Global Carbon Fiber Pressure Vessel Market Growth 2023-2029

Global Carbon Fiber Pressure Vessel Market Growth 2023-2029

Carbon Fiber Reinforced Polymer Composites (CFRP) are lightweight, strong materials used in the manufacturing of numerous products used in our daily life. In general, CFRP composites use thermosetting resins such as epoxy, polyester, or vinyl ester.

Pressure vessel composite materials are used in manufacturing pressure vessels that are used to store gases and liquids under high pressure. The strength of the vessel is the critical parameter to prevent explosions as a result of the rupture. A composite material is a combination of materials differing in composition or form on a macro scale. These materials do not dissolve or otherwise merge completely into each other. Composite materials help to improve the performance and also offers a significant amount of material savings.

Since 1970 pressure vessel manufacturers have been using continuous fibers filaments, also known as tows or roving, to improve the physical properties of pressure vessels. Starting with what the industry calls a type II vessel; high strength fibers, such as glass fiber, were wrapped around the cylindrical sections of steel and aluminum pressure vessels to add reinforcement allowing a roughly 30% reduction in overall vessel mass.

As the fiber reinforcement became more and more significant in pressure vessel design, fiber manufacturers began refining their offerings and experimenting with new fiber types like carbon fiber, which is currently the most popular reinforcement in composite pressure vessels, because of its incredible stiffness and tensile strength. In addition to carbon and glass, new fibers were created such as Kevlar a type of aramid fiber and basalt fiber. These new fibers offered contrasting mechanical properties such as impact resistance, and low temperature resistance to the pressure vessel designer’s arsenal.

As new composite pressure vessel applications emerged, the need for unique mechanical properties and increasing economic pressures create a need for hybrid vessels which could either use distinct and separate layers of fiber for different roles such as impact/ abrasion resistance, or different fibers in the same band to get the properties of both fibers throughout the laminate.

The evolution of vessels and tanks designed to hold liquids and gases under pressure has proceeded through four distinct stages: all-metal tanks (Type I), metal hoop-wrapped composite tanks (Type II), metal-lined composite tanks (Type III) and plastic-lined composite tanks (Type IV). The fifth stage, an all-composite, linerless Type V tank has been the pressure vessel industry’s Holy Grail for years.

LPI (LP Information)' newest research report, the “Carbon Fiber Pressure Vessel Industry Forecast” looks at past sales and reviews total world Carbon Fiber Pressure Vessel sales in 2022, providing a comprehensive analysis by region and market sector of projected Carbon Fiber Pressure Vessel sales for 2023 through 2029. With Carbon Fiber Pressure Vessel sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Carbon Fiber Pressure Vessel industry.

This Insight Report provides a comprehensive analysis of the global Carbon Fiber Pressure Vessel landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Carbon Fiber Pressure Vessel portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Carbon Fiber Pressure Vessel market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Carbon Fiber Pressure Vessel and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Carbon Fiber Pressure Vessel.

The global Carbon Fiber Pressure Vessel market size is projected to grow from US$ 554.5 million in 2022 to US$ 943.1 million in 2029; it is expected to grow at a CAGR of 943.1 from 2023 to 2029.

Global core carbon fiber pressure vessel manufacturers include Luxfer Group, Iljin Composites Corp, Faber Industrie SpA etc. North America is the largest market, occupied for about 30 percent, followed by South Korea, which holds around 21% market share, and China holds a share about 20%. In terms of type, type III carbon fiber pressure vessel segment occupied main global market, holds share over 70 percent. In terms of application, SCBA/SCUBA segment holds share about 26 percent close to 28% for CNG storage tank.

This report presents a comprehensive overview, market shares, and growth opportunities of Carbon Fiber Pressure Vessel market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type
PAN-Based
Pitch-Based
Viscose-Based

Segmentation by application
CNG Storage Tank
Hydrogen Storage Tank
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Steelhead Composites
NPROXX
Doosan
Dynetek
KIBOKO

Key Questions Addressed in this Report

What is the 10-year outlook for the global Carbon Fiber Pressure Vessel market?

What factors are driving Carbon Fiber Pressure Vessel market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Carbon Fiber Pressure Vessel market opportunities vary by end market size?

How does Carbon Fiber Pressure Vessel break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.