Middle East & Africa Pressure Vessel Composites Material Market is expected to reach US$ 269.04 million by 2027

Increasing natural gas vehicles to drive Middle East & Africa pressure vessel composites material market at CAGR of 19.3%

According to the latest study on “Middle East & Africa Pressure Vessel Composites Material Market Forecast to 2027 – Covid-19 Impact and Analysis – By Material (Resin, Fiber and Others); End-User (CNG Vehicles, Hydrogen Vehicles, Gas Transport and Others); and Country,” the Middle East & Africa pressure vessel composites material market was valued at US$ 65.98 million in 2019 and is projected to reach US$ 269.04 million by 2027; it is expected to grow at a CAGR of 19.3 % during 2020–2027. The report provides understanding on the key driving factors pertaining to the market growth and highlights the prominent players in the market, along with their developments.

Natural gas vehicles use liquefied natural gas (LNG) or compressed natural gas (CNG), which is stored in a composite pressure vessel. The natural gas vehicle (NGV) is coupled with a composite pressure vessel; therefore, the growth of the Natural gas vehicle will drastically increase the growth of the market in the forecast period. Moreover, Natural gas vehicles (NGVs) are good options for centrally fuelled fleets, high mileage as they can provide the same fuel range support for applications that are not interested in long haul routes where fuel stations can become scarce. As a transportation fuel, natural gas benefits include extensive distribution infrastructure, domestic supply, and also reduced greenhouse gas emissions over traditional gasoline and diesel fuels. Moreover, high-pressure gas storage vessels represent one of the fastest-growing and most significant markets for advanced composites, especially for filament wound carbon fiber composites. Although they are used in self-contained breathing apparatuses and also provides oxygen and gas storage on aerospace vehicles, the principal end-markets for composite-reinforced pressure vessels are bulk transportation, also called mobile pipeline of compressed natural gas (CNG) products, and fuel storage in buses, passenger cars, and trucks with powertrains dependent on compressed natural gas and hydrogen alternatives to diesel and gasoline. Therefore, increasing natural gas vehicles in the chemical and material industry drives the growth of the market in the forecast period.

The composite overwrapped pressure vessel (COPV) is pressure-containing, that is used in spaceflight owing to its low weight and high strength. Infinite composites 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 now currently designing and researching propellant tanks using the iCPV technology for the classified space business. Moreover, according to the Office of Health and Mission Assurance, NASA uses a wide variety of 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 leaves 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 drives the market growth in the forecast period.

Middle East & African continent comprises of several developing economies such as South Africa, Saudi Arabia, UAE and rest of Middle East & Africa. The region is expected to witness a rapid increase in commercialization and industrialization, which would further boost the varied industrial sectors. The MEA is an evolving market for composite materials as stringent policies regarding the environment have banned the use of plastics in various applications. The use of pressure vessel composite materials in pressure vessels due to their high strength to weight ratio and enormous possibilities in design have favored the market for pressure vessel composite materials in the region. There has been an increase in the demand for power and energy in the Middle East and Africa region which is due to an increase in population, high economic growth in some of the countries and better access to affordable energy in some part of the region. Thus, an increase in the demand for power and energy will drive the market of pressure vessel composite material in the Middle east and Africa region. Middle East and Africa is one of the largest producers of oil and gas in the world which increases the demand for pressure vessel composite material among these sectors.

Recently, the World Health Organization (WHO) announced the outbreak of COVID-19, the novel form of a disease caused by the virus SARS-CoV-2, as a pandemic. This outbreak started in December 2019 in Wuhan, China, and later, it turned into a pandemic, causing numerous deaths worldwide. The outbreak of COVID-19 pandemic has severely impacted the chemicals & materials industry. The shutdowns of this industry and supply chain disruptions due to lockdown of countries has created a strain on the supplies of the products of this industry. The South Africa has the highest number of confirmed cases of COVID-19 morbidities in Middle East & Africa. The majority of the manufacturing plants were shut down during the lockdown, and the construction industry was at a halt, which has negatively impacted the pressure vessel composites material market. UAE was the first country in Middle East and Africa to report a confirmed case of coronavirus. Due to lockdown in Middle East and African countries, various chemicals & materials companies remain closed which led to the reduction in the sale of various products which has negatively impacted the market for pressure vessel composite material in the region.

The Middle East & Africa pressure vessel composites material market is concentrated with several well-established players. A few of the key players in this market include are 3M Company, BASF SE, Hexion Inc., Huntsman International LLC., Olin Corporation, Solvay S.A., and ZOLTEK Corporation (Toray Group).

The report includes the segmentation of Middle East & Africa Pressure vessel composites material market as follows:

• Resin
• Fiber
• Others

• CNG Vehicles
• Hydrogen Vehicles
• Gas Transport
• Others

• South Africa
• Saudi Arabia
• UAE
• Rest of MEA