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:
o U,R,S & UM stamps
o ASME Section 8
o TUV
o ISO 9001:2015 certification
o 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.
Grab your copy, or request for a free sample of the “Pressure Vessels Industry Procurement Intelligence Report, published by Grand View Research” for In-depth details regarding supplier ranking and selection, sourcing, and pricing criteria & strategies.
Add-on Services provided by Grand View Research Pipeline:
Should Cost Analysis
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Rate Benchmarking
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Salary Benchmarking
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
Supplier Newsletter
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
Browse through Grand View Research’s collection of procurement intelligence studies:
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/pipeline/pressure-vessels-market-procurement-intelligence-report
