Carbon Fiber Pressure Vessel Market Size, Share, Growth, and Industry Analysis, By Type (Type III Carbon Fiber Pressure Vessel, Type IV Carbon Fiber Pressure Vessel, and Others), By Application (CNG Storage Tank, SCBA/SCUBA, Hydrogen Storage Tank, and Others), Regional Insights and Forecast To 2033

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CARBON FIBER PRESSURE VESSEL MARKET OVERVIEW

The global carbon fiber pressure vessel market size was forecasted to be worth USD 0.8 billion in 2024 and expected to achieve USD 2.03 billion by 2033 with a CAGR of 10.9% during the forecast period.

A container used to store and/or convey fluids or gasses under high pressure is called a carbon fiber pressure vessel. The importance of carbon fiber pressure vessels can be attributed to their strength and low weight, which make them perfect for usage in a number of applications. Carbon fiber pressure vessels for hydrogen production and liquefaction are part of the other applications section. Over the projected period, rising demand for these items is anticipated in the energy, automotive, and marine industries. By using such technology, cars overall weight is reduced, improving fuel economy while also lowering pollutants due to the lighter vehicles. Over the projection period, it is anticipated that this aspect will further fuel industry expansion. Due to its expanding use across numerous end-use sectors, including automotive and marine, CNG storage tanks were expected to be the largest application segment

The aerospace, automotive, and construction industries' rising need for lightweight, high-performance materials is anticipated to fuel the market for carbon fiber pressure vessels. As carbon fiber pressure vessels are used in battery packs to store energy, it is also projected that the growing popularity of electric vehicles would increase demand for them. Over the course of the projection period, increasing expenditures are anticipated to be made in R&D efforts for novel applications of carbon fiber pressure vessels. These factors have been influencing the carbon fiber pressure vessel market share and revenue systems.

COVID-19 IMPACT

COVID-19 to Have Mixed Influence on the Carbon Fiber Pressure Vessels Market

The COVID-19 pandemic has been unprecedented and staggering, with Carbon Fiber Pressure Vessel Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Companies who are rapidly increasing capacity to meet the short-term COVID-induced demand must exercise caution when analyzing these rare demand patterns. The future of this particular Market will be shaped by changes in social, economic, trade, and political situations following the epidemic, along with anticipated changes in environmental legislation.  For several applications and regions within the anticipated timeframe, the market for carbon fiber pressure vessels experienced conflicting outcomes during the COVID 19 pandemic. The study identifies the effects of the pandemic on several market segments and presents various case studies that illustrate the market's development potential through 2033.

LATEST TRENDS

Carbon Fiber Pressure Vessel Market to Find New Opportunities During the Forecast Period

Market trends for pressure vessel composite materials, such as the expanding usage of carbon fiber in pressure vessel production, will also have an impact on market expansion. A lightweight composite material with good tensile strength, chemical stability, and corrosion resistance is carbon fiber. Due to these advantages, carbon fiber pressure vehicles are becoming more and more popular in the automotive and oil & gas sectors. Vendors are concentrating on creating carbon fiber pressure vessels to meet the rising demand.

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CARBON FIBER PRESSURE VESSEL MARKET SEGMENTATION

By Type

According to type, the market can be segmented into Type III Carbon Fiber Pressure Vessel, Type IV Carbon Fiber Pressure Vessel, and Others amongst which type III carbon fiber pressure vessels is the leading segment.

By Application

Based on application, the market can be divided into CNG Storage Tank, SCBA/SCUBA, Hydrogen Storage Tank, and Others amongst which CNG storage tank is the leading segment.

DRIVING FACTORS

Need for Efficient Pressure Vessels to Augment the Market growth

One of the main factors influencing the market is the increasing public awareness of low-impact and fuel-efficient transportation options worldwide. In addition, there is a rise in the need for high-performance, lightweight pressure vessels in the aerospace sector. A favorable market outlook is being provided by this as well as the rising demand for boilers in various energy generation processes. Additionally, the oil and gas industry's increasing use of pressure vessels to carry out physical and chemical processes under extreme pressure and temperature is boosting the carbon fiber pressure vessel market’s expansion.

Industrial Applications to Surge the Carbon Fiber Pressure Vessel Market Growth

Pressure vessels are being used more frequently in the chemical industry to transport and store a variety of chemical, which is providing lucrative growth prospects to investors in the sector. In addition, major market players are making significant investments in research and development (R&D) operations in order to introduce customized pressure vessels, which is having a favorable impact on the market. Additionally, supercritical power production technologies are being adopted more widely worldwide. This is assisting the carbon fiber pressure vessel market's expansion, along with the booming petrochemical sector.

RESTRAINING FACTORS

Corroding Metals to Affect the Market Growth

Carbon fiber pressure vessels are now being adopted and implemented by manufacturing companies all over the world as a result of the growing need for cutting-edge products. A pressure vessel is a kind of sophisticated airtight vessel that helps resist a lot of pressure. Major businesses like the civic, military, chemical, and petrochemical all depend on it heavily. Because it may reduce hydraulic shocks in the system, it is also a vital part of scientific research facilities. The construction and longevity of pressure vessels are, however, significantly influenced by a number of external environmental conditions, such as the type and concentration of reagents utilized. The corrosion process is sped up by the mixture of these reagents with alkaline and acidic compounds. This particular corrosion factor of metals may restrain the carbon fiber pressure vessels market growth and affect the shares of this market as well.

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CARBON FIBER PRESSURE VESSEL MARKET REGIONAL INSIGHTS

North America to Dominate Market During the Forecast Period

Due to its increasing installation in sectors like chemical and petrochemical, oil and gas, and power generation, the product demand in North America is anticipated to rise. Over the course of the projected period, increased use of nuclear reactors in nuclear power generation facilities is anticipated to benefit the market. As a result, it is projected that North America would continue to dominate during the forecast period. This area is responsible for the expansion of the worldwide carbon fiber pressure vessel market. North America is therefore expected to continue to dominate during the projection period. The expansion of the market for carbon fiber pressure vessels worldwide is due to this region.

In terms of sales, Europe held the second-largest carbon fiber pressure vessel market share. The product demand for diverse industrial processes across a range of end-use applications is predicted to be boosted by elements like product innovation and considerable R&D by the leading manufacturers. Brazil, Argentina, Venezuela, Columbia, and other countries in Central and South America all have significant oil and gas reserves, which gives the region's economy considerable room to grow.

KEY INDUSTRY PLAYERS

Market Players Focus on New Product Launches to Strengthen Market Position

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Top Carbon Fiber Pressure Vessel Companies

• Luxfer Group (U.K.)
• Iljin Composites Corp (South Korea)
• Faber Industrie SpA (Italy)
• Worthington Industries (U.S.)
• 3M Scott (U.S.)
• Shenyang Gas Cylinder (China)
• Toyota (Japan)
• Sinoma Science & Technology (China)
• Beijing China Tank Industry (China)
• AMS Composite Cylinders (U.K.)
• Beijing Tianhai Industry (China)
• Teijin Engineering Limited (Japan)
• NPROXX (Netherlands)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.