Global Carbon Fiber Pressure Vessel
Market Report
2024
The Global Carbon Fiber Pressure Vessel Market size is USD 0.715 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 8.50% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Carbon Fiber Pressure Vessel Market size is USD 0.715 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 8.50% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Carbon Fiber Pressure Vessel Market Sales Revenue 2023 | $ 0.715 Billion |
Global Carbon Fiber Pressure Vessel Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.5% |
North America Carbon Fiber Pressure Vessel Market Sales Revenue 2023 | $ 0.29 Billion |
North America Carbon Fiber Pressure Vessel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.2% |
Europe Carbon Fiber Pressure Vessel Market Sales Revenue 2023 | $ 0.21 Billion |
Europe Carbon Fiber Pressure Vessel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7.6% |
Asia Pacific Carbon Fiber Pressure Vessel Market Sales Revenue 2023 | $ 0.16 Billion |
Asia Pacific Carbon Fiber Pressure Vessel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.8% |
South America Carbon Fiber Pressure Vessel Market Sales Revenue 2023 | $ 0.04 Billion |
South America Carbon Fiber Pressure Vessel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8% |
Middle East and Africa Carbon Fiber Pressure Vessel Market Sales Revenue 2023 | $ 0.715 Billion |
Middle East and Africa Carbon Fiber Pressure Vessel Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.1% |
Market Split by Product Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Carbon Fiber Pressure Vessel industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Carbon Fiber Pressure Vessel Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
A carbon fiber pressure vessel is a cylindrical container which is manufactured using a composite material known as carbon fiber reinforced polymer (CFRP). Carbon fiber is an extremely strong and lightweight material, making it ideal for creating pressure vessels that are safe and efficient for storing gases or liquids under high pressure. Growth fuelled by the increasing consumption of goods such as fertilizers and other agrochemical products, coatings & adsorbents, LED lightings, plastics, man-made fibers, and research laboratory chemicals.
In 2023, Airbus announced that it will be using carbon fiber pressure vessels for the fuel tanks of its new A350XWB aircraft. These pressure vessels are 15% lighter than traditional aluminium pressure vessels, which will save the airline millions of dollars in fuel costs.
The carbon fiber pressure vessel market is driven by the increasing demand for lightweight and high-performance solutions across various industries. Industries such as automotive, aerospace, and alternative energy seek advanced materials to enhance efficiency and reduce overall weight. Carbon fiber pressure vessels, known for their exceptional strength-to-weight ratio, are becoming integral components in applications such as compressed natural gas (CNG) and hydrogen storage. As the global focus on sustainability intensifies, these pressure vessels play a crucial role in enabling cleaner energy solutions and meeting stringent regulations, thereby propelling market growth.
In 2022, Toyota announced that it will be using carbon fiber pressure vessels for the hydrogen tanks of its new Mirai fuel cell vehicle. These pressure vessels are 40% lighter than traditional aluminium pressure vessels, which will increase the range of the vehicle by 30%.
A key driver in the carbon fiber pressure vessel market is the rising adoption of these vessels in renewable energy and hydrogen storage applications. As the world transitions towards cleaner and sustainable energy sources, there is an increasing need for effective and safe storage solutions. Carbon fiber pressure vessels, with their high strength and corrosion resistance, are well-suited for storing compressed gases, including hydrogen. With the growing emphasis on hydrogen as a clean energy carrier, the demand for carbon fiber pressure vessels in applications like fuel cell vehicles, energy storage, and industrial processes is on the rise, driving market expansion.
In 2021, Shell announced that it will be using carbon fiber pressure vessels for the storage of liquefied natural gas (LNG). These pressure vessels are 20% lighter than traditional steel pressure vessels, which will reduce the weight of ships and trucks that transport LNG.
One significant restraint in the carbon fiber pressure vessel market is the high manufacturing costs associated with carbon fiber materials and the limited production capacities. Carbon fibers are inherently expensive, and the intricate manufacturing processes involved in producing pressure vessels with carbon fiber composites contribute to elevated production costs. This cost factor can act as a barrier for widespread adoption, particularly in industries where cost-effectiveness is a critical consideration. Additionally, the limited number of facilities with the capability to produce large-scale carbon fiber pressure vessels may lead to supply chain constraints, hindering market growth.
