Type-I Pressure Vessels Market Forecast | 2021-2026

Market Highlights

Type-I Pressure Vessels Market is likely to grow at a CAGR of 5.3% during the forecast period of 2021-2026 to reach US$ 4375.3 million by 2026 from US$ 3004.3 million in 2020.

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What are type-I pressure vessels?

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 this 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.

Covid-19 Impact

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 to its pre-pandemic levels.

An expected recovery in automotive and industrial production coupled with a paradigm shift from gasoline and diesel to alternative fuels such as LPG, and CNG; will surely help the industry stakeholders including type-I pressure vessel manufacturers to log a quick recovery from the pandemic.

Market Drivers

Type-I pressure vessels are designed to store compressed gases at high pressures, typically above 10,000 psi. They are widely used in aerospace, defense, and gas storage industries. The market for type-I pressure vessels is driven by several factors, including:

• Growing demand for alternative energy sources: Type-I pressure vessels are commonly used to store compressed natural gas (CNG) and hydrogen, which are emerging as alternative energy sources for vehicles and power generation. As the demand for clean energy continues to grow, the market for type-I pressure vessels is expected to expand.
• Growing demand from emerging economies: The demand for type-I pressure vessels is expected to increase in emerging economies such as China and India, where there is a growing need for energy storage solutions and infrastructure development.
• Stringent safety regulations: Type-I pressure vessels are subject to strict safety regulations and standards, which ensure their safe use in various applications. The increasing focus on safety is expected to drive the demand for type-I pressure vessels in industries such as aerospace and defense.

Overall, the type-I pressure vessel market is expected to grow in the coming years, driven by factors such as the demand for alternative energy sources, lower prices, and stringent safety regulations.

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Key Players

The key players in the market are performing acquisitions to expand their product portfolio or widen their geographical reach. The following are the key players in the type-I pressure vessels market.

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

Market Segmentation

Application Trends

The type-I pressure vessels market is segmented as life support, transportation, recreational, industrial, gas carrier & storage, and others. 

Transportation is expected to remain the largest market with a share of >55% in 2020 and it 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.

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Regional Analysis

Asia-Pacific is expected to remain the largest market with a share of >70% in 2020 and as well as the fastest-growing market for type-I pressure vessels during the forecast period, driven by the presence of many 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.

The market is segmented into the following categories. 

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)

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 the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: The UAE, Saudi Arabia, Brazil, and Others)

Report Features

This report provides market intelligence most comprehensively. 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:

• Overview, industry life cycle analysis, supply chain analysis.
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Trend and forecast analysis.
• Segment trends and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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 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.

Target Audience

The following is a list of the customers that the market aims to convert the most:

• Manufacturers
• Suppliers
• Distributors
• Organizations
• Government bodies

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 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 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 sales@stratviewresearch.com.