Composites in the Pressure Vessel Market Trends and Forecast
The future of composites in the global pressure vessel market looks promising with opportunities in the life support, transportation, recreational, and gas carrier & storage markets. Composites in the global pressure vessel market is expected to grow with a CAGR of 25.0% from 2024 to 2030. The major drivers for this market are increasing demand for lightweight and corrosion-resistant solutions, stringent safety regulations and standards promoting the use of composite materials, and growing focus on renewable energy sources.
• Lucintel forecasts that Type II is expected to witness the highest growth over the forecast period.
• Within this market, transportation is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for Composites in the Pressure Vessel Market
• United States –Hexagon Composites announces partnerships to develop composite pressure vessels for hydrogen storage, aligning with government targets for clean energy. Initiatives focus on enhancing vessel efficiency and safety to support the transition to hydrogen-powered transportation and energy systems.
• Germany –BASF collaborates with industry partners to advance composite pressure vessel technology for hydrogen fuel cells, supporting government targets for carbon neutrality. Initiatives aim to increase vessel durability and reduce manufacturing costs to accelerate the adoption of hydrogen as a clean energy source.
• China –Sinoma Science & Technology Co. invests in research and development of composite pressure vessels for natural gas storage, aligning with government initiatives to promote cleaner energy alternatives. Targets include increasing vessel capacity and efficiency to meet growing demand for sustainable transportation and industrial applications.
• United Arab Emirates –Abu Dhabi National Oil Company (ADNOC) partners with international companies to develop composite pressure vessels for oil and gas extraction and storage, supporting the governmentÄX%$%Xs objectives for sustainable energy production. Initiatives focus on improving vessel performance and reliability to optimize operations in harsh offshore environments.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Composites in the Pressure Vessel Market by Segment
The study includes a forecast for composites in the global pressure vessel market by pressure vessel type, application, and region.
Composites in the Pressure Vessel Market by Pressure Vessel Type [Value from 2018 to 2030]:
• Type II
• Type III
• Type IV
Composites in the Pressure Vessel Market by Application [Value from 2018 to 2030]:
• Life Support
• Transportation
• Recreational
• Gas Carrier & Storage
• Others
Composites in the Pressure Vessel Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Composites Companies in the Pressure Vessel Market
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies composites companies in the pressure vessel market cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of composites companies in the pressure vessel market are profiled in this report include-
• Owens Corning
• Jushi Group
• Nippon Electric Glass
• CPIC
• Toray Industries
• Hexcel Composites
• Mitsubishi Rayon
Recent Development of Composites in the Pressure Vessel Market
• Hexagon Composites: Collaborating with industry partners to develop lightweight composite pressure vessels for hydrogen storage, aiming to advance the adoption of hydrogen fuel cells in transportation and energy sectors.
• BASF: Investing in research and development to enhance composite pressure vessel technology for hydrogen fuel cells, focusing on improving vessel durability and reducing manufacturing costs to support the transition to clean energy.
• Sinoma Science & Technology Co.: Innovating composite pressure vessels for natural gas storage, with a focus on increasing vessel capacity and efficiency to meet the growing demand for sustainable transportation and industrial applications.
• Abu Dhabi National Oil Company (ADNOC): Partnering with international companies to develop composite pressure vessels for oil and gas extraction and storage, aiming to improve vessel performance and reliability in offshore environments to optimize energy production.
Features of Global Composites in the Pressure Vessel Market
Market Size Estimates: Composites in the pressure vessel market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Composites in the pressure vessel market size by pressure vessel type, application, and region in terms of value ($B).
Regional Analysis: Composites in the pressure vessel market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different pressure vessel types, applications, and regions for composites in the pressure vessel market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of composites in the pressure vessel market .
Análisis de la intensidad competitiva de la industria basada en el modelo de cinco fuerzas de Porter.
Preguntas frecuentes
Q1. What is the growth forecast for composites in the pressure vessel market ?
Answer: Composites in the global pressure vessel market is expected to grow with a CAGR of 25.0% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of composites in the pressure vessel market ?
Answer: The major drivers for this market are increasing demand for lightweight and corrosion-resistant solutions, stringent safety regulations and standards promoting the use of composite materials, and growing focus on renewable energy sources.
Q3. What are the major segments for composites in the pressure vessel market ?
Answer: The future of composites in the global pressure vessel market looks promising with opportunities in the life support, transportation, recreational, and gas carrier & storage markets.
Q4. Who are the key composites companies in pressure vessel market?
Answer: Some of the key composites companies in pressure vessel market are as follows:
• Owens Corning
• Jushi Group
• Nippon Electric Glass
• CPIC
• Toray Industries
• Hexcel Composites
• Mitsubishi Rayon
Q5. Which composites in the pressure vessel market segment will be the largest in future?
Answer: Lucintel forecasts that Type II is expected to witness the highest growth over the forecast period.
Q6. In composites in the pressure vessel market , which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for composites in the pressure vessel market by pressure vessel type (Type II, Type III, Type IV), application (life support, transportation, recreational, gas carrier & storage, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Composites in the Pressure Vessel Market Market, Composites in the Pressure Vessel Market Market Size, Composites in the Pressure Vessel Market Market Growth, Composites in the Pressure Vessel Market Market Analysis, Composites in the Pressure Vessel Market Market Report, Composites in the Pressure Vessel Market Market Share, Composites in the Pressure Vessel Market Market Trends, Composites in the Pressure Vessel Market Market Forecast, Composites in the Pressure Vessel Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.