Asia Pacific Pressure Vessel Composite Materials Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material (Resin, Fiber, and Others) and End User (CNG Vehicles, Hydrogen Vehicle, Gas Transport, and Others)

Asia Pacific Pressure Vessel Composite Materials Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material (Resin, Fiber, and Others) and End User (CNG Vehicles, Hydrogen Vehicle, Gas Transport, and Others)

The Asia Pacific pressure vessel composite materials market is expected to grow from US$ 418.51 million in 2022 to US$ 1,312.55 million by 2028; it is estimated to grow at a CAGR of 21.0% from 2022 to 2028.

Surging Approval of Carbon Fiber-Reinforced Plastic (CFRP) Pressure Vessels

As climate change has become scientifically linked to fossil fuel and greenhouse gas emissions, hydrogen has been identified as a sustainable, realistic option for decarbonizing transport by powering cars, heavy-duty trucks, forklifts/logistic equipment, railcars, marine vessels and aircraft, as well as stationary power plants. These systems require storing and transporting the hydrogen fuel in a pressurized gaseous, cryogenic liquid or hybrid cryo-compressed state. Carbon fiber reinforced plastic (CFRP) pressure vessels are a well-proven solution for high-pressure hydrogen gas storage owing to their lighter weight and convenient storage needs at higher pressure. Moreover, CFRP offers good corrosion resistance. Hydrogen pressure vessels are highly prone to hydrogen embrittlement in which metals become brittle due to prolonged contact of fluids. Pressure vessels lined with CFRP are highly resistant to this embrittlement making CFRP one of the most desirable materials in the market. Hydrogen fueled vehicles are witnessing huge demand as economies are shifting towards carbon neutrality. In the wake of these initiatives, many companies are investing huge amount in research and development of hydrogen-fueled aircrafts. For instance, in July 2020, ZeroAvia completed its first test flight of single-engine, six-seat, Piper aircraft using compressed hydrogen gas and is planning to test 19-seat hydrogen powered aircraft modified with twin-turboprop by 2020. Such initiatives are expected to significantly drive the demand for carbon-fiber reinforced plastics to design pressure vessels, boosting the pressure vessel composite materials market over the coming years.

Asia Pacific Pressure Vessel Composite Materials Market Overview

Asia Pacific pressure vessel composite materials market comprises several developing economies such as China, India, Japan, Australia, South Korea, among others. These emerging countries are experiencing growth in the industrial sector due to the presence of cheap labor. Asia Pacific is one of the leading players in the pressure vessel composite materials market owing to the rise in the use of pressure vessels in the automotive industry. Pressure vessels are mainly utilized in the automotive sector due to their easy availability and reduced cost. Using CNG and hydrogen vehicles in place of fuel vehicles also favors the growth of the pressure vessel composite materials market in Asia Pacific. The pressure vessel composite materials market improves efficiency and cost savings for the owners, occupants, and managers of pressure vessel composite materials.

Asia Pacific Pressure Vessel Composite Materials Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Pressure Vessel Composite Materials Market Segmentation

The Asia Pacific pressure vessel composite materials market is segmented based on material, end user, and country. Based on material, the Asia Pacific pressure vessel composite materials market is segmented into resin, fiber, and others. The thermoset cylinders segment held the largest market share in 2022.

Based on end user, the Asia Pacific pressure vessel composite materials market is segmented into CNG vehicles, hydrogen vehicle, gas transport, and others. The CNG vehicles segment held the largest market share in 2022.

Based on country, the Asia Pacific pressure vessel composite materials market is segmented into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. China dominated the market share in 2022.

3M Co; BASF SE; Huntsman Corporation; Kolon Industries Inc.; Mitsubishi Chemical Holdings Corp; Solvay SA; Hexion Inc.; and Olin Corp are the leading companies operating in the Asia Pacific pressure vessel composite materials market.

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