Pressure Vessels Market Growth Analysis | 2021-2026

Market Insights

The pressure vessels market was estimated at USD 4086.8 million in 2020 and is likely to grow at a CAGR of 12.9% during 2021-2026 to reach USD 8823.7 million in 2026.

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Market Dynamics

Introduction

A pressure vessel is a container designed to hold fluids or gases at a pressure significantly different from the ambient pressure. The pressure vessels market refers to the industry involved in the manufacturing, distribution, and maintenance of such vessels.

Pressure vessels are used in various industries to store and transport substances under high pressure, including chemicals, gases, and liquids. They are crucial for industries such as oil and gas, chemical processing, power generation, food and beverage, pharmaceuticals, and many others. Pressure vessels are typically made of materials that can withstand high pressure, such as steel or composite materials.

The Aftermath Of COVID-19

Pressure vessels are employed in various industries, including transportation, chemical/petrochemical, oil & gas, food processing, etc. The Year 2020 proved to be challenging for several industries. Some industries, especially automotive, which were already under immense pressure, witnessed the tremor of the COVID-19 tsunami in the hardest way.  Supply-chain sabotage, reduced demand in the wake of the lockdown and bad consumer sentiments, huge COVID-19-related costs, and remote working affected the sales and profitability of the companies across regions.

The market for pressure vessels is no exception and witnessed a weighty decline of more than -10.0% in 2020. The intensity of the market decline varied from region to region. Europe and North America registered a greater reduction compared with the decline of the Asian market; the latter has a huge dominance of type-I vessels. The market is anticipated to start rebounding from 2021 onwards; again, the recovery trajectory is likely to be different for different market segments. Transportation, the largest market segment, is likely to rebound quickly in the wake of improving market sentiments paired with exceptional growth in the demand for CNG and hydrogen vehicles. Furthermore, there has been a clear transition from type I to type III and type IV pressure vessels across regions.

Market Drivers

The growing demand for pressure vessels can be attributed to many factors, including:

• Increasing need for energy: The U.S. Energy Information (EIA) predicts that the global energy demand will increase 47% in the next 30 years (i.e., by 2050), driven by population and economic growth. This growing energy need across the globe can be considered as one of the prime reasons driving the overall market growth for pressure vessels.
• Increasing industrialization: Pressure vessels are vital elements that are used in a wide range of industrial processes. The growing demand for chemicals, petrochemicals, and other industrial products is driving the demand for pressure vessels.
• Safety regulations by governments: Governments and industry bodies across the globe are imposing strict safety regulations for using reliable vessels. This creates a demand for highly reliable pressure vessels in the chemical sector to ensure worker's and the environment’s safety.
• Increase in nuclear power generation plants: The World Nuclear Association states that there are ~440 nuclear power reactors operating in >30 countries. And about 60 power reactors are currently being constructed in 15 countries. The growing number of nuclear power generation plants is also likely to create huge opportunities for the pressure vessels market.

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Segment Analysis

By Application Type

"Transportation is expected to remain the largest as well as the fastest-growing application type in the market with a share of more than 60% during the forecast period."

The pressure vessels market is segmented as life support, transportation, recreational, industrial, gas carrier & storage, and others. Transportation is expected to remain the largest as well as the fastest-growing application type in the market with a share of more than 60% during the forecast period owing to the increasing demand for natural gas-powered vehicles across regions. Over the years, the price of gasoline has been soaring, creating a greater demand for cars that run on alternative fuels, such as fuel cells and CNG. Among transportation, hydrogen (fuel-cell) vehicles is likely to create a humongous growth opportunity for the market participants in the coming five years.

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By Vessel Type

"The type-I vessel is expected to hold a huge market share of more than 70% owing to its well-proven track record paired with the overall lowest cost."

The market is segmented as type-I, type-II, type-III, and type-IV. Type-I vessel is expected to hold a huge market share of more than 70% owing to its well-proven track record paired with the overall lowest cost. However, the dominance of vessel type differs from region to region. North America, a relatively small market, has a high dominance of type-III and type-IV vessels, whereas Asia-Pacific, the largest market for pressure vessels, is immensely dominated by type-I vessels. Overall, the type-IV vessel is subjected to record the highest growth in the future, owing to its lightweight, excellent strength, and corrosion resistance. In addition to these factors, type-IV pressure vessels can hold gases at high pressures due to their inherent strength as well as large volumes of gases can be stored, key factors compelling system integrators and OEMs to transition from heavyweight metal vessels to lightweight composite vessels.

Regional Insights

"Asia-Pacific is expected to remain the largest as well as the fastest-growing market with a share of more than 65% for pressure vessels during the forecast period."

A huge fleet of passenger cars and M&HCVs paired with an increased demand for automobiles with alternative fueling options and large requirements of gases for power generation to fulfill the needs of the region's developing industrial, commercial, and residential sectors are some of the fundamental drivers of the region's exceptional growth. Increased R&D investments and more attention from governments are further benefiting the pressure vessel market significantly.

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key Players

The competitive landscape of the pressure vessels market varies from material to material. Type-I, the dominant vessel category, is fiercely competitive with the presence of several regional players. There are more than 100 players, and the majority of them are located in the Asian region. Whereas composite vessels, the emerging category, has a relatively smaller number of players with a growing presence in the Asian market.

The following are the key players in the Pressure Vessels Market (arranged alphabetically)

• Beijing Tianhai Industry Co., Ltd.
• Catalina Cylinders
• Cylinders Holding a.s.
• Everest Kanto Cylinder Ltd.
• Faber Industrie SPA
• Grupo Mat
• Hexagon Composites
• Iljin Composites
• Luxfer Holdings PLC
• Norris Cylinder (A TriMas Company)
• Sinoma Science & Technology Co., Ltd.
• Shenyang Gas Cylinder Safety Technology Co., Ltd
• Worthington Industries, Inc.

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s pressure vessels market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our pressure vessels market report from the industry stakeholders, we have tried to further accentuate our research scope to the pressure vessels market to provide the most crystal-clear picture of the market. The report segments and analyses 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 formulating 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 market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The pressure vessels market is segmented into the following categories:

By Application Type

• Life Support
• Transportation
• Recreational
• Industrial
• Gas Carrier & Storage
• Others

By Vessel Type

• Type-I Vessel
• Type-II Vessel
• Type-III Vessel
• Type-IV Vessel

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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