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Global Pressure Vessels Market by End Use (Power Generation, Chemicals & Petrochemicals), by Material (Hastelloy, Steel), by Product (Nuclear Reactor, Boiler) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

  • Report ID: CM-74035
  • Author: Up Market Research
  • Rating: 4.8
  • Total Reviews: 85
  • No. Of Pages: 209
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  • Pub. Date: 2021-10-21
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Summary of the Report

Global pressure vessels market was valued at USD 166.7 billion in 2019. It is projected to grow at a compound annual rate (CAGR), of 5.2% between 2020 and 2027. This is due to significant growth in the chemical and petrochemical industries, as well as the growing adoption of supercritical energy generation technology.

Pressure vessels have characteristics such as resistance to corrosion and cross-contamination. They are therefore used in many chemical processes. Market growth will be driven by rapid expansion in the chemical industry and the many benefits provided by the product.

Technological innovations have made the U.S. industrial sector highly diversifiable. The U.S. oil & natural gas companies are expected to increase their investments in exploration and production activities. This will primarily boost product demand for storage purposes.

The strong development of the global economy, as well as the rising demand for heating and cooling equipment, has driven the rapid growth of energy. The boiler will be a predominant type of pressure vessel and is widely used in many energy generation processes. The product demand will rise in many industries due to the ever-increasing need for energy.

There are many materials that can be used to make pressure vessels. These include steel, steel alloys and nickel, as well as titanium, tantalum and aluminum. The availability of these materials is crucial to the market. These materials are extracted via mining, and any changes in the mining industry will have a direct impact on the market for pressure vessels.

New entrants have opened up opportunities, particularly in developed countries, due to rising demand for custom vessels. Additionally, the ASME (American Society of Mechanical Engineers), certification has been gaining popularity in recent years due to increased awareness about the regulations of agencies.

Material Insights

The market leader in steel was more than 30%. Steel remained the most popular choice due to its low price, high resistance against corrosion, great tensile strength and resistance towards vibrations & shocks. They also have easy recyclability and can withstand high temperatures and humid conditions.

There is a rising demand for pressure vessels. Titanium, nickel alloys, or tantalum are used to clad and line the vessels in both oil & gas and chemical and petrochemical industries. This is due to their properties such as high resistance against cracking, oxidation, and carburization.

Nickel and nickel alloys are expected to grow at a rapid pace over the forecast period. This is due to a variety of characteristics such as heat resistance (carburization & oxygen resistance), reliability, suitability for harsh environments, and suitability. There are four types of nickel alloys: hastelloy (incoloy), monel, and 60-carpenter alloy. For the manufacture of nuclear reactors, nickel and nickel alloys are used extensively.

Other materials can be used to make pressure vessels, including zirconium, copper alloys and carbon fiber, fluoropolymer as well as cast iron and reinforced concrete. Cast iron products are well-suited for the corrosive environment. They are used extensively in petrochemical, chemical, refineries and natural gas processing. Zirconium-based products, which are mainly used in acetic acid manufacturing, are also suitable for corrosive environments.

Product Insights

The largest market share, 60.3%, was held by the boiler product segment in 2019, owing to their superior performance in various industrial processes. There are many types of boilers available, including industrial, super-thermal power plant and supercritical parameter boilers with a 1,000 MW capacity. Manufacturers of boilers focus on providing applications-specific products and designing them.

The fastest CAGR for nuclear reactors is 6.6%, which is expected to be the case over the forecast period. The segment will be driven by the increasing energy demand. A nuclear reactor is equipment that can initiate and control a self-sustaining nuclear chain reaction. They are used mainly in nuclear power plants to generate electricity and nuclear marine propulsion.

Separators are a pressure vessel that is used to separate well fluids from the oil and gas wells into liquid or gaseous components. A separator for petroleum production is a large vessel that separates production fluids into their constituent parts, including water, oil, or gas. It is expected that the versatile product functionality and availability of different separators will increase product demand during the forecast period.

Boilers, reactors, separators and separators are the most common types of pressure vessels. However, there are many other types such as storage tanks, fractional distillation columns and heat exchangers. This segment is expected to grow due to increased industrial activity and application-specific product design.

End-use Insights

The market's largest segment, chemical & petrochemical, accounted for 40.3% of the total in 2019. This is due to increased demand for chemicals and products from many end-use applications. Product demand is also driven by the increasing number of chemical plants in many countries around the world.

Market growth will be influenced by the increasing number of oil and gas projects in different economies. The market demand will rise due to technological advances in exploration such as horizontal drilling and hydraulic drilling.

