Asia Pacific Pressure Vessel Composite Materials Market Forecast to 2027 - COVID-19 Impact and Analysis - by Type Material and End User

Increasing demand for pressure vessels from various end-use industries to drive APAC pressure vessel composites materials market at CAGR of 22.0%

According to the latest study on “APAC Pressure Vessel Composites Materials Market Forecast to 2027 - Covid-19 Impact and Analysis - by Material (Resin, Fiber, and Others) and End User (CNG Vehicles, Hydrogen Vehicles, Gas Transport, and Others),” the APAC pressure vessel composites materials market was valued at US$ 293.72 million in 2019 and is projected to reach US$ 1,433.68 million by 2027; it is expected to grow at a CAGR of 22.0 % from 2020 to 2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.

Pressure vessel composite materials are used in pressure vessels used to store gases and liquids under high pressure. A composite material is a combination of materials that vary in composition or shape on a macro scale. These materials do not dissolve or otherwise blend entirely into each other. Composite materials help boost efficiency of applications on which it is used and can deliver a large amount of material savings. Therefore, most of them are needed in various industries such as oil refineries, nuclear reactors, automobiles, gas repositories, and aerospace.

The chemicals industry is growing across the world due to the increasing consumption of goods such as fertilizers and other agrochemical products, coatings and adsorbents, LED lightings, plastics, and human-made fibers, and research laboratory chemicals. According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at US$ 5.7 trillion in 2019, which was equivalent to a 7% share in the global GDP. Also, the petrochemical industry is receiving a huge demand from various construction projects worldwide. Pressure vessels are designed to work by reaching the pressure level required to make an application function, such as holding air in a scuba tank. It can deliver pressure either directly by valves and release gauges or indirectly via heat transfer. Potential pressure levels ranges from 15 psi to 150,000 psi, while temperatures are usually above 400°C (750°F). A pressure tank can hold anywhere from 75 liters (20 gallons) to many thousand liters. Pressure vessels are used in different industries, but chemical, oil & gas, and energy industry are the main industries.

The APAC region constitutes developing countries such as China, India, Japan, South Korea, Australia, and Rest of APAC. In 2019, China contributed to the largest share in the market. The market growth in China is primarily attributed to the increasing automotive production; growing number of power plants; and rising number of car manufacturers such as Toyota, BMW, Ford, and Nissan across the country. Furthermore, the rise in the demand for cooling and heating equipments have boosted the growth of the pressure vessel composite materials market in the country. Pressure vessel composite materials offers resistance from corrosion and cross contamination which facilitates its usage in various chemical procedures. Thus the growing chemical industry in APAC supports the demand for pressure vessel composite materials in the region.

The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of January 2021, India has the highest number of confirmed cases and reported deaths in APAC. The COVID-19 crisis is anticipated to cause a loss of more than US$ 3 billion in the region in coming years. The consequence and impact of the pandemic can be even worse and totally depends on the spread of the virus. The government of APAC is taking possible steps to reduce its effects by announcing lockdown, which impacts the revenue generated by the market negatively. The governments have asked the chemical & materials manufacturers to delay their production, which would hinder the supply of pressure vessel composite materials in the coming years.

Some of the major key players operating in the APAC pressure vessel composites materials market include 3M Company, BASF SE, Hexion Inc., Huntsman International LLC., Kolon Industries. Inc., Mitsubishi Chemical Corporation, Olin Corporation, Solvay S.A., and ZOLTEK Corporation among many others.

The report includes the segmentation of APAC pressure vessel composites materials market as follows:

By Material

• Resin
• Fiber
• Other

By End-User

• CNG Vehicles
• Hydrogen Vehicles
• Gas Transport
• Other

By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

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