Global Pressure Vessel Composite Materials Market Size to Reach $1.87 Billion by 2023 at 23.0% CAGR

Surge in the number of natural gas vehicles (NGVs) and increased penetration of carbon fiber in automotive industries facilitate the growth of the global pressure vessel composite materials market. Furthermore, emerging markets in the Asia-Pacific region offer lucrative opportunities. The Asia-Pacific segment contributed nearly three-fifths of the total pressure vessel composite materials market share in 2017.

Portland, OR, July 03, 2019 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Pressure Vessel Composite Materials Market by Material (Epoxy Resin, Carbon Fiber, and Glass Fiber) and End-use Industry (CNG Vehicles, Hydrogen Vehicles, and Gas Transport): Global Opportunity Analysis and Industry Forecast, 2017-2023”.  According to the report, the global pressure vessel composite materials market generated $433 million in 2017 and is estimated to reach $1.87 billion by 2023, growing at a CAGR of 23.0% from 2017 to 2023. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.

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Increase in bulk transportation on compressed natural gas (CNG) along with integration of carbon fiber in automotive industries drive the growth of the market.  Furthermore, increasing number of natural gas vehicles supplement the market growth. However, the high prices of carbon fiber and unavailability of carbon fibers restrict the growth. On the other hand, emerging markets in the Asia-Pacific region offer lucrative opportunities for the market.

In terms of revenue, the carbon fiber segment accounted for nearly five-sixths of the total market share in 2016, and is expected to maintain its dominance by 2023. Furthermore, this segment is estimated to project the fastest CAGR of 24.0% from 2017 to 2023. The report also consists of exhaustive research on segments including glass fiber and epoxy.

Based on vehicles, the CNG vehicles segment held 97% of the total market share in 2016, and will maintain its dominance throughout the forecast period. However, the hydrogen vehicles segment is estimated to register the highest growth rate with a CAGR of 27.5% from 2017 to 2023. The report also consists of exhaustive research on gas transport segment.

Europe region would grow at the fastest CAGR of 24.1% from 2017 to 2023. However, the Asia-Pacific region contributed nearly three-fifths of the total share in 2017 and is estimated to maintain its dominance during the forecast period. The report also includes study of different regions such as North America and LAMEA.

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Leading market players analyzed in the research include Pressure Vessels (India) Samuel Pressure Vessel Group, IHI Corporation, Doosan Heavy Industries & Construction, Halvorsen, Mitsubishi Heavy Industries, Ltd., General Electric, Bharat Heavy Electricals Limited, Westinghouse Electric Company LLC, and Larsen & Toubro Limited. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.

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