DETROIT, March 24, 2021 /PRNewswire/ — Stratview Research announces the launch of a new research report on Carbon Composite Hydrogen Tanks Market by Tank Type (Type III and Type IV), by Application Type (Transportation {Cars, Medium and Heavy Commercial Vehicles or MHCV, and Others}, Gas Storage & Distribution, and Others), by Process Type (Wet Winding and Dry Winding), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Size, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s carbon composite hydrogen tanks market realities and future possibilities for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for composite textiles at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will endure by comparing pre-COVID and post-COVID scenarios. The vital data/information provided in the report can play a crucial role for market participants as well as investors in formulating short-term as well as long-term growth strategies.
Carbon Composite Hydrogen Tanks Market: Highlights from the Report
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.
With 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 focus is gradually shifting towards alternative technologies that rely less on fossil fuels, bringing electric vehicles into limelight.
E-mobility is at the juncture of bringing in a revolution in the automotive industry. Battery electric vehicles, plug-in hybrid vehicles, and fuel cell electric vehicles are gaining traction among customers with full tilt. During their entire lifecycle, FCEVs can reduce 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 (Type III and Type IV) over metallic ones for hydrogen storage.
Impact of COVID-19
The global EV production stood at 7 Million units in 2019 of which FCEVs accounted for <1% share. In 2020, the exponentially growing market faced an unforeseen hurdle – the COVID19 pandemic. Even though the market managed to dodge incurring any losses, it experienced softened growth in the dreadful year. Stratview Research’s estimates suggest that the carbon composite hydrogen tanks market is likely to pick up pace from 2021 onwards and ultimately cross the unprecedented landmark figure of US$ 3 Billion by 2026.
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Based on the application type, the transportation segment is likely to hold dominance in the market throughout the study period, driven by the most sought-after FCEVs. Major 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, 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.
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 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.
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The supply chain of this market comprises raw material suppliers, tank manufacturers, and OEMs. Key tank manufacturers include 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., and Faurecia (Ullit). Formation of long-term contracts, application development, and long-term partnerships are some of the key strategies adopted by the major players to gain a competitive edge in the market.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the 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, 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.
This report studies the global carbon composite hydrogen tanks market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:
Carbon Composite Hydrogen Tanks Market, by Tank Type
- Type III (Trend and Forecast)
- Type IV (Trend and Forecast)
Carbon Composite Hydrogen Tanks Market, by Application Type
- Transportation (Sub-Application Type Analysis: Cars, MHCV, and Others)
- Gas Storage & Distribution (Trend and Forecast)
- Others (Trend and Forecast)
Carbon Composite Hydrogen Tanks Market, by Process Type
- Wet Winding (Trend and Forecast)
- Dry Winding (Trend and Forecast)
Carbon Composite Hydrogen Tanks Market, by Region
- North America (Country Analysis: The USA and Rest of North America)
- Europe (Country Analysis: Germany, Italy, Norway, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, South Korea, and Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, and Others)
Stratview Research has several high value market reports in the composites and advanced materials industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Advanced-Materials.html
About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.
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