The global pressure vessel composite materials market was valued at $434 million in 2016, and is expected to reach at $1,871 million by 2023, growing at a CAGR of 23.0% from 2017 to 2023. The pressure vessel composite materials market is segmented based on material, end-use industry, and geography. The demand for pressure vessels made-up of composite materials has increased, owing to rise in the usage of natural gas vehicles. Asia-Pacific witnesses a growth of 55% in the NGVs from 2012 to 2016. Similarly, the growth for NGVs in the LAMEA was approximately 12% during 2012–2016. The statistics indicates the growth of overall NGVs in the developing economies, which led the growth of pressure vessel composite materials market. Moreover, high mechanical, adhesive, toughness, weather resistant, and lightweight properties are ideal characteristics consider while manufacturing pressure vessels. Thus, superior properties of composites as compared to metal alloys is expected to drive the market growth during the forecast period.
Based on material, the market is classified into epoxy resin, carbon fiber and glass fiber. In 2016, the epoxy resin as a composite segment dominated the global market in terms of volume, owing to its high mechanical, high adhesion, and weather resistant properties. In addition, the carbon fiber segment witnessed the highest growth due to properties such as high tensile strength and greater design flexibility. Based on application, it is categorized into CNG vehicles, hydrogen vehicles, and gas transport. The hydrogen vehicles segment is estimated to witness the highest growth rate from 2017 to 2023, owing to its adoption by major automobile manufacturers such as, Ford, BMW, Nissan, Toyota.
Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the global market in 2016, owing to rise in usage of natural gas vehicles in countries, such as China, Australia, South Korea, and India.
The companies profiled in the report are as follows
Samuel Pressure Vessel Group
Doosan Heavy Industries & Construction
Mitsubishi Heavy Industries, Ltd.
Bharat Heavy Electricals Limited
Larsen & Toubro Limited
Westinghouse Electric Company LLC.
Pressure Vessels (India)
KEY BENEFITS FOR STAKEHOLDERS
The report provides an in-depth analysis of the current trends, drivers, and dynamics of the global pressure vessel composite materials market to elucidate the prevailing opportunities and the probable investment pockets.
It offers qualitative trends and quantitative analysis from 2016 to 2023 to assist the stakeholders to understand the market scenario.
A detailed analysis of the key segments demonstrates the consumption of composite materials in different end-use industries.
Competitive intelligence highlights the business practices, strategies, and developments followed by key business players globally.
KEY MARKET SEGMENTS
BY END-USE INDUSTRY
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
THE OTHER KEY PLAYERS IN THE MARKET VALUE CHAIN INCLUDE THE FOLLOWING
Babcock and Wilcox Enterprises, Inc.
Dongfang Electric Machinery Co., Ltd.
Alloy Products Corp.
*The above list of companies is not profiled, but can be profiled based on client request.
