Stratview Research announces the launch of a new research report on Epoxy Resin Market in Pressure Vessels for Alternative Fuels is Segmented 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), Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s epoxy resin market used in pressure vessels for alternative fuels and future possibilities for the forecast period 2021 to 2026. The report segments and analyzes the market in the most detailed and comprehensive manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of low-hanging fruits available as well as formulate growth strategies.
Epoxy Resin Market in Pressure Vessels for Alternative Fuels: Highlights from the Report
Epoxy resin is widely used for manufacturing composite pressure vessels for alternative fuels, due to its various benefits. epoxy resin provides extremely high strength to hollow cylindrical pressure vessels. Due to its flexibility, it also provides pressure vessels the capability to absorb the strain produced due to the pressurization of vessel walls in all directions. It holds the structural fiber in its position and is compatible with other reinforcing fibers including glass fiber and aramid fiber. It also contributes to the durability and chemical resistance of the pressure vessels.
Composite pressure vessels are fabricated through the filament winding process (both dry and wet) which offers a high degree of fiber orientation with high fiber loading. The process provides high strength-to-weight ratio and excellent uniformity. Carbon fiber combined with epoxy resin matrix offers high strength and weight advantages and is one of the preferred materials of choice for developing pressure vessels.
Impact of COVID-19
The global epoxy resin market in pressure vessels for alternative fuels grew continuously from 2015 to 2019 and was estimated to maintain its upward growth trajectory in 2020 as well. However, the rapid spread of the pandemic has drastically changed the entire market dynamics. The pandemic worsened the existing challenges of the automotive industry, weakened the industry sales to its lowest figure of the decade, which, in turn, affected the demand for epoxy resins in pressure vessels for alternative fuels.
Analogous to the projected recoveries in the industrial estimates for the automotive industry, the study of market recoveries in previous downturns (The Great Recession) and primary interviews across the supply chain, Stratview Research’s estimates suggest that the market for epoxy resin in pressure vessels for alternative fuels is likely to start rebounding from 2021, followed by maintaining sequential growth till 2026, ultimately reaching the value of US$ 31.8 million by 2026.
Continuous rise in the demand for lightweight components in the automotive industry to achieve the fuel efficiency targets and growing focus of automakers towards alternative fuel options to reduce carbon footprint are the factors suggesting healthy long-term growth opportunities in the epoxy resin market in pressure vessels for alternative fuels once the aftermath of the pandemic ends.
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Based on the vessel type, type IV tank is likely to witness the fastest recovery in the market over the next five years, after being least hit in 2020 by the pandemic and so is the demand for epoxy resins in this vessel type. Type IV tank incorporates a greater amount of carbon epoxy composites and offers maximum weight savings as compared to other pressure vessel types. There is an increasing penetration of type IV tanks, particularly in mass transit buses and medium & heavy-duty vehicles. For medium & heavy-duty commercial vehicles, higher fuel density and lower mass of these vessels permit greater range and fuel efficiency, increased operational interval between refueling stops, and reduced maintenance cost.
Based on the application type, CNG vehicle alone accounted for more than 80% of the epoxy resin market in the pressure vessels for alternative fuels in 2019 and is expected to remain the largest application type over the next five years as well. Hydrogen vehicle currently generates a low demand for pressure vessels including epoxy resins, but it is plausible that there would be a spike in the production of hydrogen vehicles in the coming years as more than ten automakers have already released FCV demonstrators and test fleets.
Based on the vehicle type, light vehicle is likely to remain the most dominant segment of the market in the coming years. All the vehicle type segments are expected to log a massive decline in the rate (20%+ YoY in 2020) in the wake of the pandemic. After being severerly hit by the pandemic, the light vehicle segment is expected to rebound at the fastest pace in the coming years. Natural gas vehicles are less pollutant than gasoline or diesel-based vehicles, so there has been an increasing trend towards the usage of light vehicles powered with alternative fuels, such as CNG to curb carbon emissions.
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Despite being one of the worst-affected regions in 2020, Europe is projected to maintain its supremacy in the market over the next five years, driven by increased demand for alternative fuel vehicles incorporating composite pressure vessels. Major European automakers are launching new auto models with powertrains dependent on CNG to leverage the abundant shale gas resources. Majority of them are utilizing lightweight tanks to reduce vehicle's weight to achieve European carbon emission standards.
The global epoxy resin market in pressure vessels is highly consolidated with the presence of a few major global players including Aditya Birla Chemicals Ltd., Hexion Inc, Huntsman Corporation, Nan Ya Plastics Corporation, Olin Corporation, and The 3M Company. All the major players of the market are well diversified and supplying epoxy resin for various applications. 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.
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 on 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:
This report studies the global epoxy resin market in pressure vessels for alternative fuels and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:
Epoxy Resin Market in Pressure Vessels for Alternative Fuels, by Vessel Type
Epoxy Resin Market in Pressure Vessels for Alternative Fuels, by Application Type
Epoxy Resin Market in Pressure Vessels for Alternative Fuels, by Vehicle Type
Epoxy Resin Market in Pressure Vessels for Alternative Fuels, By Region
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