The Global Carbon Fiber Pressure Vessel Market size is projected to grow at a CAGR of around 9.7% during the forecast period, according to this research study. The growth in the market can be attributed to the increasing demand for storage tanks and transportation fuel containers that use carbon fiber as their reinforcement material. Carbon fiber is also used for military and aerospace applications such as ballistic protection, aircraft, and satellites which will further propel the growth of the market.
A carbon fiber pressure vessel is a container made of carbon fibers. The main purpose of these containers is to store compressed gases or liquids for various applications, such as transportation and storage. Carbon fiber pressure vessels are made of carbon fibers to offer enhanced durability and strength. The high thermal conductivity, low density, and good mechanical properties make this ideal for use in the field of oil & gas exploration. Carbon fiber pressure vessels are strong, lightweight, and safe. These properties make them suitable for many industries where the weight of a container is an important consideration, including automotive manufacturing, aerospace applications, and chemical/pharmaceutical processing among others.
On the basis of Type, the global carbon fiber pressure vessel market is segmented into Pitch-based, PAN-Based, and Viscose based.
A pitch-based carbon fiber pressure vessel is a type of carbon fiber produced from the pitch obtained by coke ovens. Pitch-based carbon fiber pressure vessels are constructed with pitch fibers, which have high tensile strength. The resins used in the manufacturing of these products contain aromatic polymers like phenol-formaldehyde resin (PF) and furfuryl alcohol resin (FA). They also consist of organic matrixes such as pitch-based types of cement. Pitch-based carbon fiber pressure vessels can be further classified into, (i) pitch-based prepregs and (ii) thermoplastic resins.
PAN-based carbon fiber pressure vessel is manufactured by processing PAN-based preforms. The process includes mixing raw materials to form a precursor, which is then spun into fibers and finally curing the same to get composites with properties similar to that of glass or carbon fibers. PAN-based carbon fiber pressure vessels are widely used in automotive and aerospace industries due to their lightweight, high strength ad thermal stability. These properties make them a very good candidate for manufacturing the fuel tanks of aircraft which has weight restrictions.
Viscose-based carbon fiber pressure vessels are similar to PAN-based and pitch-based. In the case of Viscose, chemicals such as methanol or acetone are used for the derivation process. The final product has a tensile strength between 220 & 280 MPa with Young's Modulus around 28 GPa. The viscosity-based carbon fiber pressure vessels are made by processing viscose liquid process to form a thread-like structure which is further processed into the fabric with excellent properties such as high-temperature resistance, high pressure, and tear strength. It provides up to 50% weight reduction over the conventional stainless steel material which makes it suitable for many applications such as storage tanks, chemical transportation, and others.
On the basis of Application, the global carbon fiber pressure vessel market is segmented into CNG Storage Tank, Hydrogen Storage Tank & Others.
Carbon fiber pressure vessel is used in CNG Storage Tank to store compressed Natural Gas (CNG). It safely stores the gas at high pressures. Carbon Fiber Pressure Vessels are more durable and long-lasting than traditional metal vessels. They can withstand a larger amount of pressure without any leakage. This material has high strength, low density and can be easily molded into desired shapes at lower costs as compared to steel materials.
Carbon Fiber Pressure Vessels are used for storing and transferring gases in different applications such as hydrogen storage tanks. Carbon Fiber Pressure Vessel is used to store hydrogen gas for use as a fuel or energy source. It uses the hollow metal fiber technology of carbon fibers, which are made by impregnating polyacrylonitrile (PAN) with an appropriate catalyst and heat stabilizing agent - all in solution under high temperature and pressure conditions during the formation process. The product obtained after drying the PAN solidifies into continuous filament that can be spun into yarns or filaments using various techniques like weaving/knitting etc., then pressurized inside vessels called Carbon Fibre Tanks, where it stores hydrogen at very low densities of 0-0.01 gm per cubic centimeter.
On the basis of Region, the global carbon fiber pressure vessel market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. As the trends in North America are shifting towards low carbon footprints, environmental concerns have started to become one of the biggest problems that affect people’s daily lives. The carbon Fiber Pressure Vessel Market is expected to grow at a CAGR of around 12% during 2019-2028. In Latin America, the demand for carbon fiber pressure vessels is on a rise. It has been seen that most of the countries have adopted new technologies to reduce their dependence on traditional fuels and this trend will continue over the next few years as well.
In Europe, the carbon fiber pressure vessel market is growing at a significant rate due to increasing demand from end-use industries such as transportation and aerospace. Currently, the transportation industry is one of the major end-use industries in Europe. The demand for high-strength material has increased significantly due to the increasing number of vehicles on roads across different regions such as Germany and the UK which are among the top contributors in this market.
There are various factors that have led to an increased demand for carbon fiber pressure vessels in the Asia Pacific region. For instance, the rising use of natural gas as a fuel has boosted the sales of high-pressure tanks made from composite materials that can withstand extreme pressures without breaking or leaking. Further, the growing automobile industry across countries such as India and China has fuelled growth opportunities for these products. The carbon fiber pressure vessel market is expected to grow at a considerable rate during the forecast period. The Middle East & Africa region holds an opportunity for growth in the coming years, owing to increasing consumption across various end-use industries such as the oil and gas downstream sector, defense industry, chemical processing industry, etc.
Growth factors for the global carbon fiber pressure vessel market include increasing investments from various manufacturers, growing demand from end-users, and government initiatives. Furthermore, the key factors driving the global carbon fiber pressure vessel market are the increase in government support for product development, the growing usage of CNG as a clean fuel alternative, and a rise in environmental concerns.
Up Market Research published a new report titled “Carbon Fiber Pressure Vessel Market research report which is segmented by Types (PAN-Based, Pitch-Based, Viscose-Based), By Applications (CNG Storage Tank, Hydrogen Storage Tank, Others), By Players/Companies Steelhead Composites, NPROXX, Doosan, Dynetek, KIBOKO”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Carbon Fiber Pressure Vessel Market Research Report|
|By Type||PAN-Based, Pitch-Based, Viscose-Based|
|By Application||CNG Storage Tank, Hydrogen Storage Tank, Others|
|By Companies||Steelhead Composites, NPROXX, Doosan, Dynetek, KIBOKO|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||249|
|Number of Tables & Figures||175|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type PAN-Based, Pitch-Based, Viscose-Based and By Application CNG Storage Tank, Hydrogen Storage Tank, Others.
Some of the companies that are profiled in this report are:
Carbon Fiber Pressure Vessel Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Carbon Fiber Pressure Vessel Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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