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    Composite Pressure Vessels Market Report

    Composite Pressure Vessels Market Report
    Report code - SR1543 Published On : Dec,2021 No. of Pages: 140
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    Composite Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and See more...

    Market Highlights

    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 an impetus to the demand for composite pressure vessels.

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

    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 increasing use of composite pressure vessels paired with an increase in the production of natural gas vehicles will fuel the market growth. Overall, the composite pressure vessels market is likely to rebound at a promising CAGR of 25.6% in the long run to reach US$ 4.4 Billion in 2026. 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.

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    Market Segments' Analysis

    Based on the application type, the composite pressure vessels market is segmented as life support, transportation, recreational, gas carrier & storage, and others. Transportation is expected to be the largest as well as the fastest-growing application type in the market throughout the projection period, 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 the 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.

    Based on the pressure vessel type, the market is segmented as type II, type III, and type IV. Type-IV is expected to remain the dominant as well as the fastest-growing pressure vessel type in the market during the forecast period. 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.

    In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for composite pressure vessels during the forecast period. 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.

    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.

    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.

    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.

    The composite pressure vessels market is segmented into the following categories. 

    Composite Pressure Vessels Market, by Application Type

    • Life Support (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Recreational (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Gas Carrier & Storage (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Composite Pressure Vessel Market, by Pressure Vessels Type

    • Type-II Pressure Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Type-III Pressure Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Type-IV Pressure Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Composite Pressure Vessels Market, by Region

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

    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 composite pressure vessels market is estimated to grow at a CAGR of 25.6% by 2026.

    Hexagon Composites ASA, Worthington Industries, Inc., Luxfer Holdings PLC, Beijing Tianhai Industry Co., Ltd., Iljin Composites, Quantum Fuel Systems LLC, Catalina Cylinders, Faber Industrie SPA, NPROXX B.V, and Steelhead Composites, Inc. are the leading players in the composite pressure vessels market.

    Asia-Pacific is estimated to remain dominant in the composite pressure vessels market in the foreseen future.