Composite Pressure Vessels Market Report

Attractive Opportunities

Global Demand Analysis & Sales Opportunities in Composite Pressure Vessels Market

• The annual demand for composite pressure vessels was USD 1.87 billion in 2024 and is expected to reach USD 2.32 billion in 2025, up 26.4% from the value in 2024.
• During the forecast period (2025 to 2031), the composite pressure vessels market is expected to grow at a CAGR of 17.7%. The annual demand will reach USD 6.17 billion in 2031.
• During 2025-2031, the composite pressure vessels industry is expected to generate a cumulative sales opportunity of USD 29.53 billion.

High-Growth Market Segments:

• Asia-Pacific is expected to maintain its reign over the forecast period and is likely to grow at the fastest rate during the same period.
• By pressure vessel type, Type IV vessels are anticipated to contribute the largest share of the composite pressure vessels market and are likely to grow at the fastest rate during the same period. 
• By application type, gas carrier & storage is expected to be the leading demand generator for the composite pressure vessels market and is likely to grow at the fastest rate in the coming years.

Market Statistics

Have a look at the sales opportunities presented by the composite pressure vessels market in terms of growth and market forecast.

Market Dynamics

Introduction:

What are composite pressure vessels?

Composite pressure vessels are advanced storage containers designed to withstand high pressures while offering significant weight savings compared to traditional metal vessels. Manufactured using materials such as carbon fiber, glass fiber, and aramid fiber, these vessels provide exceptional strength, durability, and corrosion resistance.

They are increasingly used across industries such as aerospace, automotive, defense, and energy for applications including compressed natural gas (CNG), hydrogen storage, and breathing apparatus.

Market Drivers:

Growing Demand for Lightweight and Durable Storage Solutions

• The composite pressure vessels market is witnessing strong growth, driven by the increasing need for lightweight and durable storage systems across diverse industries. Compared to traditional metal vessels, composite variants made of carbon fiber, fiberglass, and resin offer superior strength, corrosion resistance, and significant weight reduction.
• Their extensive use in natural gas vehicles, hydrogen storage, aerospace systems, and industrial gas containment is fueling market expansion. Moreover, the global shift toward clean energy and alternative fuels is accelerating adoption, particularly in hydrogen fuel cell vehicles and CNG-powered transportation, thereby reinforcing market growth.

Segment Analysis

By Application Type

“The gas carrier & storage category is expected to drive the demand for composite pressure vessels and is projected to grow at the fastest rate in the coming years.”

• 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.

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By Pressure Vessel Type

“Type IV vessels are expected to hold the largest share of the market as well and are projected to grow at the fastest rate during the forecast period.”

• 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.

Regional Analysis

“Asia-Pacific is expected to remain the dominant region and is projected to grow at the fastest rate over the next six years.”

• 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, due to 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 are key growth drivers of the region’s market. With ambitious net-zero targets and incentives for hydrogen adoption, Asia Pacific is set to experience significant market expansion in the coming years.

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Competitive Landscape

Most of the major players compete in some of the factors, including price, service offerings, regional presence, etc. The following are the key players in the composite pressure vessels market -

Here is the list of the Top Players (Based on dominance).

• Hexagon Composites ASA
• Luxfer Holdings PLC
• Worthington Industries, Inc.
• ILJIN Composites Co., Ltd.
• Forvia SE
• Sinoma Science & Technology Co., Ltd.
• CIMC Enric Holdings Limited
• Quantum Fuel Systems LLC
• Drägerwerk AG & Co. KGaA
• Beijing Tianhai Industry Co., Ltd. 

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at [email protected]

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 15 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The composite pressure vessels market is segmented into the following categories. 

Composite Pressure Vessels Market, by Application Type

• Life Support (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Recreational (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Gas Carrier & Storage (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Other Applications (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Composite Pressure Vessel Market, by Pressure Vessels Type

• Type-II Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Type-III Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Type-IV Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Composite Pressure Vessels Market, by Region

• North America (Country Analysis: USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, the UK, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, Australia, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s composite pressure vessels market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across industries. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].