The changing dynamics in Epoxy Resin Market in Pressure Vessels with covid-19 impact assessment
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 Epoxy Resin Market in Pressure
Vessels.
It was estimated prior to this unanticipated
outbreak that the Epoxy Resin Market in Pressure Vessels will grow
at CAGR of 12.2% during the forecast period. However, the gradual slowing down of industries will
undoubtedly impose limits on the previously estimated growth rate.
For a more detailed breakdown of the COVID-19
impact on the Epoxy Resin
Market in Pressure Vessels,
request a free sample of the report here:
Epoxy Resin Market in Pressure Vessels Segment Analysis:
Based on vessel type,
type IV tank is likely to witness high growth over the next five years and so
is the demand for epoxy resins in this vessel type. Type IV tank incorporates a
greater amount of carbon epoxy composites and offers maximum weight saving as
compared to other pressure vessel types. There is an increasing penetration of
type IV tanks particularly in mass transit buses and medium & heavy duty
commercial vehicles. For medium & heavy duty commercial vehicles, higher
fuel density and lower mass of these vessels permit greater range and fuel
efficiency, increased the operational interval between refueling stops, and
reduced maintenance cost.
Based on application
type, CNG vehicles alone accounted for more than 90% of the epoxy resin market
in the pressure vessels for alternative fuels and is expected to remain the
largest application type over the next five years as well. Hydrogen fuel based
vehicles currently generate negligible demand for pressure vessels and hence,
the epoxy resin, but it is plausible that there would be a healthy production
of hydrogen fuel based vehicles in the coming years as more than ten automakers
have already released FCV demonstrators and test fleets.
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Europe is projected
to remain the largest market for epoxy resins in pressure vessels for
alternative fuels over the next five years, driven by an increased demand for
alternative fuel vehicles using composite pressure vessels. This region is also
likely to remain the fastest growing market during the same period as major
European automakers are launching new auto models with powertrains dependent on
compressed natural gas to leverage the abundant shale gas resources. A majority
of them are using lightweight tanks with the purpose of reducing vehicle's
weight to achieve European carbon emission standards.
Key Players:
The global epoxy
resin market in pressure vessels is highly consolidated with the presence of a
few major global players. Huntsman Corporation, Hexion Inc, Olin Corporation,
Nan Ya Plastics, and The 3M Company are the major epoxy resin suppliers to the
pressure vessel manufacturers worldwide. New product development and
collaboration with pressure vessel manufacturers are some of the key strategies
adopted by epoxy resin manufacturers to gain a competitive edge in the market.
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 Ceramic Matrix Composites
Market 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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