According to the report titled ‘Carbon Fiber in Light Weight Pressure Vessels Market to 2027 - Global Analysis and Forecasts by Precursor Type (PAN, Pitch), by Tow Size (12 k to 24k, 24k above), and Geography’ available at MarketStudyReport.com, the global carbon fiber in light weight pressure vessels market was worth US $187 million in 2018 and is estimated to grow with a CAGR of 11.4% during the period of 2019-2027, hence reaching US $486.5 million by the year 2027.

Carbon fiber is known to have properties such as corrosion resistance, light weight, and extended life spans which makes it extremely desirable across industrial and automotive sectors, hence paving the way for the growth of carbon fiber in light weight pressure (LWP) vessels market. Adding to this, favorable federal reforms to use lightweight materials in order to improve fuel efficiency of vehicles is also aiding the market expansion. Extensive use of lightweight pressure vessels as hydrogen gas storage cylinders, natural gas fuel tanks, portable water storage tanks, and rocket motors will further boost the demand for carbon fiber vessels in the upcoming years.

Based on tow size, the market is classified into 12k-25k and 24k above. As per precursor type, carbon fiber in LWP vessels industry is categorized into pitch and PAN (polyacrylonitrile). According to the report, PAN carbon fiber segment accounted for largest market share in 2018.

Considering the geographical outlook, the global carbon fiber in LWP vessels market is segmented into regions, namely, North America, South America, Europe, Middle East & Africa, and Asia-Pacific.

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The report cites that APAC market is holds the largest regional share presently, owing to a large consumer base and rising industrial sector, especially in emerging nations such as China and India. Moreover, shifting consumer preference towards eco-friendly CNG vehicles across the region is fueling the market growth in APAC region.

The prominent companies in the carbon fiber in light weight pressure vessels industry are Solvay, Hyosung Corp., Formosa Plastics Corp., Teijin Ltd., Toray Industries, Mitsubishi Chemical Corp., SGL Carbon, Hexcel Corp., Kureha Corp., and Dowaksa.