Stratview Research announces the launch of a new market research report on Global Epoxy Resin Market in Pressure Vessels for Alternative Fuels 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 (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017 – 2022.
The Global Epoxy Resin Market in Pressure Vessels for Alternative Fuels: Highlights
As per Stratview Research, the epoxy resin market in pressure vessels for alternative fuels is expected to offer an excellent growth of 12.2% CAGR during the forecast period of 2017 to 2022, which offers an opportunity to the industry players to align themselves with the market growth.
There are several factors bolstering the growth of resin market in pressure vessels for alternative fuels. The author of the report cited increasing demand for alternative fuel based vehicles owing to stringent government regulations and lower price of natural gas as compared to gasoline and shift from type I vessel to type II, III, and IV vessels to make the vehicle lightweight for greater fuel efficiency and reduced carbon emissions as the major growth drivers of the market.
Based on vessel type, type IV tank is likely to witness the highest growth over the next five years and so is the demand for epoxy resins in this vessel type.
As per the study, CNG vehicles alone accounted for more than 90% of the epoxy resin market in the pressure vessels for alternative fuels and is expected to remain the largest application type over the next five years as well.
In terms of region, Europe is projected to remain the largest market for epoxy resins in pressure vessels for alternative fuels over the next five years, driven by an increased demand for alternative fuel vehicles using composite pressure vessels. The region is also likely to remain the fastest growing market during the same period as major European automakers are launching new auto models with powertrains dependent on compressed natural gas to leverage the abundant shale gas resources.
The global epoxy resin market in pressure vessels is highly consolidated with the presence of a few major global players. Huntsman Corporation, Hexion Inc, Olin Corporation, Nan Ya Plastics, and 3M are the major epoxy resin suppliers to the pressure vessel manufacturers worldwide. 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.
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