The COVID-19 pandemic significantly impacted the carbon fiber pressure vessel market, causing disruptions across the global supply chain and a temporary slowdown in manufacturing activities. Lockdown measures, travel restrictions, and workforce shortages led to delays in production, affecting the timely delivery of carbon fiber pressure vessels. The decrease in industrial activities, particularly in sectors such as automotive and aerospace, resulted in reduced demand for these vessels. Additionally, the uncertainty and economic challenges brought about by the pandemic prompted some projects to be put on hold or delayed, impacting the overall market growth.
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The Carbon Fiber Pressure Vessel market features intense competition among key players vying for a significant market share. Leading companies strategically focus on technological advancements, and collaborations to maintain their competitive edge.
Top Companies Market Share in Carbon Fiber Pressure Vessel Industry: (In no particular order of Rank)
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According to Cognitive Market Research, the global Carbon Fiber Pressure Vessel market size was estimated at USD 0.715 Billion, with North America emerging as the largest growing region, contributing to more than 40% of the total global revenue. In 2023, the market size in North America reached USD 0.29 billion, showcasing robust growth. Projections indicate a sustained and impressive expansion, with a CAGR 7.2% from 2023 to 2030. The Regional analysis emphasizes North America's pivotal role, highlighting its influence on the global Carbon Fiber Pressure Vessel market. Segmentation analysis provides insights into specific applications and industry verticals within the region, revealing key trends and opportunities driving the market's growth. In conclusion, North America stands as a frontrunner in the Carbon Fiber Pressure Vessel market, capitalizing on technological advancements and a strong industrial base. With a robust growth trajectory, the region is poised to maintain its leadership, shaping the global landscape of the Carbon Fiber Pressure Vessel market by fostering innovation and efficiency in material applications over the coming years.
According to Cognitive Market Research, the global Carbon Fiber Pressure Vessel market size was estimated at USD 0.715 Billion, with the Asia Pacific region emerging as the fastest-growing area, contributing to more than 23% of the total global revenue. In 2023, the market size in Asia Pacific reached USD 0.16 billion, marking a substantial and rapid growth trajectory. Forecasts indicate that this momentum will persist, with a CAGR of 9.8% from 2023 to 2030. The Regional analysis underscores Asia Pacific's pivotal role, emphasizing its influence on the global Carbon Fiber Pressure Vessel market. Segmentation analysis delves into specific applications, industries, and verticals within the region, revealing unique trends and opportunities that drive the exceptional growth rate. In conclusion, Asia Pacific stands out as the epicenter of rapid growth in the Carbon Fiber Pressure Vessel market, spearheading innovation and efficiency in material applications.
The current report Scope analyzes Carbon Fiber Pressure Vessel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global Carbon Fiber Pressure Vessel market size was estimated at USD 0.715 Billion, with North America emerging as the largest growing region, contributing to more than 40% of the total global revenue. In 2023, the market size in North America reached USD 0.29 billion, showcasing robust growth. Projections indicate a sustained and impressive expansion, with a forecasted compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. The Regional analysis emphasizes North America's pivotal role, highlighting its influence on the global Carbon Fiber Pressure Vessel market. Segmentation analysis provides insights into specific applications and industry verticals within the region, revealing key trends and opportunities driving the market's growth. In conclusion, North America stands as a frontrunner in the Carbon Fiber Pressure Vessel market, capitalizing on technological advancements and a strong industrial base. With a robust growth trajectory, the region is poised to maintain its leadership, shaping the global landscape of the Carbon Fiber Pressure Vessel market by fostering innovation and efficiency in material applications over the coming years.
