The global market for carbon fiber in lightweight pressure vessels was valued at approximately US$ 187.0 million in 2018 and is projected to expand at a compound annual growth rate (CAGR) of 11.4% from 2019 to 2027, reaching an estimated US$ 486.5 million by the end of the forecast period. Carbon fibers are increasingly utilized in pressure vessel applications due to their exceptional characteristics, including lightweight nature, resistance to corrosion, high stiffness, remarkable strength, and extended lifespan when compared to alternative materials such as aluminum and steel. Carbon fiber is a robust and chemically stable material, which contributes to its resistance to compression and stretching. The high strength provided by carbon fibers enhances the safety of gas storage systems by reducing the risk of explosions.
In the manufacturing of lightweight pressure vessels, carbon fiber is predominantly produced through the filament winding technique, where continuous strands of fiber are wound around a supporting mandrel. This method is favored for its efficiency and effectiveness in creating strong, lightweight structures.
The global market for carbon fiber in lightweight pressure vessels is segmented based on precursors into two main categories: Polyacrylonitrile (PAN) and pitch. Among these, the Polyacrylonitrile (PAN) segment holds the largest market share. PAN is a type of carbon fiber that consists of approximately 68% carbon and is one of the most commonly used precursors in the production of carbon fibers. The polymerization of PAN occurs from acrylonitrile (AN) using various inhibitors, including azo compounds and peroxides, through either suspension or solution polymerization methods. The increasing production and manufacturing of Polyacrylonitrile are significant factors propelling the growth of the carbon fiber market in lightweight pressure vessels.
The demand for carbon fiber in lightweight pressure vessels is being driven by the automotive and industrial sectors. Carbon fiber's attributes, such as high modulus, specific strength, excellent fatigue resistance, high stiffness, and capacity to withstand high pressures, along with a low thermal expansion coefficient and corrosion resistance, make it an ideal choice for pressure vessels in these applications. Additionally, the growing need for lightweight materials, coupled with supportive government initiatives, is anticipated to further stimulate the market for carbon fiber in lightweight pressure vessels.
Lightweight pressure vessels find extensive applications in various fields, including natural gas and hydrogen gas storage cylinders, high-pressure gas storage tanks, compressed natural gas (CNG) fuel tanks, rocket motors, portable water storage tanks, and other commercial uses. The Asia-Pacific (APAC) region is recognized as the fastest-growing market for carbon fiber-based pressure vessels. With a rising population and increasing environmental concerns, governments in countries like India, China, and Japan are prioritizing energy-efficient and environmentally friendly CNG vehicles. This trend is expected to significantly boost the demand for carbon fiber in lightweight pressure vessels within the region.
Key players in the global carbon fiber in lightweight pressure vessels market include prominent companies such as HYOSUNG CORPORATION, Solvay, Formosa Plastics Corporation, Toray Industries, Inc., Teijin Limited, SGL Carbon, Mitsubishi Chemical Corporation, Kureha Corporation, Hexcel Corporation, and Dowaksa, among others.
The overall size of the global carbon fiber in lightweight pressure vessels market has been determined through a combination of primary and secondary research methods. The research process commenced with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and analyses. Participants in this research typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the carbon fiber in lightweight pressure vessels market.