Mar 30, 2021   SOURCE: BusinessWire

Worldwide Pressure Vessel Composite Materials Industry to 2027 - Increasing Natural Gas Vehicles is Driving Growth - ResearchAndMarkets.com

The "Pressure Vessel Composite Materials Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Material and End User" report has been added to ResearchAndMarkets.com's offering.

According to this report the global pressure vessel composite materials market was valued at US$ 758.36 million in 2019 and is projected to reach US$ 3,539.95 million by 2027; it is expected to grow at a CAGR of 21.4 % during 2020-2027. The report highlights key driving factors and prominent market players along with their developments in the market.

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 400C (750F). 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 COVID-19 outbreak was first reported in Wuhan (China) in December 2019. Lockdowns, travel bans, and business shutdown measures are restricting the supplies of chemicals and materials products, which is causing a significant loss for pressure vessels composite materials manufacturers.

Reasons to Buy

  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global pressure vessel composite materials market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.

Market Dynamics

Drivers

  • Increasing Natural Gas Vehicles
  • Increasing Demand for Pressure Vessels from Various End-User Industries

Restraint

  • Storage Capacity of Composite Pressure Vessels

Opportunity

  • Increasing use of Pressure Vessel Composite Materials for Space Technology

Companies Mentioned

  • 3M Company
  • BASF SE
  • Hexion Inc.
  • Huntsman International LLC.
  • Kolon Industries. Inc.
  • Mitsubishi Chemical Corporation
  • Olin Corporation
  • Solvay S.A.
  • Steelhead Composites, LLC.
  • ZOLTEK Corporation (Toray Group)

For more information about this report visit https://www.researchandmarkets.com/r/8dhv6u