According to Cognitive Market Research, the global Carbon Fiber Pressure Vessel market size was estimated at USD 0.715 Billion, with Europe emerging as the fastest-growing region, contributing to more than 30% of the total global revenue. In 2023, the market size in Europe reached USD 0.21 billion, signifying robust and accelerated growth. Forecasts project a continued upward trajectory, with a forecasted compound annual growth rate (CAGR) of 7.6% from 2023 to 2030.The Regional analysis underscores Europe's pivotal role, elucidating its impact on the global Carbon Fiber Pressure Vessel market. Segmentation analysis provides insights into specific applications and industry verticals within the region, revealing key trends and opportunities driving the market's growth. In conclusion, Europe stands as the forerunner in the Carbon Fiber Pressure Vessel market's growth, leveraging its technological prowess and dedication to environmental sustainability. With a robust growth trajectory, Europe is set to maintain its leadership, influencing the global landscape of the Carbon Fiber Pressure Vessel market by fostering innovation and efficiency in material applications over the coming years.
According to Cognitive Market Research, the global Carbon Fiber Pressure Vessel market size was estimated at USD 0.715 Billion, with the Asia Pacific region emerging as the fastest-growing area, contributing to more than 23% of the total global revenue. In 2023, the market size in Asia Pacific reached USD 0.16 billion, marking a substantial and rapid growth trajectory. Forecasts indicate that this momentum will persist, with a projected compound annual growth rate (CAGR) of 9.8% from 2023 to 2030. The Regional analysis underscores Asia Pacific's pivotal role, emphasizing its influence on the global Carbon Fiber Pressure Vessel market. Segmentation analysis delves into specific applications, industries, and verticals within the region, revealing unique trends and opportunities that drive the exceptional growth rate. In conclusion, Asia Pacific stands out as the epicenter of rapid growth in the Carbon Fiber Pressure Vessel market, spearheading innovation and efficiency in material applications.
According to Cognitive Market Research, the global Carbon Fiber Pressure Vessel market size was estimated at USD 0.715 Billion, with the Latin America region emerging as a noteworthy contributor, accounting for more than 5% of the total global revenue. In 2023, the market size in Latin America reached USD 0.04 billion. Projections suggest a robust growth trajectory, with a forecasted compound annual growth rate (CAGR) of 8.0% from 2023 to 2030.The Regional analysis emphasizes Latin America's position, shedding light on its impact on the global Carbon Fiber Pressure Vessel market. Segmentation analysis delves into specific applications and industry verticals within the region, revealing unique trends and opportunities driving growth. In conclusion, while Latin America currently contributes a modest percentage to the global Carbon Fiber Pressure Vessel market, its growing commitment to sustainability and technological innovation positions the region as an emerging player. With a robust growth trajectory, Latin America is anticipated to play a pivotal role in shaping the future dynamics of the global Carbon Fiber Pressure Vessel market.
According to Cognitive Market Research, the global Carbon Fiber Pressure Vessel market size was estimated at USD 0.715 Billion, with the Middle East and Africa region emerging as a contributor, accounting for more than 2.00% of the total global revenue. In 2023, the market size in the Middle East and Africa reached USD 0.01 billion. Projections indicate a robust growth trajectory, with a forecasted compound annual growth rate (CAGR) of 8.1% from 2023 to 2030.The Regional analysis underscores the significance of the Middle East and Africa, elucidating its impact on the global Carbon Fiber Pressure Vessel market. Segmentation analysis provides insights into specific applications and industry verticals within the region, revealing key trends and opportunities driving growth. In conclusion, while the Middle East and Africa currently contribute a modest percentage to the global Carbon Fiber Pressure Vessel market, their growing commitment to sustainable development and technological innovation positions the region as an emerging player. With a robust growth trajectory, the Middle East and Africa are expected to play a pivotal role in shaping the future dynamics of the global Carbon Fiber Pressure Vessel market.
Global Carbon Fiber Pressure Vessel Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Carbon Fiber Pressure Vessel Industry growth. Carbon Fiber Pressure Vessel market has been segmented with the help of its Product Type, Application , and others. Carbon Fiber Pressure Vessel market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the dominant category is type IV pressure vessels. These vessels are characterized by a composite structure that includes a plastic liner reinforced with carbon fibers and an additional protective layer. Type IV vessels stand out for their superior safety features, as the plastic liner provides an additional barrier, reducing the risk of fiber damage and enhancing overall durability. This dominant category finds extensive applications in compressed natural gas (CNG) and hydrogen storage systems, particularly in automotive and industrial sectors, where safety and lightweight design are paramount.
