Pressure Vessel – Procurement Best Practices & Sourcing Strategies

DESCRIPTION

Pressure Vessels Market Global Size:

Pressure vessels are used in many different chemical processes because of their ability to withstand oxidation and cross-contamination. As per ELINT Market research’s procurement intelligence report, the advantages of pressure vessels combined with the thriving development of the chemical industry are considered to drive global pressure vessel market expansion. Thus, analysis calculated a $0.19 billion value in 2022 for this market which is expected to reach new heights by 2026 at a growing CAGR of 6-7%. Further, pressure containers are also employed by petrochemical and thermal power generation domains. Also, a significant few other factors that are responsible for proliferation in the pressure vessels industry include material types which usually comprise steel alloy vessels. These vessels are counted as high-strength steel and are mainly employed due to their outstanding durability and proficiency to withstand high pressure.

Moreover, the study depicts that boilers have emerged as renowned types of pressure vessels in the last few years which help generate elevated levels of pressure steam to manufacture electricity, mainly in the energy sector. Consequently, the primary end users of pressure vessels are chemical and power generation industries. For instance, the chemical segment heavily relies on pressure vessels to preserve commercial liquids and execute the process of transforming raw resources into completed goods. Likewise, the power generation segment requires vessels to strengthen its energy production capacity.

Additionally, when it comes to regional statistics of the pressure vessels market, the analysis illustrates that Asia-Pacific accounts for the largest market share due to the significance of the India and China regions which are the main drivers of the market growth because of the development in their respective energy and electricity consumption sectors. Also, the rivalry between North American manufacturers and the growing industrialization of the APAC province has been identified as additional significant market drivers. The resurgence of North American industry has contributed to the growth in demand for pressure vessels.

Market Definition:

The worldwide expansion in industrial activities is the biggest reason for driving proliferation in pressure vessel demands. The requirement for effective gas and liquid warehouse and conveyance grows along with the expansion and development of diverse industrial businesses; since they are utilized to store and convey materials under extreme pressure or temperature circumstances, pressure vessels are essential parts of industries like oil and gas, chemical extraction, power production, and healthcare domains.

Companies utilize three primary types of pressure velles such as reactors, boilers, and separators. Apart from these, several other types of pressure vessels currently function in the international market which include fractional distillation queues, repository tanks, and heat switchers. Moreover, manufacturing companies operating in this industry take essential precautions like carefully maintaining a specific degree of product quality and complying with all key regulatory requirements. As a result, this encourages healthy competition and pushes producers to constantly enhance their workflows and range of goods.

Pressure Vessels Market Drivers:

1. Constant Industrial Development –

One of the main factors driving global pressure vessel procurement intelligence market demands is ongoing industrial expansion. As the requirement for effective fluid and gas warehouse and conveyance rises along with the development of different sectors, the pressure vessels industry encountering proliferation; since they assist store and conveying materials under high pressure. Hence, pressure vessels have become essential parts of industries like oil and gas, chemical processing, energy production, and medications.

2. Regulatory Standards –

Government rules and quality requirements enforced by regulators are other key factors driving the international pressure vessels market. Manufacturers operating in this domain are required to adhere to such government guidelines to meet certain safety criteria to acquire the required licenses and certifications for their goods.

Pressure Vessels Market Challenges:

1. Downshift in the Mining, Oil & Gas Industries –

Mining, oil, energy, gas, and chemicals are considered major consumers of pressure vessels to conduct for storing and transporting gases and liquids under high pressure. Thus, a downshift in these sectors can pose challenges for the pressure vessels market. Also, lower expenditures and operations have been observed in these industries primarily due to factors such as shifting sustainable energy resources, governmental laws, and shifting commodity expenditures.

2. Elevated Costs of Raw Materials –

Elevated costs of key raw materials of pressure vessels such as robust steel, nickel alloys, etc. pose challenges for companies operating in the market. Also, these materials are susceptible to shifting market dynamics.

Pressure Vessels Market Opportunities:

1. Key features of Pressure Vessels –

Today’s manufacturing companies are integrating handy features in their pressure vessel products like resistance from corrosion and cross-contamination which propelled great opportunities for these companies in the market. Multiple consumer firms that function in power generation, petrochemical, and chemical sectors are massively adopting such convenient pressure vessels. Hence, it is expected that as chemical and energy markets will dvelop, the international pressure vessel market will also dvelop.

2. Rising Usage of Boilers –

Boilers emerged as the most utilized type of pressure vessel in the international market. This segment led the global market for pressure vessels in 2022, holding a market share of almost 60%; since boilers function better in a number of industrial procedures. Also, boilers come in various varieties, such as commercial, thermal parameters, ultrathermal energy plants, and municipal heaters. The primary goal of boiler manufacturing companies is to provide goods that are tailored to particular uses.

Pressure Vessels Market Segmentation:

1. Types of Products –

The major product types of pressure vessels that are mostly used by consumers in the international market include nuclear reactors, boilers, separators, and more.

2. Different End User Sectors –

Prominent end-user sectors of pressure vessels include power generation, pulp & paper, mining, HVAC, refrigerators, water management, and medication.

Key Suppliers in the Pressure Vessels Market:

Leading global pressure vessel market procurement intelligence companies include Rotoplas​, Shanghai Yanda Engineering Co., Ltd.,​ IHI Corporation​, Bendalls Engineering​, Godrej Process Equipment, Famet Process Equipment and Machinery​, Mersen​, and Vítkovice Power Engineering.