1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENT
1.4. RESEARCH METHODOLOGY
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tool & model
CHAPTER 2. EXECUTIVE SUMMARY
2.1. MARKET SNAPSHOT
2.2. CXO PERSPECTIVES
CHAPTER 3. MARKET OVERVIEW
3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS
3.2.1. Top investment pockets
3.2.2. Top winning strategies
3.3. PORTERS FIVE FORCES ANALYSIS
3.4. MARKET DYNAMICS
184.108.40.206. Bulk transportation of CNG
220.127.116.11. Increased number of natural gas vehicles (NGVs)
18.104.22.168. Increased penetration of carbon fiber in automotive
22.214.171.124. High prices of carbon fiber
126.96.36.199. Unavailability of carbon fibers
188.8.131.52. Emerging markets in Asia-Pacific region
CHAPTER 4. PRESSURE VESSEL COMPOSITE MATERIALS MARKET, BY MATERIAL
4.1.1. Market size and forecast
4.2. EPOXY RESIN
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast
4.3. GLASS FIBER
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast
4.4. CARBON FIBER
4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast
CHAPTER 5. PRESSURE VESSEL COMPOSITE MATERIALS MARKET, BY END-USER INDUSTRY
5.1.1. Market size and forecast
5.2. CNG VEHICLES
5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast
5.3. HYDROGEN VEHICLES
5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast
5.4. GAS STORAGE
5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast
CHAPTER 6. PRESSURE VESSEL COMPOSITE MATERIALS MARKET, BY GEOGRAPHY
6.1.1. Market size and forecast
6.2. NORTH AMERICA
6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast
184.108.40.206. Market size and forecast, By end-user industry
220.127.116.11. Market size and forecast, By end-user industry
18.104.22.168. Market size and forecast, By end-user industry
6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast
22.214.171.124. Market size and forecast, By end-user industry
126.96.36.199. Market size and forecast, By end-user industry
188.8.131.52. Market size and forecast, By end-user industry
184.108.40.206. Market size and forecast, By end-user industry
220.127.116.11. Market size and forecast, By end-user industry
6.3.8. Rest of Europe
18.104.22.168. Market size and forecast, By end-user industry
6.4.1. Key market trends, growth factors, and opportunities
6.4.2. Market size and forecast
22.214.171.124. Market size and forecast, By end-user industry
126.96.36.199. Market size and forecast, By end-user industry
188.8.131.52. Market size and forecast, By end-user industry
6.4.6. Rest of Asia-Pacific
184.108.40.206. Market size and forecast, By Material
6.5.1. Key market trends, growth factors, and opportunities
6.5.2. Market size and forecast
220.127.116.11. Market size and forecast, By end-user industry
18.104.22.168. Market size and forecast, By end-user industry
6.5.5. South Africa
22.214.171.124. Market size and forecast, By end-user industry
126.96.36.199. Market size and forecast, By end-user industry
6.5.7. Rest of LAMEA
188.8.131.52. Market size and forecast, By end-user industry
CHAPTER 7. COMPANY PROFILES
7.1. SAMUEL CNG PRESSURE VESSEL GROUP
7.1.1. Company overview
7.1.2. Company snapshot
7.1.3. Operating business segments
7.1.4. Business performance
7.1.5. Key strategic moves and developments
7.2. DOOSAN HEAVY INDUSTRIES & CONSTRUCTION
7.2.1. Company overview
7.2.2. Company snapshot
7.2.3. Operating business segments
7.2.4. Business performance
7.2.5. Key strategic moves and developments
7.3. MITSUBISHI HEAVY INDUSTRIES, LTD.
7.3.1. Company overview
7.3.2. Company snapshot
7.3.3. Operating business segments
7.3.4. Business performance
7.3.5. Key strategic moves and developments
7.4. BHARAT HEAVY ELECTRICALS LIMITED
7.4.1. Company overview
7.4.2. Company snapshot
7.4.3. Operating business segments
7.4.4. Business performance
7.4.5. Key strategic moves and developments
7.5. LARSEN & TOUBRO LIMITED
7.5.1. Company overview
7.5.2. Company snapshot
7.5.3. Operating business segments
7.5.4. Business performance
7.5.5. Key strategic moves and developments
7.6. WESTINGHOUSE ELECTRIC COMPANY LLC.
7.6.1. Company overview
7.6.2. Company snapshot
7.6.3. Operating business segments
7.6.4. Business performance
7.6.5. Key strategic moves and developments
7.7. GENERAL ELECTRIC
7.7.1. Company overview
7.7.2. Company snapshot
7.7.3. Operating business segments
7.7.4. Business performance
7.7.5. Key strategic moves and developments
7.8.1. Company overview
7.8.2. Company snapshot
7.8.3. Operating business segments
7.8.4. Business performance
7.8.5. Key strategic moves and developments
7.9. IHI CORPORATION
7.9.1. Company overview
7.9.2. Company snapshot
7.9.3. Operating business segments
7.9.4. Business performance
7.9.5. Key strategic moves and developments
7.10. CNG PRESSURE VESSELS (INDIA)
7.10.1. Company overview
7.10.2. Company snapshot
7.10.3. Operating business segments
7.10.4. Business performance
7.10.5. Key strategic moves and developments
Pressure vessels are the containers storing fluids at high pressure. These vessels are manufactured from curved sheets, which are joined by welding. Mostly Vbutt welded pressure vessels are used for manufacturing these products. These vessels are categorized into three main types horizontal, vertical, and spherical. The components of these vessels include shell, head, nozzle, and support. In industries, pressure vessels are used as compressed air receivers and domestic hot water storage tanks. The other applications of pressure vessel are diving cylinders, distillation towers, recompression chambers, autoclaves, pressure reactors, nuclear reactor vessels, vessels in oil refineries & petrochemical plants, submarine & space ship habitats, hydraulic reservoirs, pneumatic reservoirs, storage vessels for LPG, fuel containers in automobiles, and others. The market for pressure vessel composite materials is driven by the increase in the number of natural gas vehicle (NGV) vehicles globally. In addition, low-cost natural gases are preferred in the Asia-Pacific and LAMEA regions, owing to increase in the average prices of fuels over the last one decade.
The hydrogen vehicle segment is projected to witness the highest growth rate during the forecast period, owing to the establishment of several chemical companies in the Middle East. At present, the count for hydrogen fuel vehicles globally is approximately 15,000, and the number is expected to rise in the coming decade due to their availability and renewable properties. In addition, these vehicles are more fuel efficient than diesel or other gas engine vehicles. Moreover, these vehicles do not emit greenhouse gasses; thus manufacturers, such as Toyota, Nissan, Honda, Ford, and BMW, have focused on expanding their fleet of hydrogen vehicles.
In 2016, the epoxy resin segment accounted for the highest market share in terms of volume in the global market, registering a significant CAGR of 16.6% during the forecast period. It enables improved impact-resistance, better dynamic-fatigue, and low-temperature performance of pressure vessels. In addition, epoxy offers high resistance to corrosion, provides high mechanical strength, and good adhesion to fabricate composites; thereby, boosting its high adoption in pressure vessels.
Key Findings of the Pressure Vessel Composite Materials Market:
The CNG vehicle segment occupied the highest share in 2016, and is expected to grow at a CAGR of 22.9%, in terms of value, during the forecast period.
Asia-Pacific is the leading consumer of pressure vessels composite materials, accounting for approximately three-fifths of the share of the global market in 2016, followed by LAMEA.
The hydrogen vehicle segment is expected to register the highest CAGR of 27.5% in terms of value.
Brazil and Argentina are the leading providers of pressure vessel composite materials to the LAMEA region.
China is the leading market in the Asia-Pacific region, accounting for approximately three-fifths share of the global pressure vessel composite material market in 2016.
Asia-Pacific accounted for the highest market share in 2016, and is estimated to grow at a CAGR of 24.0%, owing to the presence of major automobile manufacturers in China. In addition, the demand from the natural gas vehicles is expected to drive the Asia-Pacific market.
The key players profiled in this report are Samuel Pressure Vessel Group, Doosan Heavy Industries & Construction, Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Westinghouse Electric Company LLC., General Electric, Halvorsen, IHI Corporation, and Pressure Vessels (India).
- Samuel Pressure Vessel Group
- Doosan Heavy Industries & Construction
- Mitsubishi Heavy Industries, Ltd.
- Bharat Heavy Electricals Limited
- Larsen & Toubro Limited
- Westinghouse Electric Company Llc.
- General Electric
- Ihi Corporation
- Pressure Vessels (India)
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.