October 15, 2019 - 8:06 AM EDT
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The global pressure vessel composite materials market at a CAGR of over 22% during the forecast period

Global Pressure Vessel Composite Materials Market: About this market This pressure vessel composite materials market analysis considers sales from epoxy resins, glass fiber, and carbon fiber types.

New York, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pressure Vessel Composite Materials Market by Type and Geography - Global Forecast & Analysis 2019-2023" - https://www.reportlinker.com/p05822595/?utm_source=GNW
Our analysis also considers the sales of pressure vessel composite materials in APAC, Europe, North America, South America, and MEA. In 2018, the epoxy resins segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as its mechanical and adhesive properties and resistance to water will play a significant role in the epoxy resins segment to maintain its market position. Also, our global pressure vessel composite materials market report looks at factors such as rising demand for NGVs, increasing demand for pressure vessels from various end-user industries, and augmenting demand for epoxy resins as composites. However, the fluctuating price of crude oil, presence of stringent regulations related to VOC, and high cost of carbon fiber may hamper the growth of the pressure vessel composite materials industry over the forecast period.

Global Pressure Vessel Composite Materials Market: Overview
Global demand for NGVs
The adoption of NGVs is increasing significantly, owing to the enforcement of stringent regulations related to the emission of harmful gases from vehicles by regulatory bodies, such as the US EPA. Natural gases are stored in pressure vessels that are manufactured using various composite materials. Thus, the rising demand for NGVs will lead to the expansion of the global pressure vessel composite materials market at a CAGR of over 22% during the forecast period.
Rising investments to develop new power plants
Countries such as China and India were the major contributors to the development of power plant infrastructure in 2018. Some upcoming power plants in both countries are the Patratu Super Thermal Power Project in India and the Shandong Shengli Coal-Fired Power Project in China. Pressure vessel composite materials are used in the boilers in power plants. They have properties such as good vibrational damping, a low coefficient of thermal expansion, high strength and durability, and compression resistance. This development is expected to have a positive impact on the overall market growth.

Competitive Landscape
With the presence of several major players, the global pressure vessel composite materials market is highly fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading pressure vessel composite materials manufacturers, that include 3M Co., Air Products and Chemicals, Inc., Doosan Infracore Co. Ltd., Hexagon Composites ASA, Hexion Inc., Huntsman International LLC, Nan Ya Plastics Corp., Nippon Steel & Sumitomo Metal Corp., Olin Corp., Pentair Plc.
Also, the pressure vessel composite materials market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Read the full report: https://www.reportlinker.com/p05822595/?utm_source=GNW

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Source: GlobeNewswire PR (October 15, 2019 - 8:06 AM EDT)

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