NORTH AMERICA PRESSURE VESSEL COMPOSITES MARKET RD
North America Pressure Vessel Composites Market Forecast to 2027 – Covid-19 Impact and Regional Analysis by Material (Resin, Fiber, Others); End-User (CNG Vehicles, Hydrogen Vehicles, Gas Transport, Others)
Pages: 106
Market Introduction
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 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.
Market Overview and Dynamics
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. Factors driving the market growth include increasing use of natural gas vehicles and increasing demand for pressure vessels from various end-user industries. However, storage capacity of composite pressure vessels to have a negative impact on the market growth.
Effect of covid-19 on North America Pressure Vessel Composites Market
The ongoing COVID-19 outbreak began in Wuhan (China) in December 2019, but later it spread to all the parts of the world. It has adversely affected the chemicals and materials industry as the industry is suffering from supply chain disruptions, lockdowns, travel bans, and business shutdowns called in various countries. The US has the highest number of confirmed cases of the COVID-19 morbidity among all North American countries. This is likely to impact the chemicals and materials industry in the region due to the disruption of supply and distribution chain. In addition, the lockdown scenarios are also impacting the overall manufacturing processes, research, and development activities pertaining to different industries.
Key Market Segments
The resin segment accounted for a largest share of the North America pressure vessel composites market, by material, in 2019. The CNG vehicle segment accounted for a largest share of the North America pressure vessel composites market, by end-user, in 2019.
Major Sources and Companies Listed
A few of the major primary and secondary sources referred to while preparing this report on 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., and ZOLTEK Corporation (Toray Group).
Reasons to buy the report
North America Pressure Vessel Composites Market Segmentation
By End User
Company Profiles
By Country
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 140.90 Million |
| Market Size by 2027 | US$ 669.05 Million |
| CAGR (2020 - 2027) | 21.6% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Material
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Pressure Vessel Composites Market is valued at US$ 140.90 Million in 2019, it is projected to reach US$ 669.05 Million by 2027.
As per our report North America Pressure Vessel Composites Market, the market size is valued at US$ 140.90 Million in 2019, projecting it to reach US$ 669.05 Million by 2027. This translates to a CAGR of approximately 21.6% during the forecast period.
The North America Pressure Vessel Composites Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Pressure Vessel Composites Market report:
The North America Pressure Vessel Composites Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Pressure Vessel Composites Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Pressure Vessel Composites Market value chain can benefit from the information contained in a comprehensive market report.
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