Many power generation facilities use pressure vessels, including hydro- and nuclear power plants. The fastest expected CAGR for power generation is 6.3% during the forecast period. Other applications industries include mining and pulp & paper. Water treatment, HVAC, refrigerators, spaceship habitats, pharmaceuticals, and HVAC & Refrigerators are also included. The availability of product variations such as boilers, heat exchangers and boilers has led to increased product adoption in these industries.

Regional Insights

Asia Pacific dominated the global pressure vessel market in 2019, with a 35.8% revenue share. It will continue to grow and maintain its leadership position through the forecast period. The rapid growth of the power sector in Asia Pacific is a major factor behind the region's increasing dominance. The region's market growth will be boosted by the rapid expansion of oil and gas sectors and nuclear powerhouses.

Due to the increasing use of nuclear reactors in power generation, chemical & petrol, oil &gas, and other industries, North American product demand is expected to rise. The market will see a positive effect from the increased use of nuclear reactors within nuclear power generation facilities over the forecast period.

In 2019, Europe was the second largest market share in terms of revenue. Product innovation and intensive R&D by key manufacturers are expected to increase product demand across a variety of industrial processes. The market in South America, Brazil, Argentina and Venezuela has tremendous potential due to its oil & gas resources.

Market Share Insights & Key Companies

Due to the large number of small- and large-scale manufacturers, the global market is highly concentrated and competitive. In order to increase sales and capitalize on new markets and businesses for existing and new products, major companies concentrate on marketing strategies such as geographic expansion. The following are some of the most prominent players in pressure vessel market:

  • IHI Corp.

  • Babcock & Wilcox Enterprises, Inc.

  • Pressure Vessels (India).

  • Mitsubishi Hitachi Power Systems, Ltd.

  • Samuel, Son & Co.

  • Alloy Products Corp.

  • Abbott & Co (Newark) Ltd.

  • Doosan Heavy Industries & Construction

  • Bharat Heavy Electrics Ltd.

  • Larsen & Toubro Ltd.

  • Mersen

  • Xylem Inc.

  • Tinita Engineering Pvt. Ltd.

  • WCR Inc.

Up Market Research published a new report titled “Pressure Vessels Market research report which is segmented by End Use (Power Generation, Chemicals & Petrochemicals), by Material (Hastelloy, Steel), by Product (Nuclear Reactor, Boiler), By Players/Companies Bharat Heavy Electricals Ltd, Doosan Heavy Industries & Construction, Larsen & Toubro Ltd, Xylem Inc, Samuel Son & Co, Mersen, Tinita Engineering Pvt Ltd, Alloy Products Corp, IHI Corp, Babcock & Wilcox Enterprises Inc, Abbott & Co (Newark) Ltd, WCR Inc, Pressure Vessels (India), Mitsubishi Hitachi Power Systems Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.


Report Scope

Report AttributesReport Details
Report TitlePressure Vessels Market Research Report
By End UsePower Generation, Chemicals & Petrochemicals
By MaterialHastelloy, Steel
By ProductNuclear Reactor, Boiler
By CompaniesBharat Heavy Electricals Ltd, Doosan Heavy Industries & Construction, Larsen & Toubro Ltd, Xylem Inc, Samuel Son & Co, Mersen, Tinita Engineering Pvt Ltd, Alloy Products Corp, IHI Corp, Babcock & Wilcox Enterprises Inc, Abbott & Co (Newark) Ltd, WCR Inc, Pressure Vessels (India), Mitsubishi Hitachi Power Systems Ltd
Regions CoveredNorth America, Europe, APAC, Latin America, MEA
Base Year2020
Historical Year2018 to 2019 (Data from 2010 can be provided as per availability)
Forecast Year2028
Number of Pages209
Number of Tables & Figures147
Customization AvailableYes, the report can be customized as per your need.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.


Global Pressure Vessels Industry Outlook

Global Pressure Vessels Market Report Segments:

The market is segmented by End Use (Power Generation, Chemicals & Petrochemicals), by Material (Hastelloy, Steel), by Product (Nuclear Reactor, Boiler).

Pressure Vessels Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.


Key Benefits for Industry Participants & Stakeholders:

  • Industry drivers, restraints, and opportunities covered in the study
  • Neutral perspective on the market performance
  • Recent industry trends and developments
  • Competitive landscape & strategies of key players
  • Potential & niche segments and regions exhibiting promising growth covered
  • Historical, current, and projected market size, in terms of value
  • In-depth analysis of the Pressure Vessels Market

Overview of the regional outlook of the Pressure Vessels Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.


