Prior to the OSHA mandate, many factories used PVC for running compressed air, the dark gray schedule 80, quite extensively. I worked in such a factory, there was miles of the stuff... changing it all over to copper took us quite a while.
The only time I ever saw it "fail" was when a section of pipe got hit by a piece of shelving that fell over. It shattered and, while no one was injured, they certainly could have been!....It also created the world's loudest whistle!
I used schedule 80 PVC only to connect my house garage to my new detached garage, underground. For everything above ground, I did it all in black iron pipe. Not worth the safety risk (for me) to use PVC.
One piece of advice, If you really have your mind set on using PVC, despite everything that you have read here, and elsewhere, regarding the safety risks, at least make sure that you:
1:Regulate your pressure BEFORE the PVC, down to no more than 100PSI, and
2:Use only schedule 80 pipe AND fittings.