Composite Pressure Vessels Market is Forecasted to Reach US$ 6.2 Billion in 2031, Says 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 market trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2024: US$ 1.9 billion

Market Size in 2031: US$ 6.2 billion

Growth (CAGR): 17.7% during 2024-2031

Cumulative Sales Opportunity 2024 to 2031: US$ 31.4 billion

Leading Application Type: Gas Carrier & Storage

Leading Pressure Vessels-Type: Type IV Vessels

Leading Region: Asia-Pacific

Forecast Period: 2024-2031

Trend Period: 2019-2023

Base Year: 2024

Number of Segments Covered: 3

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Composite Pressure Vessels Market:

The global composite pressure vessels market is segmented based on application type, pressure vessel type, and region.

Based on application type –

·        The composite pressure vessels 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 pressure vessel type –

·        The market is segmented into type II vessels, type III vessels, and type IV vessels. 

·        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.

To know the most attractive segments, click here for a free sample of the report:

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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 mainly 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 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.

Composite Pressure Vessels Market Drivers:

Some of the key drivers listed in the report are given below.

-      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.

Competitive Landscape: Top 10 Companies in the Composite Pressure Vessels Market:

The market is moderately fragmented, with over 20 players. Most of the major players compete on some of the governing factors, including price, service offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players:

-         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.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the composite pressure vessels market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

Related Reports:

-      Pressure Vessels Market

-      Life-Support Pressure Vessels Market

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About us –

Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, 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 make convincing business decisions.

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