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    Pressure Vessels Market Forecast | 2021-26

    Pressure Vessels Market Forecast | 2021-26
    Report code - SRAM187 Published On : Dec,2021 No. of Pages: 145
    Pressure Vessels Market Size, Share, Trend, Forecast and Competitive Analysis: 2021-2026
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    Market Highlights

    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.

    Pressure Vessels Market Report Overview

    Market Size in 2026

    USD 8.8 billion

    Market Size in 2020

    USD XX billion

    Market Growth (2021-2026)

    CAGR 12.9%

    Base Year of Study


    Trend Period


    Forecast Period


    What is a pressure vessel?

    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.

    Market Dynamics

    The prime factor that is contributing to the demand for pressure vessels market  are: 
    • Globally increase in energy demand.
    • Strong demand in the field of renewable energy.
    • The customizability of pressure vessels.  The increasing attention paid by governments all over the world to the renewable energy sector has also benefitted the pressure vessels market massively.
    • The rising demand from the chemicals industry.

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    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 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 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.

    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 less number of players with a growing presence in the Asian market.

    The following are the key players in the 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

    Segment Analysis

    By 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 cars that run on 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.

    By 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 market share 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 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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    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 market is segmented into the following categories. 

    By Application Type

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

    By Pressure Vessel Type

    • Type-I Vessels 
    • Type-II Vessels 
    • Type-III Vessels 
    • Type-IV Vessels 

      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)

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    Research Methodology

    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 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides 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 dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    What Deliverables will you get in this report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Pressure Vessels Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    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

    Frequently Asked Questions (FAQs)

    A pressure vessel is a container designed to keep gases or liquids at a pressure that is significantly higher than the surrounding atmosphere.

    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, and Grupo Mat are the leading players in the market.

    Asia-Pacific is estimated to remain dominant in the market in the foreseen future.

    Globally increase in energy demand, strong demand in the field of renewable energy, customizability of pressure vessels, the increasing attention paid by governments all over the world to the renewable energy sector have also benefitted the pressure vessels market massively and the rising demand from the chemicals industry is also a major driver for the market.

    The market is likely to reach US$ 8.8 Billion in 2026.

    Transportation is estimated to remain dominant in the market in the coming years.

    The study period of this market report is 2016-26.