Carbon Composite Pressure Vessels Market Growth Analysis | 2025-2031

Attractive Opportunities

Global Demand Analysis & Sales Opportunities in Carbon Composite Pressure Vessels Market

• The annual demand for carbon composite pressure vessels was USD 1.7 billion in 2024 and is expected to reach USD 2.1 billion in 2025, up 25.9% than the value in 2024.
• During the forecast period (2025-2031), the carbon composite pressure vessels market is expected to grow at a CAGR of 18.6%. The annual demand will reach USD 5.9 billion in 2031, which is almost 2.5 times the demand in 2025.
• During 2025-2031, the carbon composite pressure vessels industry is expected to generate a cumulative sales opportunity of USD 27.8 billion, which is almost 4 times the opportunities during 2019-2024.

High-Growth Market Segments: 

• Asia-Pacific acted as the biggest demand-generator for carbon composite pressure vessels in the market and it is expected to remain in the spotlight throughout the study period.
• By pressure vessel type, Type IV pressure vessels grabbed the bigger chunk of the market in 2024.
• By application type, Transportation and gas carrier & storage together accounted for a massive share of the market in 2024. These two applications are likely to remain in the limelight in the coming years.
• By gas type, CNG/LNG and hydrogen took the throne, collectively capturing huge market share in 2024.
• By process type, Wet winding grabbed the major market share in 2024 with most of the high-volume tank providers preferring wet winding.

Market Statistics 

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

Market Dynamics

Introduction:

What are carbon composite pressure vessels?

Carbon composite pressure vessels are lightweight, high-strength containers made from carbon fiber-reinforced polymers, designed to work in high-pressure environments. The most common applications are found in hydrogen storage, gas transport, and automotive industries. These materials are highly valued for their high strength-to-weight ratio and corrosion resistance, making them suitable for applications that require high-pressure containment. The increasing demand for environment-friendly and energy-efficient technologies is a key driving factor for the growth of the market.

Market Drivers:

The key factors driving the growth of the carbon composite pressure vessels market are:

• Rapid shift towards alternative fuel vehicle
• Rising FCEV production
• Increasing investment in clean energy
• Increasing focus towards a hydrogen-driven economy
• Increasing adoption of composites pressure vessels in various industries, etc.

Segments Analysis

By Pressure Vessel Type

“In terms of value, type IV pressure vessels remain at the forefront. In terms of volume, however, type III currently holds the lead. The tables are soon expected to turn, type IV PV ultimately gaining the lead.”

• Type IV pressure vessels find application on a wide range of vehicles, including passenger cars, transit and coach buses, heavy goods vehicles, concrete mixers, and delivery trucks. They are 30% of the weight of steel, improving vehicle range, payload, and handling and reducing fuel consumption. Type IV pressure vessels govern the fuel cell passenger car market and are currently used in all active passenger car models.
• The leading players are focusing on expanding their capabilities toward clean energy solutions. In September 2023, Luxfer announced a new £1 million production facility at its Colwick, Nottingham, site to support virtual gas pipelines that can distribute H2 across the UK and Europe. Worthington’s Amtrol-Alfa plant in Guimarães, Portugal, has also expanded to include Type III and IV pressure vessel lines for small-scale H2 industrial applications, H2 drones, and SCBA.

By Application Type

“Transportation and gas carrier & storage together accounted for a ginormous share of the market in 2024. Currently, these applications shape the overall demand in the market.”

• The transportation application held the largest market share in 2024 with key applications including hydrogen storage tanks for FCVs, CNG tanks, etc. The driving factors for the transportation application are growth in FCEV production in the wake of capacity expansion plans of FCEV manufacturers, CO₂ emission targets set by governments, a gradual fade-out of pure ICE vehicles, and advantages offered by FCEVs.
• The dire need for supporting H2 infrastructure, bulk transportation of CNG and H2, and incessant investments towards the same are likely to offer thrust to the segment’s market in the near term.
• The gas carrier & storage applications held the second largest share. Hexagon Purus is the key player in gas carrier & storage applications. In July 2023, Hexagon received an order for a mobile 700-bar H? refueling station (HRS) and secured a five-year framework agreement with a global energy company to deliver H2 distribution systems. Both systems use the company’s Type IV CFRP tanks.

By Gas Type

“CNG/LNG held the largest share, but hydrogen is expected to present the most fruitful long-term scenario driven by increased H2 infrastructure investments and the adoption of H? combustion engines and FCEVs.”

• Natural gas powers more than 175,000 vehicles in the United States and roughly 23 million vehicles worldwide. CNG/LNG Type III and IV vessels, which consume the greatest volumes of carbon fiber composites, are growing largely due to demand from OEMs of mass-transit buses and commercial trucks. For these medium-and heavy-duty vehicles, the higher fuel density and low mass of these vessels can enable greater range and fuel economy, increase the operational interval between refueling stops, and help reduce maintenance costs.
• Hydrogen is gradually gaining traction globally. H2 is seen as a key part of the energy mix needed to decarbonize transportation and hit zero-emission targets. As hydrogen, a key contributor to the energy transition, continues to build momentum globally, more than 30 countries have released hydrogen roadmaps. According to the Hydrogen Council, the number of announced hydrogen projects grew in 2023 by about 35% to over 1,400, equaling US$ 570 billion in investments. Green hydrogen is projected to supply up to 25% of the world's energy needs by 2050.

