Pressure Vessels Market, By Material Type (Titanium, Nickel & Nickel Alloys, Tantalum, Steel, and Others), By Product Type (Boiler, Nuclear Reactor, Separator, and Others), By End-User (Chemicals & Petrochemicals, Oil & Gas, Power Generation, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024

Code : CMI7091

Pages :133

Formats :

Excel and PDF

Industry : Advanced Materials

Market Concentration and Competitive Landscape

Pressure Vessels Market Concentration By Players

Close-monitor your Competitor's Move, Request sample copy

Uptake in petrochemical and LNG infrastructure

Another key driver for the pressure vessels market is the increasing investments in petrochemical industry infrastructure as well as liquefied natural gas (LNG) supply chain worldwide. Petrochemicals being pivotal to the manufacturing of numerous industrial and consumer products, their production is witnessing a massive expansion globally. Several companies are initiating large grassroots petrochemical complexes as well as expanding or debottlenecking existing facilities especially in the Middle Eastern and Asian countries. Since pressure vessels have widespread application in the petrochemical industry for reacting, storing, and transporting chemicals, this sector promotes heavy demand for these equipment.

Similarly, with natural gas emerging as a transition fuel and its rising consumption, countries are developing new LNG import terminals and expanding regasification facilities. Many nations are also increasing indigenous LNG production through new liquefaction plants. The LNG value chain from production to transportation requires extensive use of cryogenic pressure vessels and cryogenic storage tanks. As both petrochemical and LNG infrastructure develops on a global scale, it will substantially drive the sales of pressure vessels in the coming years.

Key Players Insights