Increasing demand for pressure vessels from various end-use industries to drive North America pressure vessel composites market at CAGR of 21.6%

According to the latest study on “North America Pressure Vessel Composites Market Forecast to 2027 – Covid-19 Impact and Analysis – by Material (Resin, Fiber, and Others) and End User (CNG Vehicles, Hydrogen Vehicles, Gas Transport, and Others),” the North America pressure vessel composites market was valued at US$ 140.90 million in 2019 and is projected to reach US$ 669.05 million by 2027; it is expected to grow at a CAGR of 21.6% 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.

Pressure vessel composite materials are used in pressure vessels used to store gases and liquids under high pressure. A composite material is a combination of materials that vary in composition or shape on a macro scale. These materials do not dissolve or otherwise blend entirely into each other. Composite materials help boost efficiency of applications on which it is used and can deliver a large amount of material savings. Therefore, most of them are needed in various industries such as oil refineries, nuclear reactors, automobiles, gas repositories, and aerospace.

The chemicals industry is growing across the world due to the increasing consumption of goods such as fertilizers and other agrochemical products, coatings and adsorbents, LED lightings, plastics, and human-made fibers, and research laboratory chemicals. According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at US$ 5.7 trillion in 2019, which was equivalent to a 7% share in the global GDP. Also, the petrochemical industry is receiving a huge demand from various construction projects worldwide. Pressure vessels are designed to work by reaching the pressure level required to make an application function, such as 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 ranges from 15 psi to 150,000 psi, while 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 chemical, oil & gas, and energy industry are the main industries.

The North America region constitutes developed countries such as the US and Canada as well as Mexico as a developing nation. The surge in demand for pressure vessels in the energy sector to contain harmful gases is the major factor driving the pressure vessel composite materials market in North America. The demand for pressure vessel composite materials have increased owing to their high-strength to weight. The pressure vessel composite materials improve the performance and offer significant amount of material savings which in turn drives the market growth. The high mechanical strength, toughness, weather resistant and lightweight properties of pressure vessel composite material as compared to other metal alloys favors the growth of the market in the region. Furthermore, the rise in the demand for cooling and heating equipments have boosted the growth of the pressure vessel composite materials market in the region. Pressure vessel composite materials offers resistance from corrosion and cross contamination which facilitates its usage in various chemical procedures. Thus the growing chemical industry in North America supports the demand for pressure vessel composite materials in the region.

The COVID-19 outbreak first began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace worldwide. As of February 2021, the US, Brazil, India, Russia, South Africa, Mexico, and the UK are among the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemicals and materials is one of the major industries suffering facing serious disruptions such as office and factory shutdown and supply chain breaks, as a result of this outbreak. The US has the highest number of confirmed cases of COVID-19 morbidities in North America. 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 market. In Canada, manufacturing units deemed nonessential were shut down, and the essential projects are subject to public health guidelines. The slowdown in the sales of pressure vessel composites in North American region will surely affect the overall growth of the pressure vessel composites market.

Some of the major key players operating in the North America pressure vessel composites market include 3M Company, BASF SE, Hexion Inc., Huntsman International LLC., Mitsubishi Chemical Corporation, Olin Corporation, Solvay S.A., Steelhead Composites, LLC., ZOLTEK Corporation (Toray Group) among many others.

The report includes the segmentation of North America pressure vessel composites market as follows:

• Resin
• Fiber
• Others

• CNG Vehicles
• Hydrogen Vehicles
• Gas Transport
• Others

• US
• Canada
• Mexico