Report : Europe Pressure Vessel Composite Materials Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material (Resin, Fiber, and Others) and End User (CNG Vehicles, Hydrogen Vehicle, Gas Transport, and Others)
At 20.1% CAGR, the Europe Pressure Vessel Composite Materials Market is speculated to be worth US$ 913.68 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe pressure vessel composite materials market was valued at US$ 304.96 million in 2022 and is expected to reach US$ 913.68 million by 2028, registering a CAGR of 20.1% from 2022 to 2028. Growing demand for natural gas-fueled vehicles and rising demand for pressure vessels from various end-use industries are the critical factors attributed to the Europe pressure vessel composite materials market expansion.
The composite overwrapped pressure vessel (COPV) is pressure-containment used in spaceflight owing to its low weight and high strength. Infinite composite technologies said substituting heavy metallic structures with composites would allow space exploration to develop by creating reusable rockets, increasing fuel requirements, and lowering the cost of sending goods into orbit. The company has colluded with NASA and Yeti Space and is currently designing and researching propellant tanks using the CPV technology for the classified space business. Moreover, according to the Office of Health and Mission Assurance, NASA uses a wide variety of Pressure vessel system (PVS) in-flight applications, including both composite, overwrapped pressure vessels (COPVs) and metallic, piping, and valves typically to store liquids and gases that are necessary for either the launch phase or operations on orbit. Their reliability is essential as once such vessels leave the pad, they regularly cannot be serviced or checked unless and until they return to earth. Typically, they follow a stringent certification and acceptance testing plan to ensure the project requirements are met. Hence, the increasing use of pressure vessel composite materials for space technology creates huge opportunities for market growth during the forecast period. This is expected to drive the Europe pressure vessel composite materials market during the forecast period.
On the contrary, storage size of composite pressure vessels hurdles the growth of Europe pressure vessel composite materials market.
Based on material, the Europe pressure vessel composite materials market is categorized into resin, fiber, and others. The resin segment held 50.5% market share in 2022, amassing US$ 154.01 million. It is projected to garner US$ 466.97 million by 2028 to expand at 20.3% CAGR during 2022–2028.
Based on end user, the Europe pressure vessel composite materials market is categorized into CNG vehicles, hydrogen vehicle, gas transport, and others. The CNG vehicles segment held 64.3% market share in 2022, amassing US$ 196.09 million. It is projected to garner US$ 588.61 million by 2028 to expand at 20.1% CAGR during 2022–2028.
Based on country, the Europe pressure vessel composite materials market has been categorized into Germany, France, the UK, Italy, Russia, and the Rest the Europe. Our regional analysis states that Germany captured 23.1% market share in 2022. It was assessed at US$ 70.29 million in 2022 and is likely to hit US$ 215.26 million by 2028, exhibiting a CAGR of 20.5% during the forecast period.
Key players dominating the Europe pressure vessel composite materials market are 3M Co; Basf SE; Huntsman Corporation; Kolon Industries Inc.; Mitsubishi Chemical Holdings Corp; Solvay SA; Zoltek Corp; Hexion Inc.; and Olin Corp, among others.
- In May 2020, Huntsman Corporation announced the completion of the acquisition of CVC Thermoset Specialties.
- In April 2020, Hexion Introducing New Epoxy System and Curing Agent.
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