Increasing demand for pressure vessels from various end-use industries to drive SAM pressure vessel composites materials market at CAGR of 19.7%

According to the latest study on “SAM Pressure Vessel Composites Materials 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 pressure vessel composites materials market in SAM was valued at US$ 38.76 million in 2019 and is projected to reach US$ 162.84 million by 2027; it is expected to grow at a CAGR of 19.7% from 2020 to 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.

By country, SAM pressure vessel composites materials market is segmented into Brazil, Argentina, and Rest of South America. Brazil held the largest share of the market in 2019. The continuous technological and industrial developments are driving the economic growth of Brazil and Argentina. Changing economic condition in South America, growing developments of new manufacturing industries, and increasing support from the government for rising industrial production offer lucrative opportunities for the pressure vessel composites materials market players across the region. Furthermore, the rapid development in the automotive and power and process industries is expected to propel the demand for pressure vessel composites materials during the forecast period.

The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of January 2021, Brazil has the highest number of COVID-19 cases in South America, followed by Argentina, Peru, Chile, and Ecuador. The government of South America has taken an array of actions to protect their citizens and contain the spread of the novel coronavirus. It is anticipated that the region will face lower export revenues, both from the drop in commodity prices and reduction in export volumes—especially to China, Europe, and the US, which are important trade partners. Containment measures in several countries of South America would hamper economic activities in the manufacturing and service sectors for at least the next quarter, with a rebound once the epidemic is contained.

Some of the major key players operating in the SAM pressure vessel composites materials market include 3M Company, BASF SE, Huntsman International LLC., Olin Corporation, Solvay S.A., and ZOLTEK Corporation among many others.

The report includes the segmentation of SAM pressure vessel composites materials market as follows:

• Resin
• Fiber
• Others

• CNG Vehicles
• Hydrogen Vehicles
• Gas Transport
• Others

• Brazil
• Argentina
• Rest of SAM

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