growth. Composite pressure vessels for hydrogen vehicles are likely to drive the growth from single-digit high-end to 25.6% in the coming five years.

COVID-19 Impact

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 in the automotive, aerospace, and other industries, causing industry sales to plummet to their lowest level in the decade. As a result, there was an enormous decline in the production of composite pressure vessels across regions.

Segment Analysis

Application Trends

"The transportation segment accounted for the largest market share."

The market is segmented as life support, transportation, recreational, gas carrier & storage, and others. The transportation segment occupied the major market share of more than 70% in 2020, 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 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.

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Pressure Vessel Trends

"The type IV segment accounted for the largest market share."

The market is segmented as type II, type III, and type IV. The type IV segment owned a major market share of more than 45% in 2020. 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.

Regional Insights

"Asia-Pacific accounted for the largest market share."

Asia-Pacific is expected to remain the largest market for composite pressure vessels and it held a revenue share of more than 45% in 2020. 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.

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Key Players

The following are the key players in the 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.

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

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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:

What deliverables will you get in this report?

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 Application Type

• Life Support
• Transportation
• Recreational
• Gas Carrier & Storage
• Others

By Pressure Vessels Type

• Type-II
• Type-III
• Type-IV

By Region

• North America (Country Analysis: USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Italy, and the Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, The UAE, and Others)

Research Methodology

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 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

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 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