South 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)

South 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 South America pressure vessel composite materials market is expected to grow from US$ 52.57 million in 2022 to US$ 147.29 million by 2028; it is estimated to grow at a CAGR of 18.7% from 2022 to 2028 .

Increasing use of Pressure Vessel Composite Materials for Space Technology

The composite overwrapped pressure vessel (COPV) is pressure-containment used in spaceflight owing to its low weight and high strength. Infinite composite technologies said substituting heavy metallic structures with composites would allow space exploration to develop by creating reusable rockets, increasing fuel requirements, and lowering the cost of sending goods into orbit. The company has colluded with NASA and Yeti Space and is currently designing and researching propellant tanks using the CPV technology for the classified space business. Moreover, according to the Office of Health and Mission Assurance, NASA uses a wide variety of Pressure vessel system (PVS) in-flight applications, including both composite, overwrapped pressure vessels (COPVs) and metallic, piping, and valves typically to store liquids and gases that are necessary for either the launch phase or operations on orbit. Their reliability is essential as once such vessels leaves the pad, they regularly cannot be serviced or checked unless and until they return to earth. Typically, they follow a stringent certification and acceptance testing plan to ensure the project requirements are met. Hence, the increasing use of pressure vessel composite materials for space technology creates huge opportunities for market growth during the forecast period.

South America Pressure Vessel Composite Materials Market Overview

South and Central America includes countries such as Brazil, Argentina, and the rest of South and Central America. The continuous technological and industrial developments have positively impacted the economic growth of countries such as Brazil and Argentina. The changing economic condition in South America, the development of new manufacturing industries, and increasing support from the government for increasing industrial production provide a huge developing potential for the pressure vessel composite materials market players in South America. Furthermore, the rapid development in the automotive and power and process industries is expected to lift the demand for pressure vessel composite materials over the forecast period. However, pressure vessel composite materials use is relatively low in South American countries compared to other developed regions such as North America and Europe. Moreover, the constant research and development by the key players to develop environmentally friendly and more efficient products are anticipated to provide a developing opportunity for the market players over the forecast period.

South America Pressure Vessel Composite Materials Market Revenue and Forecast to 2028 (US$ Million)

South America Pressure Vessel Composite Materials Market Segmentation

The South America pressure vessel composite materials market is segmented based on material, end user, and country. Based on material, the South 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 South 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 South America pressure vessel composite materials market is segmented into Brazil, Argentina, and the Rest of South America. Brazil 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 South America pressure vessel composite materials market.

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