Pressure Vessel Market Size, Share, By Material Type (Steel Alloys, Composite Materials, Other Alloys), By Product Type (Boilers, Reactors, Separators, Storage Vessels), By Application (Power Generation, Chemical Processing, Oil & Gas, Food & Beverage, Pharmaceutical, Water & Wastewater Treatment), and By Region - Trends, Analysis and Forecast till 2034

Pressure Vessel market size was valued at USD 52.1 Billion in 2024 and is expected to reach USD 78.4 Billion by 2034, growing at a CAGR of 5.6%

The pressure vessel market entails the design, manufacture, and sale of strong, leak-tight containers specially designed for very high pressures and temperatures. Such vessels are core requirements in industries such as oil and gas, chemical processing, power generation, pharmaceuticals, food and beverages, and aerospace. Their main function entails the safe storage, transportation, or processing of substances under conditions that would be otherwise impossible or dangerous to handle. Pressure vessels are closed containers designed to hold fluids and gases at pressures significantly higher than the atmosphere. These are constructed from vastly different materials, depending on the intended application, ranging from carbon steels and stainless steels to some exotic alloys and composites. All of the design and fabrication processes are strictly regulated by quality control measures to guarantee the integrity and safety of these vessels. The pressure vessel market is being driven by a number of factors on a large scale. The rise in energy demand, especially in developing economies, has spurred the construction of power plants, refineries, and petrochemical plants, resulting in increased demand for pressure vessels. Growing interest in renewable sources of energy, such as solar and wind power, opens up new applications for pressure vessels in energy storage and transportation. Moreover, the chemical and pharmaceutical industries consume pressure vessels in huge amounts for reaction, distillation, and storage purposes. In the food and beverage industries, there are also huge usages of pressure vessels in order to pasteurize, sterilize, and carbonate.

The aerospace industry utilized the pressure vessels as storage for oxygen and fuel, as well as for structural applications. While holding huge potential, the pressure vessel market also comes with its problems. Growing raw material prices, combined with advanced safety and stringent environmental norms, increase the cost of production. Besides, this industry incorporates a high level of customization, which in itself impacts production efficiency and lead times. Despite these, the pressure vessel market is expected to grow progressively in the upcoming years. Improving technology, like advanced materials and manufacturing techniques, can act as the driver of innovation and performance enhancement in pressure vessels. Moreover, rising concerns for the environment and energy efficiency are expected to open up new opportunities for developing environmentally friendly pressure vessel solutions. In summary, pressure vessels form the backbone of all modern industrial processes, ranging from all types of applications. The outlook of the market for pressure vessels is one of stable growth, driven mainly by factors such as higher energy demand, industrial expansion, and technology developments. Of course, several challenges persist, which range from high raw material prices to rigorous regulations, but there's a lot that looks promising in store for this market.

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Key Drivers of Target Market:

Rising Energy Demand

• The growing global population and rapid industrialization in developing countries are boosting energy demand. This leads to increased investments in power generation projects—both conventional and renewable—where pressure vessels are long-planned essential components. Pressure vessels are of wide application in the oil & gas sector for purposes such as drilling, refining, and storage. With rising global energy demand comes the increasing frequency of exploration and production activities, especially in the offshore and deepwater sectors. Pressure vessels are designed to be robust and reliable in a field that accelerates their demand.

Industrialization and Urbanization

• In developing economies, the industrial growth and urban development are very rapid. Consequently, setting up new chemical processing plants and water treatment facilities—each of which requires the use of one or another pressure vessel—has become necessary. Innovation in materials and manufacturing processes is continuously enhancing the performance of pressure vessels with improved safety features. Composites, new welding techniques, and advanced design software are making these pressure vessels efficient and more reliable.

Restrains:

Complexity in Manufacturing Process

• Manufacturing and installation of pressure vessels represent huge capital investments. High costs of raw materials, fabrication, and compliance with rigorous standards can prove to be a deterrent for many SMEs. Complex Manufacturing Processes Manufacturing pressure vessels requires specialized knowledge, precision, advanced technology, etc. This can result in longer production time and higher costs that reflect negatively on the overall growth of the market.

