The global composite pressure vessels market is projected to witness a growth rate of 17.7% annually from 2024 to 2031, with an anticipated size of US$ 6.2 billion by 2031, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global composite pressure vessels market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights
| Market Size in 2031 (billion US$) | 6.2 |
| Growth (CAGR) | 17.7% during 2024-2031 |
| Forecast Period | 2024-2031 |
| Trend Period | 2018-2022 |
| Base Year | 2023 |
| Number of Segments Covered | 3 |
| Number of Tables & Graphs | 100+ |
| Country-Level Market Assessment | 19 |
Segment Insights on the Composite Pressure Vessels Market:
The global composite pressure vessels market is segmented based on application type, pressure vessel type, and region.
Based on product type – The market is segmented into life support, transportation, recreational, industrial, gas carrier & storage, and other applications. The gas carrier & storage is expected to drive the demand for composite pressure vessels propelled by the rising use of natural gas and hydrogen, advancements in composite materials, and increasing adoption in marine, aerospace, and industrial applications. As the shift toward clean energy and efficient fuel storage accelerates, the category is also expected to grow at the fastest rate in the coming years.
Based on the application type – The market is bifurcated into type II vessels, type III vessels, and type IV vessels.
Among these sub-segments, Type IV vessels are expected to dominate the market and grow the fastest due to their wider use, fueled by their lightweight design, high-pressure retaining capacity, corrosion resistance, and increasing adoption in transportation, energy, and industrial industries. The rising demand for hydrogen and CNG storage, driven by clean energy initiatives, advancements in fuel cell technology, and stringent environmental regulations, is further accelerating their growth. Their long lifespan, fuel efficiency benefits, and increasing use in automotive, aerospace, and marine applications make them the preferred choice for high-performance gas storage solutions.
Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that Asia-Pacific is expected to remain the dominant region in the composite pressure vessels market and is likely to grow at the fastest pace during the forecast period. This growth outlook is majorly attributed to the following–
- Rising demand for clean energy storage, rapid industrialization, and strong government support.
- The expansion of hydrogen and CNG-based transportation, increasing investments in energy infrastructure, and the region’s leadership in composite material manufacturing.
- With ambitious net-zero targets and incentives for hydrogen adoption, Asia Pacific is set to experience significant market expansion in the coming years.
Composite Pressure Vessels Market Drivers:
Some of the key drivers listed in the report are given below.
- Increasing demand for lightweight, high-strength materials in aerospace, automotive, and industrial applications.
- Growth in hydrogen fuel storage, rising adoption in CNG and LPG transportation, stringent safety regulations, and advancements in composite materials.
Top 5 Companies in the Composite Pressure Vessels Market:
The global market for composite pressure vesselss is highly concentrated, with the top four companies capturing a lion’s share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players (arranged alphabetically).
- Beijing Tianhai Industry Co., Ltd.
- Drägerwerk AG & Co. KGaA
- Forvia SE
- Luxfer Holdings PLC
- Worthington Industries, Inc.
What Deliverables Will You Get in this Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the Composite Pressure Vessels Market |
| How lucrative is the future? | Market forecast and trend data and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter’s five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at – [email protected]
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About us –
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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