Pressure Vessel and Tank Coatings Market Size Expected to Be Valued at $4.3 Billion by 2026

Pressure Vessel and Tank Coatings Market
Increase in Demand From the Power Industry Is Majorly Driving the Demand for Pressure Vessel and Tank Coatings Market.

Pressure Vessel and Tank Coatings Market size is expected to be valued at $4.3 billion by the end of the year 2026 and is set to grow at a CAGR of 4.7% during the forecast period from 2021-2026. A pressure vessel is a vessel/container designed to hold gases or liquids at a specific pressure, significantly different from the surrounding temperature. Pressure vessels are widely used in various end use industries for various purposes such as nuclear plants, reaction chamber and mining sites. Reactor pressure vessels plays a very crucial role in nuclear plants as they are used in containing the nuclear reactor coolant and the reactor core. Pressure vessel and tank coatings are crucial in nuclear plants and reaction chambers as it is important to keep the vessel cool and not get hot form the external environment. This is increasing the demand for pressure vessels from various end use industries as it prevents the pressure vessels from corrosion and helps in maintaining the condition of the pressure vessel.

COVID-19 impact

During the covid-19 pandemic, the pressure vessel and tank coatings market witnessed downfall in terms of production and sales. The global lockdown led to various hurdles such as restrictions in trading, exports and imports which affected the market dynamics of the pressure vessel and tank coatings market. The pressure vessel and tank coatings market incurred huge losses during this period. Though the Covid-19 crisis has affected the pressure vessel and tank coatings market in terms of logistics and supply chains, the pressure vessel and tank coatings market is expected to grow at a gradual rate in the coming months of the year 2021.

Pressure Vessel and Tank Coatings Market Segment Analysis – By Type

Epoxy segment held the largest share in the pressure vessel and tank coatings market in the year 2020 with a growing CAGR of 4.5% during the forecast period 2021-2026. Epoxy coatings work very well in high temperatures as well as in water. Epoxy coating does not deteriorate in extreme conditions and does not peel off even in steamers. Epoxy coatings are highly suited for vessel tanks, water boxes, with temperature resistance of around 365 °F (185 °C). This makes it a preferred type of coating for vessel tanks used in nuclear plants and reactor pressure vessels. This is majorly driving the demand for epoxy coatings in the pressure vessel and tank coatings market.

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Pressure Vessel and Tank Coatings Market Segment Analysis – By Technology

Solvent-based segment held the largest share in the pressure vessel and tank coatings market in the year 2020. Solvent-based coatings are more preferred, as they help in speeding up the curing process and thus helps in speeding up the reaction, thereby reducing any drying time. Solvent-based coatings are less suspectable to change to the environmental temperature. Solvent-based coatings have a better flow and gives better results than water-based coatings. The durability of solvent-based coatings is much higher than water-based solvents, and therefore can be used in nuclear plants, for a longer time. This is majorly driving the demand for solvent-based segment in the pressure vessel and tank coatings market.

Pressure Vessel and Tank Coatings Market Segment Analysis – By Application

Oil and Gas segment held the largest share in the pressure vessel and tank coatings market in the year 2020 with a growing CAGR of 4.9% during the forecast period 2021-2026. The increase in the demand and production for petrochemicals is driving the demand for pressure vessels and tanks in the petrochemicals and refinery industry, as it is widely used in storing gas and liquids under desired pressure, in reaction chambers. Pressure vessel and tank coatings are necessary to keep the vessels and oil tanks cool, since if it reacts with the heat, it might react with the oil and petroleum inside the tank and cause hazards. This is majorly driving the demand for pressure vessel and tank coatings market. For instance, according to United States Refining and Storage Capacity Report published by American Fuel & Petrochemical Manufacturers, the refining capacity in the US increased by 1.10% during the year 2019. Similarly, according to Indian Brand Equity Foundation, the Indian government, during the year 2020, announced an investment of US$102.49 billion on oil and gas infrastructure in the next five years. This will further drive the demand for pressure vessels and tank coatings market in the oil and gas industry as it is majorly used in reaction chambers in the oil and gas industry for preventing heat reactions.

Pressure Vessel and Tank Coatings Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 30% in the pressure vessel and tank coatings market in the year 2020. The rapid growth in the population in countries like India and China coupled with the increase in demand for power and energy in the region is highly driving the pressure vessel and tank coatings market in Asia Pacific region. For instance, according to the Ministry of new and renewable energy, of Government of India, the total installed capacity of wind energy in India was 37739.45 megawatts in the year 2020, an increase of 5.94% from 35621.67 megawatts in the year 2019. Furthermore, according to the long-term renewable energy development plan of the Chinese government, the wind power generation target for 2020 was 30 million kilowatts. This is hugely driving the pressure vessel and tank coatings market in the region, as pressure vessels and tanks are widely used in nuclear plants, as the coatings keep the nuclear plants and reaction chambers from reacting to heat and prevent combustion in the nuclear plants. Therefore, this will further increase the demand for pressure vessels and tank coatings market.

