Report : North America 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 20.6% CAGR, the North America Pressure Vessel Composite Materials Market is speculated to be worth US$ 610.62 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America pressure vessel composite materials market was valued at US$ 198.70 million in 2022 and is expected to reach US$ 610.62 million by 2028, registering a CAGR of 20.6% from 2022 to 2028. Increasing demand for natural gas-fueled vehicles and increasing demand for pressure vessels from various end-use industries are the critical factors attributed to the North America pressure vessel composite materials market expansion.
Natural gas-fueled vehicles use liquefied natural gas (LNG) or compressed natural gas (CNG) stored in a composite pressure vessel. These vehicles are equipped with a composite pressure vessel; therefore, the growth of the natural gas vehicle will drastically increase the market’s growth during the forecast period. Moreover, Natural gas-fueled vehicles are good options for centrally fueled 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 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 provide 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 demand for natural gas-fueled vehicles is expected to drive the market’s growth during the forecast period. This is expected to drive the North America pressure vessel composite materials market during the forecast period.
On the contrary, storage capacity of composite pressure vessels hurdles the growth of North America pressure vessel composite materials market.
Based on material, the North America pressure vessel composite materials market is categorized into resin, fiber, and others. The resin segment held 49.6% market share in 2022, amassing US$ 98.46 million. It is projected to garner US$ 306.23 million by 2028 to expand at 20.8% CAGR during 2022–2028.
Based on end user, the North America pressure vessel composite materials market is categorized into CNG vehicles, hydrogen vehicle, gas transport, and others. The CNG vehicles segment held 64.1% market share in 2022, amassing US$ 127.39 million. It is projected to garner US$ 392.20 million by 2028 to expand at 20.6% CAGR during 2022–2028.
Based on country, the North America pressure vessel composite materials market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 78.3% market share in 2022. It was assessed at US$ 155.68 million in 2022 and is likely to hit US$ 480.50 million by 2028, exhibiting a CAGR of 20.7% during the forecast period.
Key players dominating the North America pressure vessel composite materials market are 3M Co; Basf SE; Huntsman Corporation; Kolon Industries Inc.; Mitsubishi Chemical Holdings Corp; Solvay SA; Zoltek Corp; Steelhead Composites Inc.; Hexion Inc.; and Olin Corp, among others.
- In Jan 2020, Hexion Inc. to Raise Prices for Epoxy Resins in Americas.
- In Sep 2020, Huntsman Advanced Materials launched.
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