Pressure Vessels Market Procurement Intelligence, Supplier Intelligence, Supplier Ranking, Pricing & Cost Structure Intelligence, Best Practices, Engagement Model, Low & Best Cost Country, Day One Analysis Report, 2021 - 2027

Procurement Outlook

Pressure vessels are a type of container which are designed to store and transport liquids and gases under various pressures and temperatures. Petrochemical, oil and gas, chemical, and food processing are the key industries where such vessels are used. The pressure vessels are broadly classified by its geometry and the end purpose.

Types of vessels by purpose are:

• Storage Vessels

• Heat Exchangers

• Boilers

• Process Vessels

Types of vessels by geometry are:

• Spherical Pressure Vessels

• Cylindrical Pressure Vessels

• Conical Pressure Vessel

Below are the key factors which are important to be considered while procuring pressure vessels:

• Material Selection

  • According to the usage the key factor involved while selecting a vessel is the material. Prices vary according to the material used, which ranges from carbon & low alloy steels, nickel alloys, stainless steel, and aluminum

• Design

  • This factor is often consulted with the buyer while manufacturing the vessel. Suppliers take into account the maximum pressure and temperature as per customers use to avoid catastrophic failure

• Industry Standards

  • Key industry standards and specifications followed while procuring vessels are:

    • U,R,S & UM stamps

    • ASME Section 8

    • TUV

    • ISO 9001:2015 certification

    • CE, PED and CRN

• Pressure Tests

  • One of the critical factor is to test run the vessels to confirm the load bearings and vessel performance under extreme conditions. Test which are conducted include (not limited to) Hydro-test, Ferrite Testing, PMI, etc.

Demand Outlook

The global pressure vessels market size was estimated at USD 175.4 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 5.2% from 2021 to 2027. This growth can be attributed to the significant growth of the chemical & petrochemical industry along with growing adoption of supercritical power generation technology.

The industrial sector in the U.S. is highly diversified due to technological innovations in the country. Increasing investments in exploration & production activities by the oil & gas companies in the U.S. are anticipated to boost the product demand, majorly for storage purposes in oil & gas industry.

Steel led the market and accounted for over 30% of the global share in 2020. Carbon steel and stainless steel remained the preferred choice of material on account of their low prices, high resistance to corrosion, excellent tensile strength, resistance toward vibrations & shocks, easy recyclability, and capability to withstand humid conditions or high temperatures.

Cost Drivers

Supplier selection is currently dependent on the designing capabilities. For cost effective and seamless manufacturing of vessels organizations are partnering with suppliers having 3D design capability. The 3D modelling software is expected to improve design with ASME Sections and multiple other codes including wing and seismic compliance. Apart from 3D software, use of superalloys which are easy to fabricate are being used to create vessels designed for high-temperature applications, such materials are also cost effective in nature.

Constraints

A failure is pressure vessel design can lead to considerable number of cracked and damaged vessels in the industrial or workplace areas. Cracked vessels can result in leakages which can eventually lead to poisonings, suffocations, fires, and explosion hazards. The safe design, installation, operation, and maintenance of pressure vessels in accordance with the appropriate codes and standards are essential to worker safety and health.

Supply Chain

The key suppliers for Pressure Vessels are IHI Corp., Babcock & Wilcox Enterprises, Inc., Pressure Vessels (India), Mitsubishi Hitachi Power Systems, Ltd., Samuel, Son & Co., Alloy Products Corp., and Abbott & Co (Newark) Ltd.. The market features a fragmented competitive landscape with several suppliers offering the service. The market is expected to become more competitive as suppliers are focusing on various marketing strategies, such as geographical expansion, in an attempt to augment their sales, thereby, capitalizing on new businesses and markets for new as well as existing products.

Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.