Carbon Composite Hydrogen Tanks Market to Witness a Handsome Growth During 2021-2026
April 01, 2022
Apr 01, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Carbon Composite Hydrogen Tanks Market.
It was estimated prior to this unanticipated outbreak that the Carbon Composite Hydrogen Tanks Market is likely to pick up the pace from 2021 onwards to ultimately cross the unprecedented landmark figure of US$ 3 Billion by 2026. Hydrogen can be physically stored in gaseous form or liquid form. In gaseous form, hydrogen is stored in high-pressure tanks under 350-700 bar of working pressure. Carbon composite hydrogen tanks include type III and Type IV tanks, made by using carbon fiber. Type III tank has a metal liner (aluminum or steel) with a full-composite overwrap, whereas Type IV is a complete carbon fiber made tank having an inner liner made of polyamide or polyethylene plastic.
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With the rapidly increasing emissions from the transportation sector and other applications, economies across the globe are actively implementing stringent standards and mandates supporting environment preservation. The transportation sector generates a quarter of human-induced CO2 emissions. As the predicament becomes even more daunting, the bull’s eye is gradually shifting towards alternative technologies that rely less on fossil fuels, bringing electric vehicles into the picture.
E-mobility is at the juncture of bringing in a revolution in the automotive industry. Battery electric vehicles, plug-in hybrids vehicles, and fuel cell electric vehicles are gaining traction among customers with full tilt. During their entire lifecycle, FCEVs are capable of reducing CO2 emissions by 30% as compared to conventional gasoline vehicles as they do not require large batteries whose production is energy and resource-intensive. When it comes to fuel storage, FCEV manufacturers prefer composite pressure vessels over metallic ones for hydrogen storage (Type III and Type IV).
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Market Segment Analysis
Based on the application type, we have segmented the market as transportation, gas storage & distribution, and others. The transportation segment is likely to hold undeniable dominance in the market throughout the study period, driven by the most sought-after FCEVs. The key fuel cell cars on the road, incessantly adding momentum to the market are Toyota Mirai, Hyundai Nexo, and Honda Clarity. Despite the pandemic, the transportation carbon composite hydrogen tanks market was flooded with several contracts signed by Hexagon Composites ASA, ILJIN Composites, Plastic Omnium, and Luxfer Holdings PLC.
Based on the tank type, we have classified the market as type III and type IV. Type IV tank is likely to hold the throne in the market till 2026, whereas type III tank is expected to grow at a faster rate in the next five years. The major markets for type IV are Japan and South Korea and for type III, China remains the leading market. The key advantages offered by type IV tanks are weight reduction, corrosion-free, fatigue resistance, high storage density, and low total cost of ownership.
Regional Analysis
None of the regions logged any decline in 2020 but recorded a slowdown in growth. Asia-Pacific is anticipated to hold the throne in the market till 2026, whereas Europe is likely to experience the highest growth in the market during the forecast period. All three major FC passenger vehicles including Toyota Mirai (Japan), Hyundai Nexo (South Korea), and Honda Clarity (Japan), are manufactured in the region. China, the largest truck producer, also has an avid focus on the development of fuel cell MHCVs. Ceaseless investments and the development of several policies towards the adoption of clean energy are underway in Europe, cushioning the region’s impressive growth in the next few years.
Key Players:
Key players operating in the global Carbon Composite Hydrogen Tanks market are-
- Iljin Composites Co., Ltd.
- Toyota Motor Corporation
- Hexagon Composites ASA
- Luxfer Holdings PLC
- Worthington Industries, Inc.
- Quantum Fuel Systems LLC
- NPROXX B.V.
- Faber Industrie SpA
- Steelhead Composites, INC.
- Faurecia (Ullit)
Features of the Report
This report offers high-quality insights and is the outcome of 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.
The Carbon Composite Hydrogen Tanks analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- 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, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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