Pressure Vessels Market Forecast | 2021-26

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.

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

• 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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Segmentation

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.

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• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

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

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