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    Type I Pressure Vessels Market Report

    Type I Pressure Vessels Market Report
    Report code - SR1135 Published On : Sep,2021 No. of Pages: 179
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    Type-I Pressure Vessels Market Size, Share, Trend, Forecast, Competitive Analysis, and Gro See more...

    Impact of COVID-19 on Type I Pressure Vessels Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Type I Pressure Vessels Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Highlights

    Pressure vessels are enclosed containers used to hold fluids, fumes, and gases at a pressure significantly higher or lower than the ambient pressure. They are widely used in various industries, such as transportation, petrochemical, oil & gas, chemical, and food processing. The first descent of the current modern pressure vessels was designed in the 1800s. After which a lot of evolutions took place and various codes and standards were implemented to make the vessels safer for users and to make them the best fit for various applications, addressing the emerging market requirements.

    Type-I pressure vessels accounted for the largest share of the overall pressure vessels market. It is a well-established and mature market and is slowly losing market tractions in the developing markets of pressure vessels due to the advent of other lightweight and advantageous type-II, III, and IV pressure vessels. The outbreak of the pandemic further dented the demand for the type-I pressure vessels market, especially in 2020, in the wake of the enormous decline in industrial and automotive production across regions.

    Based on primary interview results coupled with the analysis of the leading companies’ revenues, it is estimated that the type-I pressure vessels market nose-dived at a double-digit rate of -10.4% to reach a value of US$ 3.1 billion in 2020. It is also estimated that the market may need a greater than that of previous downturns to reach back its pre-pandemic levels. An expected recovery in the automotive and industrial production coupled with a paradigm shift from gasoline and diesel to alternative fuels such as LPG, CNG; will surely help the industry stakeholders including type-I pressure vessel manufacturers to log a quick recovery from the pandemic. Overall, the type-I pressure vessels market is likely to rebound at a promising CAGR of 5.3% in the long run to reach US$ 4.5 Billion in 2026.

    Market Segments' Analysis

    Based on the application type, the type-I pressure vessels market is segmented as life support, transportation, recreational, industrial, gas carrier & storage, and others. Transportation is expected to maintain its unassailable lead in application type classification of the market during the forecast period owing to the changing preference of customers for gasoline- and diesel-fueled vehicles to alternative-fueled vehicles owing to the higher price of gasoline and diesel across regions coupled with growing concerns regarding CO2 and NOx emissions. All the leading players of type-I pressure vessels are serving the transportation segment.

    In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for type-I pressure vessels during the forecast period, driven by the presence of a large number of industry stakeholders, making the region a growth engine of the transportation industry and industrial applications. China, Japan, and India are likely to be the key countries/markets for the region. Beijing Tianhai Industry and Everest Kanto Cylinder are the major companies manufacturing type-I pressure vessels based in the region.

    Key Players

    The key players in the market are performing acquisitions either to expand their product portfolio or to widen their geographical reach. The following are the key players in the type-I pressure vessels market. Most of the major players are providing different types of pressure vessels apart from type-I pressure vessels.

    • Beijing Tianhai Industry Co., Ltd.
    • Cylinders Holding a.s.
    • Worthington Industries, Inc.
    • Everest Kanto Cylinder Ltd.
    • Norris Cylinder (A TriMas Company)
    • Faber Industrie SPA
    • Catalina Cylinders
    • Luxfer Holdings PLC
    • FIBA Technologies, Inc.
    • Grupo Mat

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s type-I pressure vessels market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a 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. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    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 into 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, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The type-I pressure vessels market is segmented into the following categories. 

    Type-I Pressure Vessels Market, by Application Type

    • Life Support
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Application Type Analysis: Fire Fighting and Medical Application)
    • Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Recreational
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Application Type Analysis: SCUBA, Paintball, and Others)
    • Industrial
      • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • (Gas Type Analysis: Oxygen, Nitrogen, CO2, Helium, Argon, Acetylene, and Others)
    • Gas Carrier & Storage (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Type-I Pressure Vessels Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Italy, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: The UAE, Saudi Arabia, Brazil, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]

    Frequently Asked Questions (FAQs)

    The type-I pressure vessels market is estimated to grow at a CAGR of 5.3% by 2026.

    Beijing Tianhai Industry Co., Ltd., Catalina Cylinders, Cylinders Holding a.s., Everest Kanto Cylinder Ltd., Faber Industrie SPA, FIBA Technologies, Inc., Grupo Mat, Luxfer Holdings PLC, Norris Cylinder (A TriMas Company), and Worthington Industries, Inc. are the leading players in the type-I pressure vessels market.

    Asia-Pacific is estimated to remain dominant in the type-I pressure vessels market in the foreseen future.

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