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Composite Pressure Vessels Market Report
Composite Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2024-2031
“The composite pressure vessels market size was US$ 1.9 billion in 2024 and is likely to grow at an impressive CAGR of 17.7% in the long run to reach US$ 6.2 billion in 2031.”
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The composite pressure vessels market is expanding rapidly due to the growing demand for lightweight and durable storage solutions across multiple industries. Unlike traditional metal vessels, these are made from carbon fiber, fiberglass, and resin, making them stronger, corrosion-resistant, and significantly lighter. They are widely used in natural gas vehicles, hydrogen storage, aerospace applications, and industrial gas containment. The push toward clean energy and alternative fuels has further increased their adoption, especially in hydrogen fuel cell vehicles and CNG-powered transportation. Strict safety regulations and advancements in composite material technology are also contributing to market growth. However, high production costs and complex manufacturing processes remain key challenges. Despite this, ongoing innovations and increased investment in alternative fuel infrastructure are expected to make these vessels more accessible and cost-effective in the coming years.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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Application-Type Analysis |
Life Support, Transportation, Recreational, Industrial, Gas Carrier & Storage, and Other Applications |
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. |
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Pressure Vessels-Type Analysis |
Type II Vessels, Type III Vessels, and Type IV Vessels |
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. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and The Rest of the World |
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. |
“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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“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.
“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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The market is highly consolidated, with fewer than 100 players across the region. Most of the major players compete in some of the governing 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)
Note: The above list does not necessarily include all the top players in the market.
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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:
The composite pressure vessels market is segmented into the following categories.
Composite Pressure Vessels Market, by Application Type
Composite Pressure Vessel Market, by Pressure Vessels Type
Composite Pressure Vessels Market, by Region
With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:
Company Profiling
Competitive Benchmarking
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].
Composite pressure vessels are storage tanks made using advanced materials such as carbon fiber, fiberglass, and resin, designed to store gases and liquids under high pressure. They are lighter and stronger than traditional metal tanks, making them ideal for applications in the automotive, aerospace, industrial, and energy industries.
The composite pressure vessels market is estimated to grow at a CAGR of 17.7% by 2031.
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, and Beijing Tianhai Industry Co., Ltd., are the leading players in the composite pressure vessels market.
Asia-Pacific is estimated to remain dominant in the composite pressure vessels market in the foreseeable future.
Composite pressure vessels are storage tanks made using advanced materials such as carbon fiber, fiberglass, and resin, designed to store gases and liquids under high pressure. They are lighter and stronger than traditional metal tanks, making them ideal for automotive, aerospace, industrial, and energy applications.
The global market is experiencing a transformative shift toward sustainable energy, driven by rising demand for CNG and hydrogen-powered vehicles, advancements in composite materials enhancing lightweight, durable fuel storage, and stringent environmental regulations promoting clean energy adoption. Industries like aerospace and manufacturing are increasingly adopting high-strength, lightweight pressure vessels to improve efficiency and safety, while investments in hydrogen infrastructure are accelerating the transition to a scalable hydrogen economy. These trends highlight a convergence of technological innovation, regulatory pressure, and sustainability goals that are reshaping the energy and industrial industries.
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