Global Pressure Vessel Composite Materials Market Expected to Reach $1,871 Million
Pressure vessels are the containers storing fluids at high pressure. These vessels are manufactured from curved sheets, which are joined by welding. Mostly Vbutt welded pressure vessels are used for manufacturing these products. These vessels are categorized into three main types horizontal, vertical, and spherical. The components of these vessels include shell, head, nozzle, and support. In industries, pressure vessels are used as compressed air receivers and domestic hot water storage tanks.
The other applications of pressure vessel are diving cylinders, distillation towers, recompression chambers, autoclaves, pressure reactors, nuclear reactor vessels, vessels in oil refineries & petrochemical plants, submarine & space ship habitats, hydraulic reservoirs, pneumatic reservoirs, storage vessels for LPG, fuel containers in automobiles, and others. The market for pressure vessel composite materials is driven by the increase in the number of natural gas vehicle (NGV) vehicles globally. In addition, low-cost natural gases are preferred in the Asia-Pacific and LAMEA regions, owing to increase in the average prices of fuels over the last one decade.
The hydrogen vehicle segment is projected to witness the highest growth rate during the forecast period, owing to the establishment of several chemical companies in the Middle East. At present, the count for hydrogen fuel vehicles globally is approximately 15,000, and the number is expected to rise in the coming decade due to their availability and renewable properties. In addition, these vehicles are more fuel efficient than diesel or other gas engine vehicles. Moreover, these vehicles do not emit greenhouse gasses; thus manufacturers, such as Toyota, Nissan, Honda, Ford, and BMW, have focused on expanding their fleet of hydrogen vehicles.