Market Highlights
Pressure vessels are employed in a variety of 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 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 market decline varied from region to region. Europe and North America registered a greater decline compared with the decline of the Asian market, the latter has a huge dominance of type-I vessels. The market is anticipated to start rebound 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. Overall, the pressure vessels market is likely to rebound at an encouraging CAGR of 12.9% in the long run to reach US$ 8.8 Billion in 2026.
Market Segments' Analysis
Based on the application type, 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 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 vehicles that run with alternative fuels, such as fuel cells and CNG. Among transportation, hydrogen (fuel-cell) vehicle is likely to create a humungous growth opportunity for the market participants in the coming five years.
Based on the vessel type, the market is segmented as type-I, type-II, type-III, and type-IV. Type-I vessel is expected to hold a huge share of the market 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 foreseen future, owing to factors such as 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.
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market 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.
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, the majority of them are located in the Asian region. Whereas, composite vessels, the emerging category, has a relatively less number of players with a growing presence in the Asian market. The following are the key players in the pressure vessels market.
- Hexagon Composites
- Worthington Industries, Inc.
- Beijing Tianhai Industry Co., Ltd.
- Luxfer Holdings PLC
- Cylinders Holding a.s.
- Everest Kanto Cylinder Ltd.
- Faber Industrie SPA
- Norris Cylinder (A TriMas Company)
- Catalina Cylinders
- Iljin Composites
- Sinoma Science & Technology Co., Ltd.
- Shenyang Gas Cylinder Safety Technology Co., Ltd
- Grupo Mat
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. 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 1,000 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 pressure vessels market is segmented into the following categories.
Pressure Vessels Market, by Application Type
- Life Support (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Recreational (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Gas Carrier & Storage (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Pressure Vessels Market, by Pressure Vessel Type
- Type-I Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Type-II Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Type-III Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Type-IV Vessels (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
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: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, The UAE, Saudi Arabia, 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 sales@stratviewresearch.com