Pressure Vessels Market Overview

Highlights of The Pressure Vessels Market Report:

  1. The market structure and projections for the coming years.
  2. Drivers, restraints, opportunities, and current trends of Pressure Vessels Market.
  3. Historical data and forecast.
  4. Estimations for the forecast period 2028.
  5. Developments and trends in the market.
        6. By End Use:

                1. Power Generation

                2. Chemicals & Petrochemicals

        7. By Material:

                1. Hastelloy

                2. Steel

        8. By Product:

                1. Nuclear Reactor

                2. Boiler

  1. Market scenario by region, sub-region, and country.
  2. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
  3. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
  4. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Pressure Vessels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.


How you may use our products:

  • Correctly Positioning New Products
  • Market Entry Strategies
  • Business Expansion Strategies
  • Consumer Insights
  • Understanding Competition Scenario
  • Product & Brand Management
  • Channel & Customer Management
  • Identifying Appropriate Advertising Appeals

Pressure Vessels Market Trends

Reasons to Purchase the Pressure Vessels Market Report:

  • The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
  • Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
  • Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
  • The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
  • Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Pressure Vessels Market Overview
   4.1 Introduction 
      4.1.1 Market Taxonomy 
      4.1.2 Market Definition 
      4.1.3 Macro-Economic Factors Impacting the Market Growth 
   4.2 Pressure Vessels Market Dynamics 
      4.2.1 Market Drivers 
      4.2.2 Market Restraints 
      4.2.3 Market Opportunity 
   4.3 Pressure Vessels Market - Supply Chain Analysis 
      4.3.1 List of Key Suppliers 
      4.3.2 List of Key Distributors 
      4.3.3 List of Key Consumers 
   4.4 Key Forces Shaping the Pressure Vessels Market 
      4.4.1 Bargaining Power of Suppliers 
      4.4.2 Bargaining Power of Buyers 
      4.4.3 Threat of Substitution 
      4.4.4 Threat of New Entrants 
      4.4.5 Competitive Rivalry 
   4.5 Global Pressure Vessels Market Size & Forecast, 2018-2028 
      4.5.1 Pressure Vessels Market Size and Y-o-Y Growth 
      4.5.2 Pressure Vessels Market Absolute $ Opportunity 


Chapter 5 Global Pressure Vessels Market Analysis and Forecast by End Use
   5.1 Introduction
      5.1.1 Key Market Trends & Growth Opportunities by End Use
      5.1.2 Basis Point Share (BPS) Analysis by End Use
      5.1.3 Absolute $ Opportunity Assessment by End Use
   5.2 Pressure Vessels Market Size Forecast by End Use
      5.2.1 Power Generation
      5.2.2 Chemicals & Petrochemicals
   5.3 Market Attractiveness Analysis by End Use

Chapter 6 Global Pressure Vessels Market Analysis and Forecast by Material
   6.1 Introduction
      6.1.1 Key Market Trends & Growth Opportunities by Material
      6.1.2 Basis Point Share (BPS) Analysis by Material
      6.1.3 Absolute $ Opportunity Assessment by Material
   6.2 Pressure Vessels Market Size Forecast by Material
      6.2.1 Hastelloy
      6.2.2 Steel
   6.3 Market Attractiveness Analysis by Material

Chapter 7 Global Pressure Vessels Market Analysis and Forecast by Product
   7.1 Introduction
      7.1.1 Key Market Trends & Growth Opportunities by Product
      7.1.2 Basis Point Share (BPS) Analysis by Product
      7.1.3 Absolute $ Opportunity Assessment by Product
   7.2 Pressure Vessels Market Size Forecast by Product
      7.2.1 Nuclear Reactor
      7.2.2 Boiler
   7.3 Market Attractiveness Analysis by Product

Chapter 8 Global Pressure Vessels Market Analysis and Forecast by Region
   8.1 Introduction
      8.1.1 Key Market Trends & Growth Opportunities by Region
      8.1.2 Basis Point Share (BPS) Analysis by Region
      8.1.3 Absolute $ Opportunity Assessment by Region
   8.2 Pressure Vessels Market Size Forecast by Region
      8.2.1 North America
      8.2.2 Europe
      8.2.3 Asia Pacific
      8.2.4 Latin America
      8.2.5 Middle East & Africa (MEA)
   8.3 Market Attractiveness Analysis by Region

Chapter 9 Coronavirus Disease (COVID-19) Impact 
   9.1 Introduction 
   9.2 Current & Future Impact Analysis 
   9.3 Economic Impact Analysis 
   9.4 Government Policies 
   9.5 Investment Scenario

