Pune, India -- (SBWire) -- 01/21/2020 --A recent report published by Infinium Global Research on Pressure Vessel Composite Materials Market (Material - Epoxy Resin, Glass Fiber, Carbon Fiber, and Other Materials; End-use Industry - Hydrogen Vehicles, CNG Vehicles, Gas Transport, and Other End-use Industries): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025. According to the report, the global pressure vessel composite materials market is projected to grow at a CAGR of 22.1% over the forecast period of 2019-2025.
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Pressure Vessel Composite Materials Market: Insight
Pressure vessels are ergonomically designed chambers that enclose gases or liquids. These vessels are of different shapes, the most common is cylindrical and conical for industrial applications. Pressure vessels are used in a wide range of applications such as distillation towers, power plants, and hot water storage tanks. Companies operating in the global pressure vessel composite materials market are focusing on strategic mergers, acquisitions, and new product launches that maximize their market share.
Superior Properties of Composites Materials Compared to Metal Alloys Boost the Growth of the Industry
The increasing use of carbon fiber in manufacturing pressure vessels drives the growth of the pressure vessel composite materials market. The rising demand for pressure vessel composite materials from various end-use industries contributes to the growth of the pressure vessel composite materials market. The rising industrialization and growing demand for electricity stimulate the growth of the pressure vessel composite materials market.
The rising investments by key market players for renewable energy promote demand for power supply contributing to the growth of the pressure vessel composite materials market. In addition, the superior properties of composites materials compared to metal alloys boost the growth of the pressure vessel composite materials market. On the flip side, the high cost of carbon fiber and price fluctuations of crude oil hamper the growth of the pressure vessel composite materials market. Moreover, research and development create several opportunities for the growth of the pressure vessel composite materials market.
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Asia-Pacific Region is Anticipated to Hold a Premium Share
Based on geography, the global pressure vessel composite materials market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World. Asia-Pacific region is anticipated to hold a premium share in the global pressure vessel composite materials market. China and India dominate the global pressure vessel composite materials market due to the rising number of automobile manufacturers. Europe is expected to grow in the pressure vessel composite materials market with a healthy CAGR over the forecast period. North America is showing growth in the global pressure vessel composite materials market.
Pressure Vessel Composite Materials Market: Segmentation
The report on the global pressure vessel composite materials market covers segments such as material and end-use industries. On the basis of material, the sub-markets include epoxy resin, glass fiber, carbon fiber, and other materials. On the basis of the end-use industry, the sub-markets include hydrogen vehicles, CNG vehicles, gas transport, and other end-use industries.
Pressure Vessel Composite Materials Market: Competitive Landscapes
The report provides profiles of the companies in the market such as 3M Company, Hexion Inc., Olin Corporation, Doosan Infracore Co., Ltd., Nippon Steel and Sumitomo Metal Corp., Alloy Products Corp., Pentair plc, Air Products and Chemicals, Inc., Huntsman International LLC, Nan Ya Plastics Corp., and other companies.
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About us
The Infinium Global research comprises of a team of well-experienced analysts who have qualified in generating incisive reports. The pressure vessel composite materials market report offers trends, opportunities, challenges, market size, and forecast for major geographical regions and key countries. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the pressure vessel composite materials market.
