Carbon Composite Pressure Vessels Market is Forecasted to Reach US$ 5.2 Billion in 2030, Says Stratview Research

The global carbon composite pressure vessels market is projected to witness a growth rate of 19.7% annually from 2025 to 2030, with an anticipated size of US$ 5.2 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global carbon composite pressure vessels market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights

Segment Insights on the Carbon Composite Pressure Vessels Market:

The global carbon composite pressure vessels market is segmented based on pressure vessel type, application type, gas type, process type, and region.

Based on pressure vessel type - The carbon composite pressure vessels market is segmented into Type III and Type IV. In terms of value, type IV pressure vessels remain at the forefront. In terms of volume, however, type III currently holds the lead. The tables are soon expected to turn, type IV PV ultimately gaining the lead. Type IV pressure vessels find application on a wide range of vehicles, including passenger cars, transit and coach buses, heavy goods vehicles, concrete mixers, and delivery trucks. They are 30% of the weight of steel, improving vehicle range, payload, handling, and reducing fuel consumption. Type IV pressure vessel governs the fuel cell passenger cars market and is currently used in all active passenger car models.

Based on the application type – The market is segmented into Transportation, Gas Carrier & Storage, Life Support, Recreational, and Other Applications. The transportation application held the largest market share in 2024 with key applications including hydrogen storage tanks for FCVs, CNG tanks, etc. The driving factors for the transportation application are growth in FCEV production in the wake of capacity expansion plans of FCEV manufacturers, CO2 emission targets set by governments, a gradual fade out of pure ICE vehicles, and advantages offered by FCEVs.

Based on gas type - The carbon composite pressure vessels market is segmented into CNG/LNG, RNG, Hydrogen, and Other Gases. CNG/LNG held the largest share, but hydrogen is expected to present the most fruitful long-term scenario driven by increased H2 infrastructure investments and the adoption of H2 combustion engines and FCEVs. Natural gas powers more than 175,000 vehicles in the United States and roughly 23 million vehicles worldwide. CNG/LNG Type III and IV vessels, which consume the greatest volumes of carbon fiber composites, are growing largely due to demand from OEMs of mass-transit buses and commercial trucks. For these medium-and heavy-duty vehicles, the higher fuel density and low mass of these vessels can enable greater range and fuel economy, increase the operational interval between refueling stops, and help reduce maintenance costs.

Based on the process type – The market is segmented into Towpreg and Wet Winding. Wet Winding grabbed the major market share in 2024, but towpreg or dry winding is anticipated to remain the more attractive segment during the forecast period. Most of the high-volume tank providers are doing wet winding, and they express limited interest in towpreg, particularly if the towpreg requires cold storage. The cost of wet winding is 40% lower than the dry process. Additionally, wet winding offers good airtightness because the winding tension helps extrude excess resin and eliminate bubbles, effectively filling voids. The fiber arrangement maintains excellent parallelism, and the resin-impregnated fibers experience reduced wear. Furthermore, wet winding provides high production efficiency, reaching speeds of up to 200 meters per minute.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific took the biggest chunk of the pie in 2024, driven by China and South Korea and it is expected to remain in the spotlight throughout the forecast period. This growth outlook is majorly attributed to the following–

• Asia-Pacific acted as the biggest demand generator for carbon composite pressure vessels in the market.
• Asia-Pacific is the largest market for FCEV deployment and also leads in FCEV production, propelled by China and South Korea. Key FCEV manufacturers generating demand are Toyota, Hyundai, Honda, Zhengzhou Yutong Bus, Foton, SAIC, Zhongtong, Dongfeng, etc. All three major FC passenger vehicles – Toyota Mirai (Japan), Hyundai Nexo (South Korea), and Honda Clarity (Japan) are also manufactured in the Asia-Pacific region.
• China, the largest truck market, also has an avid focus on the development of fuel-cell MHVs. South Korea aims to produce 6.2 million fuel-cell electric vehicles and install at least 1,200 refilling stations by 2040.

Carbon Composite Pressure Vessels Market Drivers:

Some of the key drivers listed in the report are given below.

-          Rapid shift towards alternative fuel vehicle

-          Rising FCEV production

-          Increasing investment in clean energy

-          Increasing focus towards a hydrogen-driven economy

-          Increasing adoption of composites pressure vessels in various industries, etc

Top Companies in the Carbon Composite Pressure Vessels Market:

The market is moderately concentrated, with some local, regional, and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players.

-          Hexagon Composites ASA

-          Luxfer Holdings PLC

-          Worthington Industries, Inc.

-          Iljin Composites Co., Ltd.

-          FORVIA

-          Quantum Fuel Systems LLC

-          Steelhead Composites, INC.

-          NPROXX B.V.

-          Faber Industrie SpA

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Related Reports:

• Pressure Vessels Market
• Composite Pressure Vessels Market

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