Outlook on the Carbon Composite Hydrogen Tanks Global Market to 2026 - Size, Share, Trend, Forecast, & Industry Analysis

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Dublin, May 07, 2021 (GLOBE NEWSWIRE) -- The "Carbon Composite Hydrogen Tanks Market by Tank Type, by Application Type, by Process Type, and by Region, Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026" report has been added to ResearchAndMarkets.com's offering.

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 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).

COVID-19 Impact Analysis

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. The publisher's estimates suggest that the market is likely to pick up the pace from 2021 onwards to ultimately cross the unprecedented landmark figure of US$ 3 Billion by 2026.

Segment Analysis

Carbon Composite Hydrogen Tanks Market Share by Application Type

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.

Carbon Composite Hydrogen Tanks Market Share by Tank Type

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.\$The carbon composite hydrogen tanks market is segmented into the following categories.

Carbon Composite Hydrogen Tanks Market Size, Share & Forecast, by Tank Type

  • Type III (Trend and Forecast)

  • Type IV (Trend and Forecast)

Carbon Composite Hydrogen Tanks Market Size, Share & Forecast, 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 Size, Share & Forecast, by Process Type

  • Wet Winding (Trend and Forecast)

  • Dry Winding (Trend and Forecast)

Carbon Composite Hydrogen Tanks Market Size, Share & Forecast, 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)

Key Players and Strategies

The supply chain of this market comprises raw material suppliers, tank manufacturers, and OEMs.

The 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.

  • Faurecia (Ullit)

The formation of long-term contracts, application developments, and consortia and partnerships are some of the key strategies adopted by the major players in order to gain a competitive edge in the market.

Key Topics Covered:

1. Executive Summary

2. Carbon Composite Hydrogen Tanks Market Overview and Segmentation
2.1. Introduction
2.2. Carbon Composite Hydrogen Tanks Market Segmentation
2.2.1. By Tank Type
2.2.2. By Application Type
2.2.3. By Process Type
2.2.4. By Region
2.3. Supply Chain Analysis
2.4. Industry Life Cycle Analysis
2.5. PEST Analysis
2.6. SWOT Analysis

3. Carbon Composite Hydrogen Tanks Market - The COVID-19 Impact Assessment
3.1. Carbon Composite Hydrogen Tanks Market Trend and Forecast (US$ Million and Thousand Units)
3.2. Pre-COVID vs Post-COVID Assessment
3.3. Real GDP Loss vs Carbon Composite Hydrogen Tanks Market Loss (2020-2021)
3.4. Market Scenario Analysis: Pessimistic, Most Likely, and Optimistic
3.5. Market Segments' Analysis (US$ Million and Thousand Units)
3.6. Regional and Country-Level Analysis (US$ Million and Thousand Units)
3.7. Market Drivers
3.8. Market Challenges

4. Competitive Analysis
4.1. Publisher Insights
4.2. Product Portfolio Analysis
4.2.1. By Tank Type
4.2.2. By Application Type
4.3. Geographical Presence
4.4. New Product Launches
4.5. Strategic Alliances
4.6. Market Share Analysis
4.7. Porter's Five Forces Analysis

5. Carbon Composite Hydrogen Tanks Market Trend and Forecast by Tank Type (2015-2026)
5.1. Publisher Insights
5.2. Type III: Trend and Forecast (US$ Million and Thousand Units)
5.3. Type IV: Trend and Forecast (US$ Million and Thousand Units)

6. Carbon Composite Hydrogen Tanks Market Trend and Forecast by Application Type (2015-2026)
6.1. Publisher Insights
6.2. Transportation: Trend and Forecast (US$ Million and Thousand Units)
6.2.1. Car: Trend and Forecast (US$ Million and Thousand Units)
6.2.2. MHCV: Trend and Forecast (US$ Million and Thousand Units)
6.2.3. Others: Trend and Forecast (US$ Million and Thousand Units)
6.3. Gas Storage & Distribution: Trend and Forecast (US$ Million and Thousand Units)
6.4. Others: Trend and Forecast (US$ Million and Thousand Units)

7. Carbon Composite Hydrogen Tanks Market Trend and Forecast by Process Type (2015-2026)
7.1. Publisher Insights
7.2. Wet Winding: Trend and Forecast (US$ Million and Thousand Units)
7.3. Dry Winding: Trend and Forecast (US$ Million and Thousand Units)

8. Carbon Composite Hydrogen Tanks Market Trend and Forecast by Region (2015-2026)
8.1. Publisher Insights
8.2. North American Carbon Composite Hydrogen Tanks Market: Country Analysis
8.2.1. The USA's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.2.2. RoNA's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.3. European Carbon Composite Hydrogen Tanks Market: Country Analysis
8.3.1. Germany's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.3.2. Italy's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.3.3. Norway's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.3.4. RoE's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.4. Asia-Pacific's Carbon Composite Hydrogen Tanks Market: Country Analysis
8.4.1. China's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.4.2. Japan's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.4.3. South Korea's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.4.4. RoAP's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.5. Rest of the World's (RoW) Carbon Composite Hydrogen Tanks Market: Sub-Region Analysis
8.5.1. Latin America's Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)
8.5.2. Others' Carbon Composite Hydrogen Tanks Market T&F (US$ Million and Thousand Units)

9. Strategic Growth Opportunities
9.1. Publisher Insights
9.2. Market Attractiveness Analysis
9.2.1. Market Attractiveness by Tank Type
9.2.2. Market Attractiveness by Application Type
9.2.3. Market Attractiveness by Process Type
9.2.4. Market Attractiveness by Region
9.2.5. Market Attractiveness by Country
9.3. Emerging Trends
9.4. Growth Matrix Analysis
9.5. Key Success Factors (KSFs)

10. Company Profile of Key Players
10.1. Faber Industrie SpA
10.2. Hexagon Composites ASA
10.3. Iljin Composites Co., Ltd.
10.4. Luxfer Holdings PLC
10.5. NPROXX B.V.
10.6. SteelHead Composites, Inc.
10.7. Toyota Motor Corporation
10.8. Worthington Industries, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/67jkvv

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