North America 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)
Description
North America 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 North America pressure vessel composite materials market is expected to grow from US$ 198.70 million in 2022 to US$ 610.62 million by 2028; it is estimated to grow at a CAGR of 20.6% from 2022 to 2028 .
Increasing Demand for Pressure Vessels from Various End-Use Industries is Fueling the North America Pressure Vessel Composite Materials Market
The chemicals industry is growing across the region due to the increasing consumption of goods such as fertilizers and other agrochemical products, coatings & adsorbents, LED lightings, plastics, and human-made fibers, and research laboratory chemicals. Also, the petrochemical industry is encountering heightened demand from various construction projects around the North America. Pressure vessels are designed to work by entering the pressure required to make an application function, like holding air in a scuba tank. It can deliver pressure either directly by valves and release gauges or indirectly via heat transfer. Potential pressure levels range from 15 psi to 150,000 psi, whereas temperatures are usually above 400°C (750°F). A pressure tank can hold anywhere from 75 liters (20 gallons) to many thousand liters. Pressure vessels are used in different industries, but three industries cover most of the market. These industries are the chemical industry, oil and gas industry, and the energy industry. The growth in the number of industrial power projects and the replacement of existing pressure vessels are one of the significant factors propelling market growth. The factors boosting the market include increasing upstream & downstream activities in the oil & gas industry, expanding power generation capacities, increasing chemical projects, and surging demand for electricity. The North America surge in demand from oil and gas, energy, and chemical industries is a major fueling factor. Also, based on the variability of dynamics in the power and energy industry, the design process varies amongst various industries, and therefore the nature and scope of demand differ. It results in a high turnaround time for production vessels, thereby boosting market growth. Moreover, the government norms and regulations for energy consumption enable high demand for pressure vessels in energy industries. Hence, the increasing demand for pressure vessel composite materials from various end-use industries is anticipated to augment the North America pressure vessel composite materials market growth in the forecast period.
North America Pressure Vessel Composite Materials Market Overview
The North America pressure vessel composite market is segmented into the US, Canada, and Mexico. The regional companies are continuously enhancing the overall business processes to meet the customer demand in the best possible way. Various domestic and international companies such as Mitsubishi Chemical Corporation, Hexion Inc. and Olin Corporation have a strong foothold in the North American region, which boost the demand for pressure vessel composite materials. The US is a major pressure vessel composite materials market, followed by Canada and Mexico. Rapid industrialization and flexible trade policies are driving the growth of the North America pressure vessel composite materials market.
North America Pressure Vessel Composite Materials Market Revenue and Forecast to 2028 (US$ Million)
North America pressure vessel composite materials market Segmentation
The North America pressure vessel composite materials market is segmented based on material, end user, and country. Based on material, the North America 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 North America 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 North America pressure vessel composite materials market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.
3M Co; BASF SE; Huntsman Corporation; Kolon Industries Inc.; Mitsubishi Chemical Holdings Corp; Solvay SA; Zoltek Corp; Steelhead Composites Inc.; Hexion Inc.; and Olin Corp are the leading companies operating in the North America pressure vessel composite materials market
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America pressure vessel composite materials market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the North America pressure vessel composite materials market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America pressure vessel composite materials market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
The North America pressure vessel composite materials market is expected to grow from US$ 198.70 million in 2022 to US$ 610.62 million by 2028; it is estimated to grow at a CAGR of 20.6% from 2022 to 2028 .
