DUBLIN--(BUSINESS WIRE)--The "Pressure Vessel Market by Type (Boiler, Reactor and Separator) Material (Steel Alloys and Composites) Heat Source (Fired and Unfired), End User (Power, Chemicals & Petrochemicals, Oil & Gas and Fertilizers) and Region-Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global pressure vessel market size is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7 billion in 2020, at a CAGR of 4.5% during the forecast period. The installation of new pressure vessels in aging power plants is creating demand opportunities for pressure vessels.
Also, the development of refineries and chemical plants and expanding the fertilizer industry are driving the pressure vessel industry growth. However, high capital requirements and maintenance costs and strict emission standards hinder the growth of pressure vessels.
Steel alloy, by material, is expected to be the largest and the fastest-growing market from 2020 to 2025.
Steel alloys account for the largest share in the global pressure vessel market in 2019. The increase in the number of industrial power projects and the replacement of existing pressure vessels are the major factors driving the growth of the market.
Steel alloys include carbon steel, chromium-molybdenum alloys, and stainless steel. Carbon steel is a combination of iron & steel, whereas stainless steel is an iron alloy with a minimum of 10.5% chromium. Other elements are added to stainless steel to enhance its structure and properties such as formability and strength.
High corrosion resistance is the main characteristic of good grade stainless steel. Asia Pacific and the Middle East region are expected to offer lucrative opportunities for the pressure vessel market in the near future.
The chemicals & petrochemicals segment, by the end-user, is expected to be the fastest-growing market from 2020 to 2025.
The chemicals industry is growing globally owing to increasing consumption of goods such as fertilizers and other agrochemical products, LED lightings, coatings & adsorbents, plastics & man-made fibers, and research laboratory chemicals. The petrochemical industry is experiencing heightened demand from numerous construction projects in the Asia Pacific region. More than 20 refineries are expected to be constructed in the Middle East & Africa and Asia Pacific region in the next five years. All these factors are driving the growth of the pressure vessel market for the chemicals & petrochemicals industry.
Asia Pacific: The largest and the fastest-growing region in the pressure vessel industry.
The region is developing into the fastest-growing end-market for energy, power, and technologies. Also, substantial growth in related industries such as metallurgy, chemical manufacturing, food and beverages, and energy & power, drive the growth of pressure vessel market. China and India are the fastest-growing countries in the region, generating massive demand for pressure vessels.
Moreover, the region has many countries importing natural gases, which boost the trade as well as the market for pressure vessels. Japan is the largest importer of LNG, along with many other developing nations of the region. These countries are expected to increase their trade, considering the low cost of conventional fuels. All these factors drive the demand for pressure vessels in Asia Pacific.
The global pressure vessel market is dominated by a few major players that have an extensive regional presence. Babcock & Wilcox Enterprises (US), General Electric(US), Larsen & Toubro (India), IHI Corporation (Japan), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen (Japan), Bharat Heavy Electricals Limited (India), Doosan Mecatec (South Korea), Dongfang Turbine Co., Ltd. (China), Samuel, Son & Co. (US), Westinghouse Electric Company (US), and Halvorsen Company (US), Pressure Vessels (India), and Kelvion Holdings GmbH (Germany) are some of the leading players.
The report defines, describes, and forecasts the pressure vessel market, by type, material, heat source, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value and volume, and future trends in the pressure vessel market.