Chapter 10 North America Pressure Vessels Analysis and Forecast
   10.1 Introduction
   10.2 North America Pressure Vessels Market Size Forecast by Country
      10.2.1 U.S.
      10.2.2 Canada
   10.3 Basis Point Share (BPS) Analysis by Country
   10.4 Absolute $ Opportunity Assessment by Country
   10.5 Market Attractiveness Analysis by Country
   10.6 North America Pressure Vessels Market Size Forecast by End Use
      10.6.1 Power Generation
      10.6.2 Chemicals & Petrochemicals
   10.7 Basis Point Share (BPS) Analysis by End Use 
   10.8 Absolute $ Opportunity Assessment by End Use 
   10.9 Market Attractiveness Analysis by End Use
   10.10 North America Pressure Vessels Market Size Forecast by Material
      10.10.1 Hastelloy
      10.10.2 Steel
   10.11 Basis Point Share (BPS) Analysis by Material 
   10.12 Absolute $ Opportunity Assessment by Material 
   10.13 Market Attractiveness Analysis by Material
   10.14 North America Pressure Vessels Market Size Forecast by Product
      10.14.1 Nuclear Reactor
      10.14.2 Boiler
   10.15 Basis Point Share (BPS) Analysis by Product 
   10.16 Absolute $ Opportunity Assessment by Product 
   10.17 Market Attractiveness Analysis by Product

Chapter 11 Europe Pressure Vessels Analysis and Forecast
   11.1 Introduction
   11.2 Europe Pressure Vessels Market Size Forecast by Country
      11.2.1 Germany
      11.2.2 France
      11.2.3 Italy
      11.2.4 U.K.
      11.2.5 Spain
      11.2.6 Russia
      11.2.7 Rest of Europe
   11.3 Basis Point Share (BPS) Analysis by Country
   11.4 Absolute $ Opportunity Assessment by Country
   11.5 Market Attractiveness Analysis by Country
   11.6 Europe Pressure Vessels Market Size Forecast by End Use
      11.6.1 Power Generation
      11.6.2 Chemicals & Petrochemicals
   11.7 Basis Point Share (BPS) Analysis by End Use 
   11.8 Absolute $ Opportunity Assessment by End Use 
   11.9 Market Attractiveness Analysis by End Use
   11.10 Europe Pressure Vessels Market Size Forecast by Material
      11.10.1 Hastelloy
      11.10.2 Steel
   11.11 Basis Point Share (BPS) Analysis by Material 
   11.12 Absolute $ Opportunity Assessment by Material 
   11.13 Market Attractiveness Analysis by Material
   11.14 Europe Pressure Vessels Market Size Forecast by Product
      11.14.1 Nuclear Reactor
      11.14.2 Boiler
   11.15 Basis Point Share (BPS) Analysis by Product 
   11.16 Absolute $ Opportunity Assessment by Product 
   11.17 Market Attractiveness Analysis by Product

Chapter 12 Asia Pacific Pressure Vessels Analysis and Forecast
   12.1 Introduction
   12.2 Asia Pacific Pressure Vessels Market Size Forecast by Country
      12.2.1 China
      12.2.2 Japan
      12.2.3 South Korea
      12.2.4 India
      12.2.5 Australia
      12.2.6 South East Asia (SEA)
      12.2.7 Rest of Asia Pacific (APAC)
   12.3 Basis Point Share (BPS) Analysis by Country
   12.4 Absolute $ Opportunity Assessment by Country
   12.5 Market Attractiveness Analysis by Country
   12.6 Asia Pacific Pressure Vessels Market Size Forecast by End Use
      12.6.1 Power Generation
      12.6.2 Chemicals & Petrochemicals
   12.7 Basis Point Share (BPS) Analysis by End Use 
   12.8 Absolute $ Opportunity Assessment by End Use 
   12.9 Market Attractiveness Analysis by End Use
   12.10 Asia Pacific Pressure Vessels Market Size Forecast by Material
      12.10.1 Hastelloy
      12.10.2 Steel
   12.11 Basis Point Share (BPS) Analysis by Material 
   12.12 Absolute $ Opportunity Assessment by Material 
   12.13 Market Attractiveness Analysis by Material
   12.14 Asia Pacific Pressure Vessels Market Size Forecast by Product
      12.14.1 Nuclear Reactor
      12.14.2 Boiler
   12.15 Basis Point Share (BPS) Analysis by Product 
   12.16 Absolute $ Opportunity Assessment by Product 
   12.17 Market Attractiveness Analysis by Product