Opportunities:

Renewable Energy Sector

• The growing impetus towards renewable sources of energy, such as solar, wind, and bioenergy, is expected to bring substantial opportunities for the pressure vessel market. The vessels participate in a number of renewable energy applications, like storage systems for hydrogen and biofuels. New material development processes are underway, including advanced composites and high-strength alloys that provide opportunities to enhance pressure vessel performance and longevity. These materials can easily bear stringent requirements of new applications.

The market is segmented based on Material Type, Product Type, Application, and Region.

Material Type Insights:

• Steel Alloys: Steel alloys mainly form the core materials used in the manufacture of pressure vessels because they possess very excellent mechanical properties, including high tensile strength, durability, and resistance to corrosion; common examples include carbon steel and stainless steel. Carbon steel is inexpensive and has relatively good tensile strength, thus becoming a fine material for systems under high pressure. On the other hand, stainless steel has better corrosion resistance and is applied in areas requiring a mixture of strength with corrosion resistance—processing of chemicals and food & beverage industries.
• Composite Materials: Interest in composite materials is developing in the pressure vessel market; usually, these consist of fibers, such as carbon or glass, with a resin matrix. Dramatic weight reductions compared to traditional metals come from these composites—crucial for transport applications such as hydrogen fuel tanks for vehicles. These composite materials have very good resistance to corrosion and fatigue and therefore are quite suitable for applications where the considerations are life and maintenance.
• Other alloys include aluminum, nickel, and titanium, which find applications in pressure vessels where very special requirements have to be met. Aluminum alloys are lightweight, corrosion-resistant; they find applications in some special cases in aerospace and marine industries. Nickel alloys resist extremely high temperatures and find use in many chemical process and power generation applications. The use of titanium alloys, despite their costly nature, is quite apt for high-end applications in the aerospace and medical industries because they offer a unique blend of high strength coupled with low weight and very good corrosion resistance.

Product Type insights:

• Boilers are quite an important type of pressure vessel, mainly applied in power generation and industrial heating. They are designed for transforming water into steam through the supply of heat energy that is consequently utilized either in running turbines to generate electricity or heating up the working medium in an industrial process. All this calls for using very strong materials and developing advanced manufacturing techniques that can support high pressure and temperature conditions.
• Reactors: These are major equipments that find extensive uses in chemical and petrochemical industries, primarily for running chemical reactions under controlled temperature and pressure conditions. They have to be designed for the requirements of reactions they intend to undertake, and therefore they could mean resistance to corrosion by such chemicals and control over the temperature and pressure conditions with a very fair degree of accuracy.
• Separators are vessels designed to separate various components of a mixture; normally, it is used in the oil & gas industries. They make use of the differences in physical properties—normally density—of the contents to be separated into several different streams. Separators must be designed for the load of pressure variations and also for resisting corrosion by constituents being processed.
• Storage vessels are those types of vessels that store gases or liquids under pressure. They find application across industries such as oil & gas, chemical processing, and food & beverage. The designing and material selection for the storing vessels depend on the nature of substances stored, pressure levels, and the environmental conditions to which the vessels are going to be exposed.

By Application insights:

• Power Generation: Pressure vessels find applications in such fields as boilers, steam drums, and heat exchangers in power generation. The pressure vessels should bear high pressures and temperatures so that steam and its power can be effectively generated. Materials used in these vessels must resist thermal fatigue and corrosion to ensure long-term reliability and safety.
• Chemical Processing: The pressure vessels mainly used in processing industries are reactors, separators, and storage tanks. Such vessels can handle very aggressive chemicals under very high pressures. To ensure safe and efficient running of the chemical processes, mainly materials with excellent corrosion resistance and strength, such as stainless steel and nickel alloys, are used.
• Oil & Gas: Pressure vessels used in the oil & gas industry are mainly utilized for drilling, refining, and storage applications. The vessels involved in these applications come under very hard operating conditions, involving high pressure, temperatures, and corrosive environments; specialized coatings and steel alloys are used to make them more durable and long-lasting.
• Food & Beverage: In the food & beverage industry, these pressure vessels are used in processing, storage, and transport of food products under sanitary conditions. The materials for construction will have to be corrosion-resistant and easy to clean, like stainless steel, in order to comply with stringent hygiene standards for product safety.
• Pharmaceutical: A major user for pressure vessels is realized in the pharmaceutical industry, which applies such vessels in mixing, fermentation, and storage of different pharmaceuticals. Obviously, such vessels have to meet regulatory standards for cleanliness and material compatibility to avoid contamination. Normally, what is used is stainless steel and other corrosion-resistant alloys.
• Water & Wastewater Treatment: Pressure vessels in water and wastewater treatment plants are primarily used in filtration, storage, and treatment processes. The vessels have to tolerate any corrosive conditions and fluctuations in pressure levels for appropriate and safe water treatment. Therefore, it is common to use materials like stainless steel and composite materials with high strength and corrosive resistance.

