Type-I Pressure Vessels Market Forecast | 2024-2031

Market Insights

The Type-I pressure vessels market was estimated at US$ 5.0 billion in 2024 and is likely to grow at a CAGR of 4.7% during 2024-2031 to reach US$ 6.9 billion in 2031.

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Market Dynamics

Introduction

The Type I pressure vessels market is witnessing steady growth, driven by their strong durability and cost-effectiveness across various industries, including automotive, industrial gas storage, and energy industries. Constructed entirely from metal, typically steel, these vessels are widely used for storing and transporting high-pressure gases such as compressed natural gas (CNG), hydrogen, and other industrial gases. The rising demand for CNG-powered vehicles and expanding energy infrastructure is contributing to market expansion, particularly in Asia-Pacific, where rapid industrialization and government policies are encouraging alternative fuel adoption. However, despite their high-pressure resistance and affordability, Type I pressure vessels face competition from lighter composite alternatives and challenges like corrosion and heavier weight. Still, improvements in manufacturing techniques and metal treatment processes continue to enhance their performance, keeping them relevant for various high-pressure applications. 

Segment Analysis

By Application Type

“Transportation is expected to drive demand for the Type I pressure vessels, whereas the gas carrier and storage segment is projected to grow at the fastest rate in the coming years.”

Based on application type, the market is segmented into life support, transportation, recreational, industrial, gas carrier & storage, and other applications. Transportation is likely to be the primary driver of demand for Type I pressure vessels, fueled by CNG-powered vehicles, industrial transport, and freight applications due to their cost-effectiveness and durability. However, the gas carrier & storage market is expected to grow at the fastest rate during the forecast period, driven by the rising demand for natural gas and hydrogen, expanding storage infrastructure, and increasing investments in large-scale gas transportation and distribution networks.

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Regional Analysis

“Asia-Pacific is expected to remain the dominant region throughout the forecast period, whereas Europe is projected to grow at the fastest rate over the forecasted year.”

The Asia-Pacific region is projected to be the largest market for Type-I pressure vessels throughout the forecast period, fueled by the strong presence of industry stakeholders, positioning the region as a key driver for both transportation and industrial applications. China, Japan, and are expected to be the major markets, with leading regional manufacturers such as Beijing Tianhai Industry and Everest Kanto Cylinder playing a significant role in the market's expansion. Meanwhile, Europe is set to grow the fastest, driven by strict environmental regulations, rapid hydrogen adoption, strong automotive and aerospace advancements, and significant government incentives for clean energy projects.

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Key Players

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

Here is the list of the Top Players (Based on Dominance)

• Cylinder Holding Group
• Beijing Tianhai Industry Co., Ltd.
• Everest Kanto Cylinder Ltd.
• TriMas Corporation 
• CIMC Enric Holdings Limited
• Luxfer Holdings PLC
• Sinoma Science & Technology Co., Ltd.
• Worthington Industries, Inc.
• Chengdu Great High Pressure Vessel Co., Ltd
• Shanghai Bene High Pressure Container Co., Ltd

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s type I pressure vessels market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends. 
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The type-I pressure vessels market is segmented into the following categories.  

By Application Type

• Life Support 
• Transportation 
• Recreational 
• Industrial 
• Gas Carrier & Storage 
• Others 

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, The UK, Italy, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, Australia, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Customization Option

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: 

Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].