LONDON--(BUSINESS WIRE)--The pressure vessel composite materials market size is expected to post a CAGR of over 22% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The global demand for natural gas vehicles (NGVs) is one of the major reasons for the growth of the market. The adoption of NGVs is increasing significantly, owing to the enforcement of stringent regulations related to the emission of harmful gases from vehicles by regulatory bodies, such as the US EPA. Natural gases are stored in pressured vessels that are manufactured using various composite materials. Thus, the rising demand for NGVs will drive the demand for pressure vessels, and consequently fuel market growth.
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As per Technavio, the rise in investments to develop new power plants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Pressure Vessel Composite Materials Market: Rising Investments to Develop New Power Plants
Countries such as China and India were the major contributors to the development of power plant infrastructure in 2018. Some upcoming power plants in both countries are the Patratu Super Thermal Power Project in India, and the Shandong Shenglu Coal-Fired Power Project in China. Pressure vessel composite materials are used in the boilers in power plants. They have properties such as good vibrational damping, a low coefficient of thermal expansion, high strength and durability, and compression resistance. Thus, the increase in new power plants will drive the growth of the market.
“Apart from the rising investments to develop new power plants, other factors such as the growing use of carbon fiber to manufacture pressure vessels, and the increasing number of oil and gas extraction activities will have a positive impact on the pressure vessel composite materials market growth during the forecast period,” says a senior analyst at Technavio.
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Pressure Vessel Composite Materials Market: Segmentation Analysis
This market research report segments the global pressure vessel composite materials market by type (epoxy resins, glass fiber, and carbon fiber) and by region (North America, Europe, APAC, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America respectively. The growth of the pressure vessel composite materials market share in APAC can be attributed to the rising volume of automobile production and the increasing number of power plants in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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