Type 1 Pressure Vessels Market Size, Impacted by COVID-19, to Reach US$ 4.5 Billion in 2026, Says Stratview Research

Type 1 Pressure Vessels Market: Highlights from the Report Type 1 Pressure Vessels Market : Highlights from the Report 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 modern pressure vessel was designed in the 1800s, after which a lot of...

Type 1 Pressure Vessels Market: Highlights from the Report

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 modern pressure vessel was designed in the 1800s, after which a lot of evolution took place and various codes, and standards were implemented to make the vessels safer for users and make them the best fit for various applications.

Type-I pressure vessels accounts for the largest share of the overall pressure vessels market. It is a well-established and mature market and is slowly losing market traction 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% in 2020. It is also estimated that the market may need a greater time 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. Overall, the type-I pressure vessels market is likely to rebound at a promising CAGR of 5.3% in the near term to reach US$ 4.5 billion in 2026.

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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 due to the higher price of gasoline and diesel 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 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 in the region.

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Key players in the market are performing acquisitions either to expand their product portfolio or widen their geographical reach. Most of the major players are providing different types of pressure vessels apart from type-I pressure vessels. Following are the key players in the type-I pressure vessels market:

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 on 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:

This report studies the type 1 pressure vessels market and has segmented the market in two ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the two ways in which the market is segmented:

Type-I Pressure Vessels Market, by Application Type

Type-I Pressure Vessels Market, by Region

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