The global pressure vessels market size is calculated at USD 24.31 billion in 2024 and is projected to reach around USD 53.23 billion by 2034 with a CAGR of 8.15%.

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Key Takeaways

• In 2023, Asia Pacific emerged as the market leader, holding a 36% share.
• The boiler segment recorded the highest revenue contribution of 60% among products.
• Cargo handling is expected to grow at a remarkable CAGR of 7% over the forecast period.
• Steel dominated the material segment with a 30% share in 2023.
• Among end-use industries, chemical & petrochemical led with a 41% revenue share in 2023.

Market Dynamics

Industry Growth Trends

The increasing deployment of pressure vessels in power generation, chemicals, and oil refining sectors is a major contributor to market growth. Rising concerns over energy security and efficiency have accelerated the adoption of pressure vessels in nuclear and thermal power plants. Advancements in welding and fabrication technologies are further improving the durability and performance of modern pressure vessels.

Business Expansion Opportunities

The growing demand for hydrogen storage solutions in fuel cell technology is a promising opportunity for pressure vessel manufacturers. The rise of offshore oil exploration and drilling activities is also increasing demand for durable, high-pressure containment systems. Emerging economies in Asia Pacific, Africa, and South America are investing heavily in industrialization, boosting the need for pressure vessels in various applications.

Market Constraints

The pressure vessels market faces challenges related to high material and manufacturing costs. Strict regulatory requirements and complex certification processes add to the production burden. Corrosion and maintenance issues, particularly in harsh industrial environments, increase operational costs for end-users. Furthermore, supply chain disruptions and labor shortages impact manufacturing efficiency.

Geographic Market Insights

Asia Pacific remains the dominant region, with rapid industrial and infrastructure development in countries like China and India. North America follows closely, benefiting from strong demand in the energy and chemical sectors. Europe is witnessing growth in pressure vessels for renewable energy applications, while the Middle East and Africa continue to expand their market presence due to increasing oil refinery operations.

Pressure Vessels Market Companies

• Babcock & Wilcox Enterprises, Inc.
• IHI Corp.
• Mitsubishi Hitachi Power Systems, Ltd.
• Pressure Vessels (India)
• Alloy Products Corp.
• Samuel, Son & Co.
• Doosan Heavy Industries & Construction.
• Abbott & Co (Newark) Ltd.
• Larsen & Toubro Ltd.
• Bharat Heavy Electricals Ltd.
• Tinita Engineering Pvt. Ltd.
• Mersen, Xylem Inc.
• WCR Inc.

Segments Covered in the Report

This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2023 to 2032. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, material, end-use, and region:

By Product

• Nuclear Reactor
• Boiler
• Separator
• Others

By Material

• Titanium
• Hastelloy
• Tantalum
• Steel
  • Duplex Steel
  • Stainless Steel
  • Super Duplex Steel
  • Carbon Steel
  • Others
• Nickel & Nickel Alloys
• Others

By End-Use

• Chemicals & Petrochemicals
• Power Generation
• Oil & Gas
• Others

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World

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