Pressure Vessel Composite Materials Market size is forecast to reach $1,602.28 million by 2025, after growing at a CAGR of 24.65% during 2020-2025. A pressure vessel is used as a compressed air receiver and a domestic hot water storage tank in various vehicles. Due to the high strength to weight ratio, the market for composites has increased in the manufacture of pressure vessels. Composites not only improve performance but also give significant material savings owing to which it has application in a number of sectors such as oil refineries, nuclear plants, gas storage, automotive, aerospace, and others; leading to drive the growth of the Pressure Vessel Composite Materials industry in the forecast period.
By Type – Segment Analysis
Epoxy Resin is extensively used in Pressure Vessel Composite Materials Market for the production of Pressure Vessels. As for the class of vessel, plastic-lined composite tanks are expected to see the fastest growth over the next five years and so is the market for epoxy resins in this category of vessel. Plastic-lined composite tanks tank uses more carbon epoxy composites and provides maximum weight savings compared to other types of pressure vessels. Plastic-lined composite tank Form is increasingly penetrating particularly in mass transit buses and medium & heavy commercial vehicles. Lower fuel density and lower mass of these vessels allow for greater range and fuel efficiency for medium & heavy-duty commercial vehicles, longer operating times between refueling stops, and reduced maintenance costs.
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Application – Segment Analysis
CNG Vehicles held the largest share in the Pressure Vessel Composite Materials Market in 2019. The outer shells of the pressure vessel are made up of a conventional metal alloy which is used to store fuel in a car, truck, or bus equivalent to a gas tank for a combustion engine, or for applications for bulk storage. Composite CNG pressure vessel has much safer burst behavior for passenger vehicles as opposed to metallic CNG. The lining used for CNG pressure vessels is made from HDPE, and carbon fibers are used to wind the vessel filament and can be used in place of gasoline, diesel fuel, and liquefied petroleum gas (LPG). CNG combustion produces fewer undesirable gases than gasoline, diesel fuel, and liquefied petroleum gas mentioned fuels. Natural gas poses less of a threat in the event of a spill compared to other liquids, as it is lighter than air and disperses quickly when released. CNG vehicles have a very high-octane rating which enables them to run smoother.
End Use – Segment Analysis
Automotive Sector held the largest share in the Pressure Vessel Composite Materials Market in 2019 and is projected to grow at a CAGR of 15.62% during the forecast period 2020-2025. Pressure vessel systems gain more and more important especially for automotive applications due to low weight, competitive price range, and safe operation implementation. The global shift towards the use of automobiles driven by fuels other than oil, such as natural gas and hydrogen, has sparked significant growth in pressure vessel Composite Materials manufacturing. A composite material in automotive manufacturing has major advantages over steel. Composites are seen as making cars lighter, safer and more fuel-efficient. According to Oak Ridge National Laboratory (ORNL), Carbon fiber composites weigh around one-fifth as much as steel, but in terms of stiffness and strength, they are as good or better. They also do not rust or corrode like steel or aluminum and by reduces the vehicle weight by as much as 60 percent, they may significantly increase vehicle fuel economy is anticipated to boost the growth of the global sebacic acid market over the forecast period.
Geography- Segment Analysis
Asia Pacific held the largest share with 38.96% in Pressure Vessel Composite Materials Market due to the increasing use of pressure vessels in the automotive industry. Also, increasing the use of pressure vessels in the automobile sector due to its easy availability globally and reduced cost is boosting the market growth. The use of Natural gas vehicles instead of fuel vehicles is also driving the demand for Composite Pressure Vessel in the Asia Pacific region. China and India dominate the global pressure vessel composite materials market due to the rising number of automobile manufacturers in the APAC region. According to the International Trade Administration, China is the largest vehicle market in the world, with the Chinese government expecting car production to reach 30 million units by 2020, and 35 million by 2025. According to the China Association of automobile manufacturers, in 2018, over 27 million vehicles were sold.
Drivers – Pressure Vessel Composite Materials Market
Increasing use of Pressure Vessel Composite Materials for Space Technology
The composite overwrapped pressure vessel (COPV) is a pressure-containing vessel, used in spaceflight due to the high-strength and low weight. Infinite Composites Technologies said replacing heavy metallic structures with composites would allow space exploration to develop by growing fuel requirements, creating reusable rockets, and lowering the cost of sending goods into orbit. The company has collaborated with NASA and Yeti Space and is currently researching and designing propellant tanks using the iCPV technology for classified space business. In addition, according to the Office of Health and Mission Assurance, NASA uses a wide variety of PVS in-flight applications, including both metallic and composite overwrapped pressure vessels (COPVs), piping, and valves usually to store gases and liquids that are necessary for either the launch phase or operations on orbit. Their reliability is important because once such vessels leave the pad they usually cannot be checked or serviced unless and until they return to Earth. Usually, they follow a stringent certification and acceptance testing plan to ensure the project requirements are met.
Increasing Natural Gas Vehicles
Natural gas vehicles use compressed natural gas or liquefied natural gas which is stored in a composite pressure vessel. The natural gas vehicle is coupled with composite pressure vessel; hence, growth of the Natural gas vehicle will tend to increase the market. Also, Natural gas vehicles (NGVs) are good options for high mileage, centrally fuelled fleets as they can provide similar fuel range support for applications that are not interested in long haul routes where fuel stations can become scarce. As a transportation fuel, the benefits of natural gas include domestic supply, extensive distribution infrastructure, and reduced greenhouse gas emissions over traditional gasoline and diesel fuels. According to NGV Global base, in 2019 there was 27,765,376 natural gas vehicles present with the Asia Pacific having 19,841,688 natural gas vehicles.
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Challenges – Pressure Vessel Composite Materials Market
Storage Capacity of composite pressure vessels
The major challenge for pressure vessels is the storage capacity. One big problem is the storage capacity of pressure vessels. For hydrogen, an adequate density of storage can only be achieved by applying a very high operating pressure of up to 70 MPa. At the same time, manufacturing technology is to be made available ready for mass production of standard automotive quantities approaching 100,000 tank systems per annum. In order to meet the requirements of these applications, we must give specific properties to the pressure vessels, especially low weight and the potential for cost-effective mass production. Although wet winding is a proven manufacturing technology in the fiber-reinforced pressure vessel industry, it is restricted in terms of the high rates of production.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Pressure Vessel Composite Materials Market. Major players in the Pressure Vessel Composite Materials Market are Samuel Pressure Vessel Group, Doosan Heavy Industries & Construction, Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Westinghouse Electric Company LLC, Voith GmbH & Co., Halvorsen, IHI Corporation, and 3M Co among others.
In September 2019, Voith GmbH & Co., and HRC, one of the leading suppliers of composite solutions, signed the memorandum of understanding to work together on the next generation of high-pressure hydrogen vessels for electric fuel cell vehicles (FCEV).
APAC dominates the Pressure Vessel Composite Materials due to the increasing production of Composite Pressure Vessel for use in automotive.
Increasing use pressure vessel composite material due to its superior properties such as light weight, corrosion resistance, high stiffness, high strength, and longer life cycles compared to other materials such as aluminum, steel, and others, carbon fibers will anticipate boosting the market in the forecast era.
With the World Health Organization declaring the COVID-19 outbreak a pandemic, the automotive industry is being significantly affected as most of the countries have issued “stay at home guidance” i.e., lockdown due to which manufacturing plants are being shuttered around the world. This factor is limiting pressure vessel composite materials market growth in the current situation.
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