Market Research Report
South America Pressure Vessel Composites Materials Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Material (Resin, Fiber, and Others) and End User (CNG Vehicles, Hydrogen Vehicles, Gas Transport, and Others)
|South America Pressure Vessel Composites Materials Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Material (Resin, Fiber, and Others) and End User (CNG Vehicles, Hydrogen Vehicles, Gas Transport, and Others)|
Published: February 12, 2021
The Insight Partners
Content info: 94 Pages
Delivery time: 1-2 business days
The pressure vessel composites materials market in SAM was valued at US$ 38.76 million in 2019 and is projected to reach US$ 162.84 million by 2027; it is expected to grow at a CAGR of 19.7% from 2020 to 2027.
Pressure vessel composite materials are used in pressure vessels used to store gases and liquids under high pressure. A composite material is a combination of materials that vary in composition or shape on a macro scale. These materials do not dissolve or otherwise blend entirely into each other. Composite materials help boost efficiency and can deliver a large amount of material savings. Therefore, most of them are needed in various industries such as oil refineries, nuclear reactors, automobiles, gas repositories, and aerospace.
Based on material type, the SAM pressure vessel composites materials market is segmented into resin, fiber, and others. The resin segment led the market with the largest share in 2019. Resin or epoxy resin is widely used in the pressure vessel composites materials market to produce pressure vessels. For the class of vessels, plastic-lined composite tanks are anticipated to see the most accelerated growth in the next five years. Plastic-lined composite tanks are frequently used in mass transit buses and medium and heavy commercial vehicles, which drives the growth of the market.
By country, SAM pressure vessel composites materials market is segmented into Brazil, Argentina, and Rest of South America. Brazil held the largest share of the market in 2019. The continuous technological and industrial developments are driving the economic growth of Brazil and Argentina. Changing economic condition in South America, growing developments of new manufacturing industries, and increasing support from the government for rising industrial production offer lucrative opportunities for the pressure vessel composites materials market players across the region. Furthermore, the rapid development in the automotive and power and process industries is expected to propel the demand for pressure vessel composites materials during the forecast period.
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of January 2021, Brazil has the highest number of COVID-19 cases in South America, followed by Argentina, Peru, Chile, and Ecuador. The government of South America has taken an array of actions to protect their citizens and contain the spread of the novel coronavirus. It is anticipated that the region will face lower export revenues, both from the drop in commodity prices and reduction in export volumes especially to China, Europe, and the US, which are important trade partners. Containment measures in several countries of South America would hamper economic activities in the manufacturing and service sectors for at least the next quarter, with a rebound once the epidemic is contained.
The overall SAM pressure vessel composites materials market size has been derived in accordance with both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the SAM pressure vessel composites materials market.
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