By Process Type

“Wet winding grabbed the major market share in 2024, but towpreg or dry winding is anticipated to remain the more attractive segment during the forecast period.”

• Most of the high-volume tank providers are doing wet winding, and they express limited interest in towpreg, particularly if the towpreg requires cold storage. The cost of wet winding is 40% lower than the dry process. Additionally, wet winding offers good airtightness because the winding tension helps extrude excess resin and eliminate bubbles, effectively filling voids. The fiber arrangement maintains excellent parallelism, and the resin-impregnated fibers experience reduced wear. Furthermore, wet winding provides high production efficiency, reaching speeds of up to 200 meters per minute.
• There is a gradual shift towards towpreg, owing to several advantages offered by it, such as increased winding speed and suitability for manufacturing carbon-epoxy H2 tanks in bulk quantity. Towpreg or dry winding can accurately control the quality of products. Another huge advantage of this process is high production efficiency, the winding speed is 100 ~ 200 m/min.

Regional Insights

“Asia-Pacific took the biggest chunk of the pie in 2024, driven by China and South Korea and it is expected to remain in the spotlight throughout the forecast period.”

• Asia-Pacific acted as the biggest demand generator for carbon composite pressure vessels in the market. Asia-Pacific is the largest market for FCEV deployment and also leads in FCEV production, propelled by China and South Korea. Key FCEV manufacturers generating demand are Toyota, Hyundai, Honda, Zhengzhou Yutong Bus, Foton, SAIC, Zhongtong, Dongfeng, etc. All three major FC passenger vehicles—Toyota Mirai (Japan), Hyundai Nexo (South Korea), and Honda Clarity (Japan)—are also manufactured in the Asia-Pacific region. China, the largest truck market, also has an avid focus on the development of fuel-cell MHVs. South Korea aims to produce 6.2 million fuel-cell electric vehicles and install at least 1,200 refilling stations by 2040.
• In Europe, there is more opportunity for H2 in light-duty trucks, vans, and commercial fleets, while interest in Asia, specifically China, spans buses and all classes of trucks. Favorable government policies across regions are a key factor propelling overall demand.

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Competitive Landscape

The market is highly concentrated, with 30+ global and regional players. The top three players hold more than half of the global market. The following are the key players in the carbon 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
• Quantum Fuel Systems LLC
• Steelhead Composites, INC.
• NPROXX B.V.
• Faber Industrie SpA

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

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Recent Market JVs and Acquisitions:

A considerable number of strategic alliances, including M&As, JVs, etc., have been performed over the past few years:

• In 2024, Hexagon Composites sold its Hexagon Ragasco business to Worthington Enterprises and acquired a 49% stake in its Sustainable Energy Solutions (SES) business. Ragasco composite cylinders for LPG will become part of Worthington’s Building Products business, while Hexagon/Worthington Enterprises JV will target expanding storage and transport of CNG and hydrogen.
• In 2021, Worthington Industries acquired PTEC Pressure Technology GmbH, a Germany-based independent designer and manufacturer of valves and components for high-pressure hydrogen and CNG storage, transport, and onboard fueling systems.
• In 2020, Hanwha Solutions signed a deal to acquire Cimarron Composites LLC, a manufacturer of Type III hydrogen tanks.
• In 2021, SCI strengthens Luxfer’s composite cylinder offering and aligns with recent investments to enhance its alternative fuel capabilities to capitalize on the growing CNG and hydrogen opportunities.
• In 2020, Faurecia acquired ULLIT. The acquisition’s main aim was to strengthen its unique hydrogen ecosystem with the help of Ullit’s patented technology for the development of impermeable tank shells.

Recent Product Development:

Key target areas of the key players while developing new products are lightweight and strength, high operating temperature, and faster refueling.

• In August 2024, Hexagon Composites introduced a new generation of carbon fiber pressure vessels specifically designed for hydrogen storage. These vessels offer enhanced lightweight construction and exceptional strength.
• Worthington's ThermaGuard™ hydrogen cylinders can successfully work at an operating temperature of 121º C.
• Type III ThermaGuard™ H2 cylinders launched by Worthington Industries, Inc. enable faster fuel filling.

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

Carbon Composite Pressure Vessels Market, by Pressure Vessel Type

• Type III Pressure Vessels
• Type IV Pressure Vessels

Carbon Composite Pressure Vessels Market, by Application Type

• Transportation
• Gas Carrier & Storage
• Life Support
• Recreation
• Other Applications

Carbon Composite Pressure Vessels Market, by Process Type

• Towpreg
• Wet Winding

Carbon Composite Pressure Vessels Market, by Gas Type

• CNG/LNG
• RNG
• Hydrogen
• Other Gases

Carbon Composite Pressure Vessels Market, by Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s carbon 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 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 fruits 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

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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

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