The modern-day document posted via Report Ocean, titled “Pressure Vessel Composite Materials Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023 to 2031,” affords a complete evaluation of the industry, which includes insights on the market trends. The file additionally consists of competitor and regional analysis, and present-day developments in the market. This document can serve as a fantastic information for investors, researchers, consultants, advertising strategists and all these who are planning to foray into the market in any form.
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.
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Pressure vessels are containers that are specifically designed to hold gasses or fluids at a weight not equal to the encompassing weight without explosion. These vessels are made of steel alloys, other metal alloys, and composites. Moreover, the demand for composites has increased for manufacturing pressure vessels, owing to the high strength-to-weight ratio. Composites not only improve the performance, but also offer significant amount of material savings. They have applications in various industries, such as oil refineries, atomic reactors, gas repositories, automobile, aerospace, and others.
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.
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COVID-19 Impact
In 2019, the COVID-19 epidemic swept the globe. It brought everything to a halt. It had an impact on the entire world economy. Moreover, a great number of people have also perished. In total, 5,091,465 fatalities and 252,297,094 cases of COVID-19 have been reported worldwide. A majority of the nations on earth were affected by the pandemic. The pandemic brought some kind of loss in the majority of industries. The epidemic caused a slowdown in the chemical industry as well. According to Statista, the business generated over US$ 3.94 trillion in worldwide sales in 2019. An all-time high of US$5.4 trillion in revenue was produced by the sector in 2014.
The level of rivalry among well-known international corporations has been determined by studying a number of key industries, as well as market competition, market share, current developments in the sector, novel product launches, alliances, mergers, and acquisitions by key corporations.
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.
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.
General Electric
Halvorsen
IHI Corporation
Pressure Vessels (India)
THE OTHER KEY PLAYERS IN THE MARKET VALUE CHAIN INCLUDE THE FOLLOWING
Babcock and Wilcox Enterprises, Inc.
Dongfang Electric Machinery Co., Ltd.
Abott
Alloy Products Corp.
Barton Firtop
KEY MARKET SEGMENTS
BY MATERIAL
Epoxy Resin
Carbon Fiber
Glass Fiber
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BY END-USE INDUSTRY
CNG Vehicles
Hydrogen Vehicles
Gas Transport
BY GEOGRAPHY
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
LAMEA
Brazil
Argentina
South Africa
UAE
Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
In this report, the key questions answered:
- How has the adoption of Market impacted COVID-19?
- What are the key market tips in key areas?
- Which utilized sciences are most impacting the anticipated global enterprise?
- Who are the major global game enthusiasts in modern times dominating the Market?
- How do AI clients turn out to be conscious of technological knowledge in strolling theatres?
- What are the vital corporation fashions determined via way of the foremost market players?
- What are the key factors that will have an effect on the expand of Market globally?
- How foremost game enthusiasts in the Global corporation environment are incorporating key
- What is the present day income contribution of distinct product kinds in the market and what are the predicted changes?
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