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% from 2020 to 2027.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pressure Vessel Composite Materials Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Material and End User" - https://www.reportlinker.com/p06027561/?utm_source=GNW
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 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.
Based on material type, the pressure vessel composite materials market is segmented into resin, fiber, and others.The resin segment led the market with the largest share in 2019.
Resin or epoxy resin is widely used in the pressure vessel composite materials market to produce pressure vessels.For the class of vessels, plastic-lined composite tanks are anticipated to see the most accelerated growth in the next five years.
The market for epoxy resins in this category of a vessel as plastic-lined composite tanks uses more numerous carbon epoxy composites and also provides maximum weight savings compared to other types of pressure vessels. Plastic-lined composite tank form is frequently used in mass transit buses and medium and heavy commercial vehicles, which drives the growth of the market.
Geographically, the pressure vessel composite materials market is segmented into North America, Europe, Asia Pacific (APAC), South America, and Middle East & Africa (MEA).Asia Pacific held the largest share of the market in 2019, followed by Europe.
The growth of the market in Asia Pacific is primarily attributed to increasing automotive production in the region, growing number of power plants in countries such as China and India, and rising demand for pressure vessel composite materials from various end-use industries such as CNG vehicles, hydrogen vehicles, gas transport, and others across the region.Currently, key players—in developed and developing countries across Asia Pacific—are majorly investing in renewable energy to meet the increasing demand for energy supply, which is expected to fuel the demand for pressure vessels in the near future.
Rapid industrialization and huge demand for electricity are the key factors driving the growth of the pressure vessels composite materials market in North America.
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019.As of January 2021, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among the worst affected countries in terms of confirmed cases and reported deaths.
According to the latest WHO figures updated on January 2021, there are ~ 83,322,449 confirmed cases and 1,831,412 total deaths globally.The COVID-19 pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
The global chemical and material industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns etc.For instance, China is the global manufacturing hub and largest raw material supplier for various industries; it is also one of the worst affected countries.
The lockdown of various plants and factories in China is hindering the global supply chains and disrupting the manufacturing activities, delivery schedules, and various chemicals and materials sales. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hampering business collaborations and partnerships opportunities. All these factors are anticipated to affect the chemical and materials industry in a negative manner, and thus act as restraining factor for the growth of various markets related to this industry.
3M Company; BASF SE; Hexion Inc.; Huntsman International LLC.; Kolon Industries. Inc.; Mitsubishi Chemical Corporation; Olin Corporation; Solvay S.A.; Steelhead Composites, LLC.; and ZOLTEK Corporation (Toray Group) are among the major players operating in the global pressure vessel composite materials market.
The overall global pressure vessel composite materials market size has been derived in accordance with both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global pressure vessel composite materials market.
Read the full report: https://www.reportlinker.com/p06027561/?utm_source=GNW
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