Increasing Demand for Pressure Vessels from Various End-Use Industries is Fueling the North America Pressure Vessel Composite Materials Market
The chemicals industry is growing across the region due to the increasing consumption of goods such as fertilizers and other agrochemical products, coatings & adsorbents, LED lightings, plastics, and human-made fibers, and research laboratory chemicals. Also, the petrochemical industry is encountering heightened demand from various construction projects around the North America. Pressure vessels are designed to work by entering the pressure required to make an application function, like holding air in a scuba tank. It can deliver pressure either directly by valves and release gauges or indirectly via heat transfer. Potential pressure levels range from 15 psi to 150,000 psi, whereas temperatures are usually above 400°C (750°F). A pressure tank can hold anywhere from 75 liters (20 gallons) to many thousand liters. Pressure vessels are used in different industries, but three industries cover most of the market. These industries are the chemical industry, oil and gas industry, and the energy industry. The growth in the number of industrial power projects and the replacement of existing pressure vessels are one of the significant factors propelling market growth. The factors boosting the market include increasing upstream & downstream activities in the oil & gas industry, expanding power generation capacities, increasing chemical projects, and surging demand for electricity. The North America surge in demand from oil and gas, energy, and chemical industries is a major fueling factor. Also, based on the variability of dynamics in the power and energy industry, the design process varies amongst various industries, and therefore the nature and scope of demand differ. It results in a high turnaround time for production vessels, thereby boosting market growth. Moreover, the government norms and regulations for energy consumption enable high demand for pressure vessels in energy industries. Hence, the increasing demand for pressure vessel composite materials from various end-use industries is anticipated to augment the North America pressure vessel composite materials market growth in the forecast period.
North America Pressure Vessel Composite Materials Market Overview
The North America pressure vessel composite market is segmented into the US, Canada, and Mexico. The regional companies are continuously enhancing the overall business processes to meet the customer demand in the best possible way. Various domestic and international companies such as Mitsubishi Chemical Corporation, Hexion Inc. and Olin Corporation have a strong foothold in the North American region, which boost the demand for pressure vessel composite materials. The US is a major pressure vessel composite materials market, followed by Canada and Mexico. Rapid industrialization and flexible trade policies are driving the growth of the North America pressure vessel composite materials market.
North America Pressure Vessel Composite Materials Market Revenue and Forecast to 2028 (US$ Million)
North America pressure vessel composite materials market Segmentation
The North America pressure vessel composite materials market is segmented based on material, end user, and country. Based on material, the North America 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 North America 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 North America pressure vessel composite materials market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.
3M Co; BASF SE; Huntsman Corporation; Kolon Industries Inc.; Mitsubishi Chemical Holdings Corp; Solvay SA; Zoltek Corp; Steelhead Composites Inc.; Hexion Inc.; and Olin Corp are the leading companies operating in the North America pressure vessel composite materials market
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America pressure vessel composite materials market.
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the North America pressure vessel composite materials market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America pressure vessel composite materials market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
Table of Contents
106 Pages
- 1. Introduction
- 1.1 Study Scope