Chapter 13 Latin America Pressure Vessels Analysis and Forecast
   13.1 Introduction
   13.2 Latin America Pressure Vessels Market Size Forecast by Country
      13.2.1 Brazil
      13.2.2 Mexico
      13.2.3 Rest of Latin America (LATAM)
   13.3 Basis Point Share (BPS) Analysis by Country
   13.4 Absolute $ Opportunity Assessment by Country
   13.5 Market Attractiveness Analysis by Country
   13.6 Latin America Pressure Vessels Market Size Forecast by End Use
      13.6.1 Power Generation
      13.6.2 Chemicals & Petrochemicals
   13.7 Basis Point Share (BPS) Analysis by End Use 
   13.8 Absolute $ Opportunity Assessment by End Use 
   13.9 Market Attractiveness Analysis by End Use
   13.10 Latin America Pressure Vessels Market Size Forecast by Material
      13.10.1 Hastelloy
      13.10.2 Steel
   13.11 Basis Point Share (BPS) Analysis by Material 
   13.12 Absolute $ Opportunity Assessment by Material 
   13.13 Market Attractiveness Analysis by Material
   13.14 Latin America Pressure Vessels Market Size Forecast by Product
      13.14.1 Nuclear Reactor
      13.14.2 Boiler
   13.15 Basis Point Share (BPS) Analysis by Product 
   13.16 Absolute $ Opportunity Assessment by Product 
   13.17 Market Attractiveness Analysis by Product

Chapter 14 Middle East & Africa (MEA) Pressure Vessels Analysis and Forecast
   14.1 Introduction
   14.2 Middle East & Africa (MEA) Pressure Vessels Market Size Forecast by Country
      14.2.1 Saudi Arabia
      14.2.2 South Africa
      14.2.3 UAE
      14.2.4 Rest of Middle East & Africa (MEA)
   14.3 Basis Point Share (BPS) Analysis by Country
   14.4 Absolute $ Opportunity Assessment by Country
   14.5 Market Attractiveness Analysis by Country
   14.6 Middle East & Africa (MEA) Pressure Vessels Market Size Forecast by End Use
      14.6.1 Power Generation
      14.6.2 Chemicals & Petrochemicals
   14.7 Basis Point Share (BPS) Analysis by End Use 
   14.8 Absolute $ Opportunity Assessment by End Use 
   14.9 Market Attractiveness Analysis by End Use
   14.10 Middle East & Africa (MEA) Pressure Vessels Market Size Forecast by Material
      14.10.1 Hastelloy
      14.10.2 Steel
   14.11 Basis Point Share (BPS) Analysis by Material 
   14.12 Absolute $ Opportunity Assessment by Material 
   14.13 Market Attractiveness Analysis by Material
   14.14 Middle East & Africa (MEA) Pressure Vessels Market Size Forecast by Product
      14.14.1 Nuclear Reactor
      14.14.2 Boiler
   14.15 Basis Point Share (BPS) Analysis by Product 
   14.16 Absolute $ Opportunity Assessment by Product 
   14.17 Market Attractiveness Analysis by Product

Chapter 15 Competition Landscape 
   15.1 Pressure Vessels Market: Competitive Dashboard
   15.2 Global Pressure Vessels Market: Market Share Analysis, 2019
   15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy) 
      15.3.1 Bharat Heavy Electricals Ltd
      15.3.2 Doosan Heavy Industries & Construction
      15.3.3 Larsen & Toubro Ltd
      15.3.4 Xylem Inc
      15.3.5 Samuel Son & Co
      15.3.6 Mersen
      15.3.7 Tinita Engineering Pvt Ltd
      15.3.8 Alloy Products Corp
      15.3.9 IHI Corp
      15.3.10 Babcock & Wilcox Enterprises Inc
      15.3.11 Abbott & Co (Newark) Ltd
      15.3.12 WCR Inc
      15.3.13 Pressure Vessels (India)
      15.3.14 Mitsubishi Hitachi Power Systems Ltd
Segments Covered in the Report
The global Pressure Vessels market has been segmented based on

By End Use
  • Power Generation
  • Chemicals & Petrochemicals
By Material
  • Hastelloy
  • Steel
By Product
  • Nuclear Reactor
  • Boiler
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Bharat Heavy Electricals Ltd
  • Doosan Heavy Industries & Construction
  • Larsen & Toubro Ltd
  • Xylem Inc
  • Samuel Son & Co
  • Mersen
  • Tinita Engineering Pvt Ltd
  • Alloy Products Corp
  • IHI Corp
  • Babcock & Wilcox Enterprises Inc
  • Abbott & Co (Newark) Ltd
  • WCR Inc
  • Pressure Vessels (India)
  • Mitsubishi Hitachi Power Systems Ltd

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