Regional insights:

• North America: The North American market comprises the United States, Canada, and Mexico, and key industries in oil & gas, chemical, and power generation drive it. Advanced technologies of manufacturing and strict safety measures raise the demand for high-quality pressure vessels in the region. Together, the need to be energy-efficient and eco-friendly also shapes the trends in this region.
• Europe, with Germany, France, the UK, Italy, and Spain, has a well-established industrial base with huge investments in chemical processing, pharmaceuticals, and power generation. These European markets are oriented toward technological innovation, compliance, and sustainability. There is also growth in renewable energy projects in this region that calls for special pressure vessels.
• The Asia Pacific region is industrializing and urbanizing rapidly. Additionally, growing power generation capacities in China, India, Japan, South Korea, and Australia; growth in chemical processing; and rising energy needs drive the demand for pressure vessels. This region has also put more focus on infrastructure development and manufacturing, thereby further pushing the market growth.
• Latin America: The growing pressure vessel market in Latin America, driven by the developing oil & gas sector and rising industrial activities with countries like Brazil and Argentina, also continues to boost its growth. Some of the major factors driving demand for pressure vessels in the region include abundant natural wealth and continuous investments in energy and infrastructure projects.
• The Middle East & Africa region, including GCC countries and South Africa, has huge demand for pressure vessels due to the dominance of the oil & gas industry in the region. This means there is a high call for advanced pressure vessel solutions in the region to meet the need to diversify sources of energy and increase industrialization activities. Environmental regulations and technological changes also impact the trend of this market in the region.

Pressure Vessel Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Material Type, Product Type, Application, and Region.

Segmentation:

By Material Type:

• Steel Alloys
• Composite Materials
• Other Alloys

By Product Type:

• Boilers
• Reactors
• Separators
• Storage Vessels

By Application:

• Power Generation
• Chemical Processing
• Oil & Gas
• Food & Beverage
• Pharmaceutical
• Water & Wastewater Treatment

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Pressure Vessel Market include Samuel Pressure Vessel Group Inc., Doosan Heavy Industries & Construction Co, Ltd, Mitsubishi Heavy Industries, Ltd., Bharat Heavy Electricals Limited, Larsen & Toubro Limited, Westinghouse Electric Company LLC., General Electric Company, Halvorsen AS, IHI Corporation, and Pressure Vessels (India).

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• In June 2023, a consortium of energy companies revealed the development of next-generation composite pressure vessels specifically designed for hydrogen storage, lightweight, and bearing higher pressures. The vessels could well be applied in hydrogen-powered vehicles and large-scale hydrogen storage facilities. It would spur an economic system on hydrogen and shifting towards cleaner energy.
• In May 2023, one of the largest pressure vessel manufacturing companies in the world, ABC Vessels Inc., announced plans to further expand production facilities in North America. This new facility will be equipped with fully automated welding and state-of-the-art fabrication technologies, enabling this company to increase production capacity to meet the growing demands from the oil & gas and chemical processing industries. The other object of the expansion is to cut down lead times and raise the efficiency of product delivery.

• Larsen & Toubro Limited*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Samuel Pressure Vessel Group Inc.
• Doosan Heavy Industries & Construction Co, Ltd.
• Mitsubishi Heavy Industries, Ltd.
• Bharat Heavy Electricals Limited
• Westinghouse Electric Company LLC.
• General Electric Company
• Halvorsen AS
• IHI Corporation
• Pressure Vessels (India)

“*” marked represents similar segmentation in other categories in the respective section.