MECHAM;
Yes. Materials for use in pressure retaining items are evaluated by Codes and Standards bodies like API and ASME B&PV Code. Since I deal directly with ASME B&PV Code, I can provide a more comprehensive perspective regarding material.
The ASME B&PV Code consists of different sections that deal with boiler and pressure vessel design rules, recommended materials for construction and fabrication requirements to assure reasonably long life and safe operation. This is the key.
If a user or design organization feels that a material could be used in PV design, there are specific steps that must be followed before a material specification is endorsed for use. Section II of the ASME B&PV Code provides rules for how to bring forward material for consideration. Yes, there is specific mechanical testing and metallurgical evaluation that are required and corresponding data must be submitted for review and approval. In some cases, after testing is performed the behavior of materials under stress and simulated service temperature may disqualify their use completely or significantly limit their use in PV design because of poor toughness, strength and ductility degradation at elevated temperature, limited ductility during fabrication, etc.
Sorry for being long winded on this matter but I wanted you to be aware of the rigors required to have material endorsed by a Codes and Standards body. Also, more importantly, I wanted to point out to you that this is not something that you should do yourself.