Key Topics Covered
2 Research Methodology
3 Executive Summary
3.1 Scenario Analysis
3.1.1 Optimistic Scenario
3.1.2 Realistic Scenario
3.1.3 Pessimistic Scenario
4 Premium Insights
4.1 Attractive Opportunities in Pressure Vessel Market
4.2 Pressure Vessel Market, by Type
4.3 Pressure Vessel Market, by Material
4.4 Pressure Vessel Market, by Heat Source
4.5 Pressure Vessel Market, by End-user
4.6 Pressure Vessel Market, by Region
4.7 Asia Pacific Pressure Vessel Market, by End-user & Country
5 Market Overview
5.2 Market Dynamics
188.8.131.52 Growing Adoption of Supercritical and Ultra-Supercritical Power Generation Technology
184.108.40.206 Increasing Refinery and Chemical Plant Construction Activities in Asia Pacific and Middle East
220.127.116.11 Expanding Global Fertilizer Industry
18.104.22.168 Increase in Decommissioning Activities of Nuclear Reactors
22.214.171.124 Significantly Higher Capital Requirements and Maintenance Costs
126.96.36.199 Installation of New Pressure Vessels in Aging Power Plants
188.8.131.52 Technological Advancements in Materials, Testing Methodologies, and Designs
184.108.40.206 Strict Emission Standards Related to Pressure Vessels
5.3 Supply Chain Overview
5.3.1 Key Influencers
220.127.116.11 Raw Material Providers
18.104.22.168 Equipment Manufacturers
6 Pressure Vessel Market, by Type
6.2.1 Initiation of Refinery Projects and Aging Power Infrastructure to Drive Boilers Market
6.3.1 Phase-Out of Nuclear Power Plants to Affect Market for Reactors
6.4.1 Growing Oil & Gas Operations in Middle East and Asia Pacific to Drive Separators Market
6.5 Other Types
7 Pressure Vessel Market, by Material
7.2 Steel Alloys
7.2.1 High Demand for Steel Alloys-Based Pressure Vessels from Asia Pacific Driving Market Growth
7.3.1 Technical Advancements Fuel Demand for Lightweight Composite Pressure Vessels
7.4 Other Alloys
8 Pressure Vessel Market, by Heat Source
8.2 Fired Pressure Vessel
8.2.1 Requirement for Boiler Replacement from Conventional Power Plants Boosts Demand for Fired Pressure Vessels
8.3 Unfired Pressure Vessels
8.3.1 Increased Demand for High-Efficiency Pressure Vessels Accelerates Unfired Pressure Vessel Market Growth
9 Pressure Vessel Market, by End-user
9.2.1 Aged Thermal Power Infrastructure Boosting Demand for Pressure Vessels in Power Industry
9.3 Oil & Gas
9.3.1 Fluctuations in Upstream Oil & Gas Industry to Affect Demand for Pressure Vessels
9.4 Chemicals & Petrochemicals
9.4.1 High Demand for Chemicals and Petrochemicals Propel Pressure Vessel Market Growth
9.5.1 Slackened Demand for Fertilizers from Asia Pacific and Middle East & Africa Due to Covid-19 Outbreak Affecting Demand for Pressure Vessels
9.6 Other End-user
10 Pressure Vessel Market, by Region
10.2 Scenario Analysis
10.3 Asia Pacific
10.5 North America
10.6 Middle East & Africa
10.7 South America
11 Competitive Landscape
11.2 Competitive Leadership Mapping
11.2.1 Visionary Leaders
11.2.3 Dynamic Differentiators
11.2.4 Emerging Companies
11.3 Ranking of Players and Industry Concentration, 2019
11.4 Competitive Scenario
11.4.1 Contracts & Agreements
11.4.2 Partnerships, Collaborations, Alliances, and Joint Ventures
12 Company Profiles
12.1 Babcock & Wilcox Enterprises
12.2 General Electric
12.3 Larsen & Toubro
12.4 Mitsubishi Hitachi Power Systems
12.5 Hitachi Zosen
12.6 IHI Corporation
12.7 Bharat Heavy Electricals Limited
12.8 Doosan Mecatec
12.9 Dongfang Turbine Co. Ltd.
12.10 Samuel, Son & Co.
12.11 Westinghouse Electric Company
12.12 Halvorsen Company
12.13 Pressure Vessels (India)
12.14 Kelvion Holding Gmbh
12.15 VI Flow
12.17 Gladwin Tank
12.18 Robinson Pipe & Vessel
12.19 Titan Metal Fabricators
12.20 Alloy Products
For more information about this report visit https://www.researchandmarkets.com/r/m48bmz