Pressure Vessel Composite Materials Market Research Report and Outlook by 2028

The market for composite materials used in pressure vessels is projected to expand significantly, increasing from US$ 1,062.63 million in 2022 to US$ 3,224.09 million by 2028, reflecting a compound annual growth rate (CAGR) of 20.3% during this period.

Pressure vessels are specialized containers designed to hold liquids or gases at pressures that differ significantly from the surrounding atmosphere. In applications such as natural gas-powered vehicles, hydrogen vehicles, and gas transport vehicles, composite materials are preferred due to their ability to store larger amounts of fuel, thereby enhancing the vehicle's range and improving fuel efficiency. Additionally, the demand for composite materials in pressure vessels is surging within the aerospace sector. Composite Overwrapped Pressure Vessels (COPVs) are utilized in space missions due to their lightweight and robust characteristics. Infinite Composites, a provider of composite pressure vessels, has indicated that replacing traditional heavy metal structures with composites can propel advancements in space exploration by enabling the development of reusable rockets, meeting increased fuel demands, and reducing the costs associated with launching payloads into orbit. The company is currently engaged in collaborative projects with NASA and Yeti Space, focusing on the design and research of propellant tanks utilizing COPV technology for classified space initiatives. According to NASA's Office of Health and Mission Assurance, a diverse range of Pressure Vessel Systems (PVS) is employed for in-flight applications, which includes both composite overwrapped pressure vessels and metallic components, such as piping and valves, essential for storing the liquids and gases required during launch and orbital operations. The reliability of these vessels is critical, as they typically cannot be serviced or inspected once launched until they return to Earth. Consequently, they undergo rigorous certification and acceptance testing to ensure compliance with project specifications. The growing utilization of composite materials in pressure vessels for aerospace applications presents substantial growth opportunities for the market in the coming years.

The global pressure vessel composite materials market is categorized by end-user into segments such as resin, fiber, and others. In 2021, the resin segment dominated the market, primarily due to the widespread use of epoxy resin in the production of pressure vessels. Among the various types of vessels, plastic-lined composite tanks are expected to experience the fastest growth over the next five years, with a corresponding increase in the market for epoxy resins within this category. These tanks utilize a variety of carbon epoxy composites, offering significant weight savings compared to traditional pressure vessels, which is a key factor driving their demand.

In 2021, the Asia Pacific region accounted for the largest share of revenue in the global pressure vessel composite materials market. China stands out as a major market within this region, where economic growth has led to increased disposable incomes. This rise in income has spurred demand for automobiles, with numerous manufacturers such as Toyota, BMW, Ford, and Nissan establishing operations in the country. The composite materials used in pressure vessels for natural gas vehicles contribute to reducing the overall weight of the fuel system and the vehicle itself. They also enhance the maximum allowable gas containment pressures and improve energy storage density, further boosting the demand for pressure vessel composite materials. The Industrial Trade Administration reports that China is the largest vehicle market globally, with government projections aiming for car production to reach 35 million units by 2025. This anticipated growth will drive demand for pressure vessels, thereby accelerating the expansion of the pressure vessel composite materials market in the Asia Pacific region.

Key players in the global pressure vessel composite materials market include 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. These companies are committed to delivering high-quality products to meet customer needs and are actively pursuing strategies such as investing in research and development, as well as engaging in mergers and acquisitions.

The overall size of the global pressure vessel composite materials market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, along with external consultants like valuation experts, research analysts, and key opinion leaders specializing in the pressure vessel composite materials sector.