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
- 1.3.1 North America Pressure Vessel Composite Materials Market, by Material
- 1.3.2 North America Pressure Vessel Composite Materials Market, by End User
- 1.3.3 North America Pressure Vessel Composite Materials Market, by Country
- 2. Key Takeaways
- 3. Research Methodology
- 3.1 Scope of the Study
- 3.2 Research Methodology
- 3.2.1 Data Collection:
- 3.2.2 Primary Interviews:
- 3.2.3 Hypothesis formulation:
- 3.2.4 Macro-economic factor analysis:
- 3.2.5 Developing base number:
- 3.2.6 Data Triangulation:
- 3.2.7 Country level data:
- 4. North America Pressure Vessel Composite Materials Market Landscape
- 4.1 Market Overview
- 4.2.1 North America PEST Analysis
- 4.3 Expert Opinion
- 5. Pressure Vessel Composite Materials Market – Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Increasing Demand for Natural Gas-Fueled Vehicles
- 5.1.2 Increasing Demand for Pressure Vessels from Various End-Use Industries
- 5.2 Restraint
- 5.2.1 Storage Capacity of Composite Pressure Vessels
- 5.3 Opportunity
- 5.3.1 Increasing use of Pressure Vessel Composite Materials for Space Technology
- 5.4 Future Trend
- 5.4.1 Rising Demand for Epoxy Resins
- 5.4.2 Surging Adoption of Carbon Fiber-Reinforced Plastic (CFRP) Pressure Vessels
- 5.5 Impact Analysis of Drivers and Restraints
- 6. Pressure Vessel Composite Materials– North America Market Analysis
- 6.1 North America Pressure Vessel Composite Materials Market –Revenue and Forecast to 2028 (US$ Million)
- 7. North America Pressure Vessel Composite Materials Market Analysis – By Material
- 7.1 Overview
- 7.2 Pressure Vessel Composite Materials Market, By Material (2021 and 2028)
- 7.3 Resin
- 7.3.1 Overview
- 7.3.2 Resin: Pressure Vessel Composite Materials Market – Revenue and Forecast to 2028 (US$ Million)
- 7.4 Fiber
- 7.4.1 Overview
- 7.4.2 Fiber: Pressure Vessel Composite Materials Market – Revenue and Forecast to 2028 (US$ Million)
- 7.5 Others
- 7.5.1 Overview
- 7.5.2 Others: Pressure Vessel Composite Materials Market – Revenue and Forecast to 2028 (US$ Million)
- 8. North America Pressure Vessel Composite Materials Market Analysis – By End User
- 8.1 Overview
- 8.2 Pressure Vessel Composite Materials Market, By End User (2021 and 2028)
- 8.3 CNG Vehicles
- 8.3.1 Overview
- 8.3.2 CNG Vehicles: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
- 8.4 Hydrogen Vehicles
- 8.4.1 Overview
- 8.4.2 Hydrogen Vehicles: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
- 8.5 Gas Transport
- 8.5.1 Overview
- 8.5.2 Gas Transport: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
- 8.6 Others
- 8.6.1 Overview
- 8.6.2 Others: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
- 9. North America Pressure Vessel Composite Materials Market– Country Analysis
- 9.1 North America: Pressure Vessel Composite Materials Market
- 9.1.1 North America: Pressure Vessel Composite Materials Market, by Key Country
- 9.1.1.1 US: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
- 9.1.1.1.1 US: Pressure Vessel Composite Materials Market, By Material
- 9.1.1.1.2 US: Pressure Vessel Composite Materials Market, By End User
- 9.1.1.2 Canada: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
- 9.1.1.2.1 Canada: Pressure Vessel Composite Materials Market, By Material
- 9.1.1.2.2 Canada: Pressure Vessel Composite Materials Market, By End User
- 9.1.1.3 Mexico: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
- 9.1.1.3.1 Mexico: Pressure Vessel Composite Materials Market, By Material
- 9.1.1.3.2 Mexico: Pressure Vessel Composite Materials Market, By End User
- 10. Industry Landscape
- 10.1 Overview
- 10.2 Market Initiative
- 10.3 New Product Development
- 10.4 Merger and Acquisition
- 11. Company Profiles
- 11.1 3M Co
- 11.1.1 Key Facts
- 11.1.2 Business Description
- 11.1.3 Products and Services
- 11.1.4 Financial Overview
- 11.1.5 SWOT Analysis
- 11.1.6 Key Developments
- 11.2 BASF SE
- 11.2.1 Key Facts
- 11.2.2 Business Description
- 11.2.3 Products and Services
- 11.2.4 Financial Overview
- 11.2.5 SWOT Analysis
- 11.2.6 Key Developments
- 11.3 Huntsman Corporation
- 11.3.1 Key Facts
- 11.3.2 Business Description
- 11.3.3 Products & Services
- 11.3.4 Financial Overview
- 11.3.5 SWOT Analysis
- 11.3.6 Key Developments
- 11.4 Kolon Industries Inc.