The fastest-growing category in the carbon fiber pressure vessel market is type III pressure vessels. These vessels feature a composite structure with a metal liner and an overwrap of carbon fibers. Type III vessels offer a balance between weight, cost, and performance, making them increasingly popular in various applications. The demand for Type III vessels is surging, driven by their versatility in storage solutions for compressed gases, including hydrogen and natural gas. As industries prioritize clean energy and sustainable practices, the flexibility and efficiency of Type III vessels contribute to their rapid growth within the market.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Carbon Fiber Pressure Vessel Industry. Request a Free Sample PDF!
According to Cognitive Market Research, the dominant category in the Carbon Fiber Pressure Vessel market is the hydrogen storage tank application. With the global push toward clean and sustainable energy sources, hydrogen is emerging as a key player in the energy transition. Carbon fiber pressure vessels play a pivotal role in the safe and efficient storage of hydrogen. As industries and governments invest in hydrogen infrastructure and fuel cell technologies, the demand for robust and lightweight pressure vessels for hydrogen storage, such as those made from carbon fibers, continues to rise. The dominant position of Hydrogen Storage Tanks reflects their critical role in advancing hydrogen-based solutions for various applications.
The fastest-growing category in the Carbon Fiber Pressure Vessel market is the CNG (compressed natural gas) storage tank application. As the transportation sector seeks cleaner and more sustainable fuel alternatives, CNG has gained traction as a viable option. Carbon fiber pressure vessels, particularly those designed for CNG storage, offer a lightweight and high-strength solution, making them ideal for use in vehicles. The adoption of CNG vehicles is on the rise globally, driven by environmental concerns and the need to reduce carbon emissions.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Carbon Fiber Pressure Vessel market report 2024 Edition by contacting our team.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Carbon Fiber Pressure Vessel Market is witnessing significant growth in the near future.
In 2023, the Type III segment accounted for noticeable share of global Carbon Fiber Pressure Vessel Market and is projected to experience significant growth in the near future.
The CNG Storage Tank segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies 3M Co , Huntsman Corporation and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Product Type | Type III, Type IV, Others |
Application | CNG Storage Tank, SCBA, Hydrogen Storage Tank, Others |
List of Competitors | 3M Co, BASF SE, Huntsman Corporation, Kolon Industries Inc, Mitsubishi Chemical Holdings Corp, Solvay SA, ZOLTEK Corp, Steelhead Composites Inc, Hexion Inc, Olin Corp |
This chapter will help you gain GLOBAL Market Analysis of Carbon Fiber Pressure Vessel. Further deep in this chapter, you will be able to review Global Carbon Fiber Pressure Vessel Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Carbon Fiber Pressure Vessel Market Trends North America Carbon Fiber Pressure Vessel Technological Road Map North America Carbon Fiber Pressure Vessel Market Drivers North America Carbon Fiber Pressure Vessel Market Restraints North America Carbon Fiber Pressure Vessel Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
You can purchase only the Executive Summary South America Market (2019 vs 2024 vs 2031)
Chapter 6 Middle East and Africa Market Analysis
You can purchase only the Executive Summary Middle East and Africa Market (2019 vs 2024 vs 2031)
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Product Type Analysis 2019 -2031, will provide market size split by Product Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Product Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Carbon Fiber Pressure Vessel market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Type III have a significant impact on Carbon Fiber Pressure Vessel market? |
What are the key factors affecting the Type III and Type IV of Carbon Fiber Pressure Vessel Market? |
What is the CAGR/Growth Rate of CNG Storage Tank during the forecast period? |
By type, which segment accounted for largest share of the global Carbon Fiber Pressure Vessel Market? |
Which region is expected to dominate the global Carbon Fiber Pressure Vessel Market within the forecast period? |
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Additional Quantitative Data |
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