Pressure Vessel and Tank Coatings Market Drivers

The increase in demand from the power industry is majorly driving the demand for pressure vessel and tank coatings market

The increase in the use of pressure vessels and tanks in the power industry for storing gases and liquids is one of the major factors driving the demand for pressure vessels and tank coatings in the power industry, as these coatings are crucial to maintaining the quality of the pressure vessels and increase their durability. Pressure vessel and tank coatings help in keeping the plants from reacting to heat and external temperature changes. The increase in the activities of power generation across the globe is contributing to the demand for pressure vessels and tank coatings market in industries like wind generation, hydropower plants, nuclear plants, solar power plants and others owing to the advantages provided by pressure vessels. According to World Wind Energy Association (WWEA), the worldwide wind capacity reached 744 gigawatts in the year 2020, an increase of 93 gigawatts as compared to the year 2019. According to Solar Energy Industries Association, the installed solar capacity in the US increased at a rate of 24.62% to 97,275.5 megawatt of direct current in the year 2020 from 78,054.4 megawatt of direct current. This will further increase the demand for pressure vessels from the wind generation plants and nuclear plants, which will further drive the demand for pressure vessel and tank coatings market.

An increase in the mining activities of coal, oil and related products, are surgin the demand for pressure vessels and tanks.

The increase in the mining activities is driving the demand for pressure vessel and tanks, which is further increasing the demand for pressure vessel and tank coatings market as it is important to keep the containers/vessels corrosion-free, abrasion-free and rust-free. According to facts published by BP Statistical Review of World Energy 2020, there are more than one trillion tons of proven coal resources worldwide. Global production in 2019 topped 7.9 billion tons, with China, India and the US among the world’s top coal-producing countries. Additionally, according to US Energy Information Administration, the total production of petroleum and other liquids amounted to 94,185 million barrels per day during the year 2021. Furthermore, according to International Fertilizer Association, the total sales revenue of the fertilizers industry amounted to US$151 billion and a production revenue of US$250 billion during the year 2019. This will majorly increase the use of reaction chambers, which will further drive the demand for pressure vessel and tank coatings market.

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Pressure Vessel and Tank Coatings Market Challenges

The coatings could react with the content posing as a major environmental risk which will majorly restrict the growth of the pressure vessel and tank coatings market

Certain types of coatings could have bad reaction with certain chemicals and gases. This could lead to chemical reactions in the content which could pose as a major environmental risk. Certain type of coatings could also lead to chemical reactions such that it changes the basic composition of the content. This could change the quality of the chemical, liquid or gas that is in the container. This could result to adverse effects in reaction chambers. Therefore, this is one of the significant challenges restricting the growth of the pressure vessel and tank coatings market.

Pressure Vessel and Tank Coatings Market Industry Outlook

Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the Pressure Vessel and Tank Coatings Market. Major players in the Pressure Vessel and Tank Coatings Market include:

Jotun AS

3M

Akzo Nobel NV

PPG Industries

Kansai Paint Co. Ltd

Nippon Paint Co. Ltd

BASF SE

Hempel A/S

Beckers Group

Samuel Pressure Vessels

Mitsubishi

Doosan

Larsen and Toubro

Barton Firtop

Abbott Acquisitions/Technology Launches

In 06 August 2019, Air Products acquired gasification business and technology of GE (General Electricals). This acquisition helped Air products in its finances, building, owning, operating and maintaining the gas production at larger-scale, multi-billion-dollar gasification projects including the Lu’an, Juitai and Yankuang Group projects in China, along with the Jazan project in Saudi Arabia.

Key Takeaways

Asia-Pacific market held the largest share in the pressure vessel and tank coatings market owing to the increase in the number of mining and energy & power related activities in countries like India, China and Japan.

The increase in demand from the power industry is majorly driving the demand for pressure vessel and tank coatings market.

The increase in the mining activities of coal, oil and related products, which is, in turn, is increasing the demand for pressure vessels and tanks, that is further driving the demand for pressure vessel and tank coatings market, as coatings are required to keep the vessels and tanks from heating up which will react with the content inside the vessels and tanks.

Amid the Covid-19 pandemic, the pressure vessel and tank coatings market witnessed a slow growth owing to the various global restrictions laid in action against the global pandemic covid-19.

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