May 06, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Type-I Pressure Vessels Market.

It was estimated prior to this unanticipated outbreak that the Type-I Pressure Vessels Market is likely to rebound at a promising CAGR of 5.3% in the long run to reach US$ 4.5 Billion in 2026. 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 which 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.

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

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Segments’ Analysis

Based on the application type, the type-I pressure vessels market is segmented as life support, transportation, recreational, industrial, gas carrier & storage, and others. Transportation 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.

In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for type-I pressure vessels during the forecast period, driven by the presence of a large number of 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.

Key Players:

Key players operating in the global Type-I Pressure Vessels market are-

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

Features of the Report

This report offers high-quality insights and is the outcome of 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.

The Type-I Pressure Vessels analysis report discusses the following heads in great detail:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis
  • COVID-19 Impact Assessment
  • 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, product launches, etc.
  • Attractive market segments and associated growth opportunities
  • Emerging trends
  • Strategic growth opportunities for the existing and new players
  • Key success factors

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