Latest market study on "Global Carbon Fiber in Light Weight Pressure Vessels Market to 2027 – Analysis and Forecasts by Precursors (Polyacrylonitrile (PAN), Pitch), Tow Sizes (12k to 24k, Above 24k)", The global carbon fiber in light weight pressure vessels market is accounted to US$ 187.0 Mn in 2018 in 2018 and is expected to grow at a CAGR of 11.4% during the forecast period 2019 – 2027, to account to US$ 486.5 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
APAC region is the fastest-growing region for carbon fiber-based pressure vessels, owing to increasing population and growing environmental concerns governments in countries such as India, China, and Japan coupled with the rising focus on energy-efficient and environmental friendly CNG vehicles. Moreover, the growing demand from the automotive industry is also expected to drive the growth of carbon fiber in light weight pressure vessels market in the region.
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The Key Players Profiled In The Market Include:
- HYOSUNG CORPORATION
- Formosa Plastics Corporation
- Toray Industries, Inc
- Teijin Limited
- SGL Carbon
- Mitsubishi Chemical Corporation
- Kureha Corporation
- Hexcel Corporation
The carbon fiber offers high modulus and specific strength, high fatigue strength, high stiffness, high pressure withstanding capacity, lower thermal expansion coefficient, corrosion-resistance, and other beneficial properties, which makes them useful in pressure vessels for automotive and other industrial applications. Also, the rising demands of lightweight materials, along with government initiatives to reduce the harmful gas emissions, and to increase the fuel efficiency is expected to drive the carbon fiber in light weight pressure vessels market in automotive applications.
The global carbon fiber in light weight pressure vessels market is expected to experience growing demands of carbon fibers in tightened vessels for the storage of high-pressure hydrogen gas. The carbon fiber is considered as the best option for the production of reliable and safe pressure vessels as it has the capability to hold the high pressure of hydrogen owing to which the global automotive manufacturers are increasingly involved in the development of fuel cell vehicles, as well as respective national governments are also providing infrastructure construction support for the production of fuel cell vehicles.
The research thoroughly establishes critical market drivers, well-identified restraints, future opportunities, and ongoing trends of the market with essential statistics to provide precise data in terms of value and volume. The report focuses on the competitive landscape along with the SWOT analysis of some leading company profiles that have a significant impact on global market practices.
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The global study on Carbon Fiber in Light Weight Pressure Vessels Market sums up area wise market distribution with respect to five major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America covering the political, economic, social, and technological scenario for each region and its impact on the market. The report further breaks down the analysis for the major countries in these regions to provide a detailed picture of the market share and growth rate.
The global carbon fiber in light weight pressure vessels market by tow size has been segmented into 12k To 24k and above 24K. The 12k To 24k segment accounted for the largest share in the global carbon fiber in light weight pressure vessels market. The heavy and stiff nature of 12k to 24k tow size carbon fibers proves to be beneficial in the military and scientific equipment applications which are a major factor contributing to the growth and expansion of the 12K to 24K tow size carbon fiber all over the globe. Some of the major key players who manufacture the 12K to 24K carbon fiber are Toray Composite Materials America, Inc., Teijin Limited, SGL group among many others.
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