Report : South 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 18.7% CAGR, the South America Pressure Vessel Composite Materials Market is speculated to be worth US$ 147.29 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America pressure vessel composite materials market was valued at US$ 52.57 million in 2022 and is expected to reach US$ 147.29 million by 2028, registering a CAGR of 18.7% 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 South America pressure vessel composite materials market expansion.
Pressure vessel composite materials represent one of the fastest-growing markets for epoxy resin in the composites industry. The factors such as its mechanical and adhesive properties, and water resistance play a major role. Hydrogen fuel-based vehicles currently generate negligible demand for pressure vessels and hence, the epoxy resin. Nevertheless, it is plausible that there would be a healthy production of hydrogen fuel-based vehicles in the upcoming years as more than ten automakers have already released FCV demonstrators and test fleets. Type IV tank is most likely to witness high growth over the upcoming years, and so is the demand for the epoxy resins in this vessel type. Type IV tank incorporates a more significant amount of carbon epoxy composites, and it offers maximum weight saving compared to other pressure vessel types. There is increasing penetration of type IV tanks particularly in mass transit medium & heavy-duty commercial vehicles and buses. For medium and heavy-duty commercial vehicles, higher fuel density and lower mass of these vessels permit more excellent range and fuel efficiency, increase the operational interval between refueling stops, and reduce maintenance cost. Moreover, rising demand for epoxy resins are further anticipated to boost the market growth of the pressure vessel composite materials over the forecast period. This is expected to drive the South America pressure vessel composite materials market during the forecast period.
On the contrary, storage capacity of composite pressure vessels hurdles the growth of South America pressure vessel composite materials market.
Based on material, the South America pressure vessel composite materials market is categorized into resin, fiber, and others. The resin segment held 51.3% market share in 2022, amassing US$ 26.99 million. It is projected to garner US$ 76.49 million by 2028 to expand at 19.0% CAGR during 2022–2028.
Based on end user, the South America pressure vessel composite materials market is categorized into CNG vehicles, hydrogen vehicle, gas transport, and others. The CNG vehicles segment held 64.5% market share in 2022, amassing US$ 33.89 million. It is projected to garner US$ 95.13 million by 2028 to expand at 18.8% CAGR during 2022–2028.
Based on country, the South America pressure vessel composite materials market has been categorized into Brazil, Argentina, and the Rest the South America. Our regional analysis states that Brazil captured 54.3% market share in 2022. It was assessed at US$ 28.52 million in 2022 and is likely to hit US$ 81.55 million by 2028, exhibiting a CAGR of 19.1% during the forecast period.
Key players dominating the South America 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 April 2020, Hexion Introducing New Epoxy System and Curing Agent.
- In Dec 2020, Huntsman Announces the Acquisition of Gabriel Performance Products, Further Expanding its Specialty Chemicals Portfolio
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