Report : Middle East & Africa 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 18.2% CAGR, the Middle East & Africa Pressure Vessel Composite Materials Market is speculated to be worth US$ 239.95 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa pressure vessel composite materials market was valued at US$ 87.88 million in 2022 and is expected to reach US$ 239.95 million by 2028, registering a CAGR of 18.2% from 2022 to 2028. Snowballing demand for natural gas-fueled vehicles and swelling demand for pressure vessels from various end-use industries are the critical factors attributed to the Middle East & Africa pressure vessel composite materials market expansion.
The chemicals industry is growing across the region due to the increasing consumption of goods such as fertilizers and other agrochemical products, coatings & adsorbents, LED lightings, plastics, and human-made fibers, and research laboratory chemicals. Also, the petrochemical industry is encountering heightened demand from various construction projects around the MEA. Pressure vessels are designed to work by entering the pressure required to make an application function, like 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 range from 15 psi to 150,000 psi, whereas temperatures are usually above 400°C (750°F). A pressure tank can hold anywhere from 75 liters (20 gallons) to many thousand liters. Pressure vessels are used in different industries, but three industries cover most of the market. These industries are the chemical industry, oil and gas industry, and the energy industry. The growth in the number of industrial power projects and the replacement of existing pressure vessels are one of the significant factors propelling pressure vessel composite materials market growth. The factors boosting the Middle East & Africa pressure vessel composite materials market include increasing upstream & downstream activities in the oil & gas industry, expanding power generation capacities, increasing chemical projects, and surging demand for electricity. The Middle East & Africa surge in demand from oil and gas, energy, and chemical industries is a major fueling factor. Also, based on the variability of dynamics in the power and energy industry, the design process varies amongst various industries, and therefore the nature and scope of demand differ. It results in a high turnaround time for production vessels, thereby boosting pressure vessel composite materials market growth. Moreover, the government norms and regulations for energy consumption enable high demand for pressure vessels in energy industries. Hence, the increasing demand for pressure vessel composite materials from various end-use industries is anticipated to augment the Middle East & Africa pressure vessel composite materials market growth in the forecast period. This is expected to drive the Middle East & Africa pressure vessel composite materials market during the forecast period.
On the contrary, storing capacity of composite pressure vessels hurdles the growth of Middle East & Africa pressure vessel composite materials market.
Based on material, the Middle East & Africa pressure vessel composite materials market is categorized into resin, fiber, and others. The resin segment held 51.1% market share in 2022, amassing US$ 44.90 million. It is projected to garner US$ 124.03 million by 2028 to expand at 18.5% CAGR during 2022–2028.
Based on end user, the Middle East & Africa pressure vessel composite materials market is categorized into CNG vehicles, hydrogen vehicle, gas transport, and others. The CNG vehicles segment held 64.4% market share in 2022, amassing US$ 56.61 million. It is projected to garner US$ 154.86 million by 2028 to expand at 18.3% CAGR during 2022–2028.
Based on country, the Middle East & Africa pressure vessel composite materials market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest the Middle East & Africa. Our regional analysis states that the Rest the Middle East & Africa captured 37.6% market share in 2022. It was assessed at US$ 33.02 million in 2022 and is likely to hit US$ 91.06 million by 2028, exhibiting a CAGR of 18.4% during the forecast period.
Key players dominating the Middle East & Africa pressure vessel composite materials market are 3M Co; Basf SE; Huntsman Corporation; Kolon Industries Inc.; Mitsubishi Chemical Holdings Corp; Solvay SA; Hexion Inc.; and Olin Corp, among others.
- In Dec 2020, Huntsman Announces the Acquisition of Gabriel Performance Products, Further Expanding its Specialty Chemicals Portfolio.
- In Feb 2020, Zoltek to Utilize Renewable Energy for Carbon Fiber Production.
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