Based on vehicles in the pressure vessel composite materials market, the CNG vehicles segment held 97% of the total market share in 2016, and will maintain its dominance throughout the forecast period. However, the pressure vessel composite materials in the hydrogen vehicles segment is estimated to register the highest growth rate with a CAGR of 27.5% from 2017 to 2023. The report also consists of exhaustive research on gas transport segment.
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Increase in bulk transportation on compressed natural gas (CNG) along with integration of carbon fiber in automotive industries drive the growth of the market. Furthermore, increasing number of natural gas vehicles supplement the market growth. However, the high prices of carbon fiber and unavailability of carbon fibers restrict the growth. On the other hand, emerging markets in the Asia-Pacific region offer lucrative opportunities for the pressure vessel composite materials market.
Europe pressure vessel composite materials market would grow at the fastest CAGR of 24.1% from 2017 to 2023. However, the Asia-Pacific region contributed nearly three-fifths of the total share in 2017 and is estimated to maintain its dominance during the forecast period. The report also includes study of different regions such as North America and LAMEA.
Pressure Vessel Composite Materials Market was accounted USD 433 million in 2017 and is estimated to reach USD 1.87 billion by 2023, growing at a CAGR of 23.0% from 2017 to 2023, as per the published report by Allied Market Research. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
In terms of revenue, the pressure vessel composite materials market from carbon fiber segment accounted for nearly five-sixths of the total market share in 2016, and is expected to maintain its dominance by 2023. Furthermore, this segment is estimated to project the fastest CAGR of 24.0% from 2017 to 2023. The report also consists of exhaustive research on segments including glass fiber and epoxy.
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Leading market players analyzed in the pressure vessel composite materials market include Pressure Vessels (India) Samuel Pressure Vessel Group, IHI Corporation, Doosan Heavy Industries & Construction, Halvorsen, Mitsubishi Heavy Industries, Ltd., General Electric, Bharat Heavy Electricals Limited, Westinghouse Electric Company LLC, and Larsen & Toubro Limited. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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