- 11.4.1 Key Facts
- 11.4.2 Business Description
- 11.4.3 Products and Services
- 11.4.4 Financial Overview
- 11.4.5 SWOT Analysis
- 11.4.6 Key Developments
- 11.5 Mitsubishi Chemical Holdings Corp
- 11.5.1 Key Facts
- 11.5.2 Business Description
- 11.5.3 Products & Services
- 11.5.4 Financial Overview
- 11.5.5 SWOT Analysis
- 11.5.6 Key Developments
- 11.6 Solvay SA
- 11.6.1 Key Facts
- 11.6.2 Business Description
- 11.6.3 Products and Services
- 11.6.4 Financial Overview
- 11.6.5 SWOT Analysis
- 11.6.6 Key Developments
- 11.7 ZOLTEK Corp
- 11.7.1 Key Facts
- 11.7.2 Business Description
- 11.7.3 Products and Services
- 11.7.4 Financial Overview
- 11.7.5 SWOT Analysis
- 11.7.6 Key Developments
- 11.8 Steelhead Composites Inc
- 11.8.1 Key Facts
- 11.8.2 Business Description
- 11.8.3 Products and Services
- 11.8.4 Financial Overview
- 11.8.5 SWOT Analysis
- 11.8.6 Key Developments
- 11.9 Hexion Inc
- 11.9.1 Key Facts
- 11.9.2 Business Description
- 11.9.3 Products and Services
- 11.9.4 Financial Overview
- 11.9.5 SWOT Analysis
- 11.9.6 Key Developments
- 11.10 Olin Corp
- 11.10.1 Key Facts
- 11.10.2 Business Description
- 11.10.3 Products and Services
- 11.10.4 Financial Overview
- 11.10.5 SWOT Analysis
- 11.10.6 Key Developments
- 12. Appendix
- 12.1 About The Insight Partners
- 12.2 Glossary of Terms
- LIST OF TABLES
- Table 1. North America Pressure Vessel Composite Materials Market –Revenue and Forecast to 2028 (US$ Million)
- Table 2. US Pressure Vessel Composite Materials Market, by Material – Revenue and Forecast to 2028 (US$ Million)
- Table 3. US Pressure Vessel Composite Materials Market, by End User – Revenue and Forecast to 2028 (US$ Million)
- Table 4. Canada Pressure Vessel Composite Materials Market, By Material – Revenue and Forecast to 2028 (US$ Million)
- Table 5. Canada Pressure Vessel Composite Materials Market, By End User – Revenue and Forecast to 2028 (US$ Million)
- Table 6. Mexico Pressure Vessel Composite Materials Market, By Material – Revenue and Forecast to 2028 (US$ Million)
- Table 7. Mexico Pressure Vessel Composite Materials Market, By End User – Revenue and Forecast to 2028 (US$ Million)
- Table 8. Glossary of Terms, Global Pressure Vessel Composite Materials Market
- LIST OF FIGURES
- Figure 1. North America Pressure Vessel Composite Materials Market Segmentation
- Figure 2. North America Pressure Vessel Composite Materials Market Segmentation – By Country
- Figure 3. North America Pressure Vessel Composite Materials Market Overview
- Figure 4. North America Pressure Vessel Composite Materials Market, By Product Type
- Figure 5. North America Pressure Vessel Composite Materials Market, by Country
- Figure 6. North America PEST Analysis
- Figure 7. North America Expert Opinion
- Figure 8. North America Impact Analysis of Driver and Restraints on Pressure Vessel Composite Materials Market
- Figure 9. North America Pressure Vessel Composite Materials Market – Revenue and Forecast to 2028 (US$ Million)
- Figure 10. North America Pressure Vessel Composite Materials Market Revenue Share, By Material (2021 and 2028)
- Figure 11. Resin: North America Pressure Vessel Composite Materials Market – Revenue and Forecast To 2028 (US$ Million)
- Figure 12. Fiber: North America Pressure Vessel Composite Materials Market – Revenue and Forecast To 2028 (US$ Million)
- Figure 13. Others: North America Pressure Vessel Composite Materials Market – Revenue and Forecast To 2028 (US$ Million)
- Figure 14. North America Pressure Vessel Composite Materials Market Revenue Share, By End User (2021 and 2028)
- Figure 15. CNG Vehicles: North America Pressure Vessel Composite Materials Market– Revenue and Forecast To 2028 (US$ Million)
- Figure 16. Hydrogen Vehicles: North America Pressure Vessel Composite Materials Market– Revenue and Forecast To 2028 (US$ Million)
- Figure 17. Gas Transport: North America Pressure Vessel Composite Materials Market– Revenue and Forecast To 2028 (US$ Million)
- Figure 18. Others: North America Pressure Vessel Composite Materials Market– Revenue and Forecast To 2028 (US$ Million)
- Figure 19. North America: Pressure Vessel Composite Materials Market, by Key Country – Revenue (2021) (US$ Million)
- Figure 20. North America: Pressure Vessel Composite Materials Market Revenue Share, by Key Country (2021 and 2028)
- Figure 21. US: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
- Figure 22. Canada: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
- Figure 23. Mexico: Pressure Vessel Composite Materials Market– Revenue and Forecast to 2028 (US$ Million)
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
