Pressure Vessel Market

Global Pressure Vessel Market:

The global pressure vessel market size reached USD 24.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 34.4 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032. The rising energy demand, rapid industrialization and urbanization, expansion of chemical and petrochemical industry, and ongoing technological advancements are driving the market growth.

Pressure Vessel Market Analysis:

• Major Market Drivers: A considerable rise in the need for energy around the world on account of rapid urbanization and increasing reliance on smart devices represents one of the key factors strengthening the pressure vessel market growth. Moreover, leading players are introducing advanced pressure vessels, such as pressure boilers, which is further proliferating the industry's growth.
• Key Market Trends: The growing usage of supercritical power generation technology is creating a favorable market outlook. Additionally, the thriving chemical and petrochemical industry, the increasing requirement for cooling and heating equipment, and extensive investments in exploration and production activities by leading oil and gas companies are anticipated to drive the market.
• Competitive Landscape: Some of the prominent pressure vessel market companies include Abbott & Co (Newark) Ltd., Alloy Products Corp., Babcock & Wilcox Enterprises Inc., Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction, GEA Group Aktiengesellschaft, Halvorsen Company, IHI Corporation, Larsen & Toubro Limited, Mitsubishi Power Ltd., Pressure Vessels (India), and Samuel Son & Co., among many others.
• Geographical Trends: According to the pressure vessel market dynamics, Asia Pacific exhibits a clear dominance in the market. The Asia Pacific region is witnessing rapid industrialization, particularly in countries like China, India, and Southeast Asian nations. This industrial boom is leading to increased demand for pressure vessels used in various industrial processes, including chemical, petrochemical, and oil & gas industries.
• Challenges and Opportunities: High initial costs associated with vessel manufacturing, and lack of skilled labor are hampering the market's growth. However, the development of advanced materials such as composites and high-strength alloys can enhance the performance, durability, and safety of pressure vessels, opening new market opportunities.

Pressure Vessel Market Trends:

Rising Energy Demand

The rising global energy demand, particularly in emerging economies, is a significant driver. For instance, in 2018, global energy demand increased by 2.9%, and if business as usual continues, global energy consumption would reach 740 million terajoules by 2040, representing a 30% increase. Pressure vessels are essential components in industries, such as oil and gas, chemical, and power generation, which are expanding to meet energy needs​. These factors are expected to propel the pressure vessel market in the coming years.

Growing Chemical and Petrochemical Industry

The expanding petrochemicals sector is one of the key factors propelling the industry’s growth. For instance, according to IMARC, the global petrochemicals market size reached USD 616.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 949.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032. Pressure vessels are crucial in handling corrosive or volatile substances safely at elevated temperatures and pressures, driving significant demand from this industry. These factors further positively influence the pressure vessel market forecast.

Expansion of the Oil and Gas Sector

Expansion of the oil and gas sector is one of the prominent factors driving the market's growth. For instance, according to the India Brand Equity Foundation, India's oil demand is expected to double, reaching 11 million barrels per day by 2045. Also, crude oil imports climbed by 5.7% and 0.9% in January 2024 and April-January 2023-24, respectively, compared to the same period last year.​ The development of advanced materials for handling harsh conditions in the oil and gas sector significantly boosts the manufacturing of durable pressure vessels. Increased exploration and production activities, particularly in offshore and unconventional resources, also drive the market demand, thereby boosting the pressure vessel market revenue.

Global Pressure Vessel Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global pressure vessel market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on material, product, and end use.

Breakup by Material:

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

Steel holds the majority of the global market share

The report has provided a detailed breakup and analysis of the pressure vessel market based on the material. This includes hastelloy, titanium, nickel and nickel alloys, tantalum, steel (stainless steel, duplex steel, carbon steel, super duplex steel, and others), and others. According to the report, steel holds the majority of the global pressure vessel market share.

According to the pressure vessel market outlook, steel pressure vessels are crucial for storing and transporting gases and liquids under high pressure in these industries. The rise in exploration and production activities, particularly in offshore and unconventional resources, boosts the demand for steel pressure vessels. Moreover, chemical and petrochemical industries are significant users of steel pressure vessels due to their need for robust equipment that can handle high pressures and corrosive materials. Besides this, the power generation sector, including nuclear power, relies heavily on steel pressure vessels. As countries invest in upgrading and expanding their power generation infrastructure, the demand for these vessels continues to rise.

Breakup by Product:

• Boiler
• Nuclear Reactor
• Separator
• Others
   

Boiler currently exhibits a clear dominance in the market

The report has provided a detailed breakup and analysis of the pressure vessel market based on the product. This includes boiler, nuclear reactor, separator, and others. According to the report, boiler currently exhibits a clear dominance in the market. 

According to the pressure vessel market overview, boilers are essential in numerous industries for generating steam and hot water for power generation, heating, and industrial processes. Their versatility in applications across sectors such as power generation, chemical manufacturing, and oil and gas makes them a dominant segment within the pressure vessel market​. Moreover, the power generation sector, particularly thermal power plants, relies heavily on boilers for steam generation. As countries invest in expanding their power generation capacities, the demand for boilers in both new and existing power plants remains strong.

Breakup by End Use:

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

Chemicals and petrochemicals account for the largest market share

A detailed breakup and analysis of the pressure vessel market based on the end use has also been provided in the report. This includes chemicals and petrochemicals, oil and gas, power generation, and others. According to the report, chemicals and petrochemicals account for the largest market share. 

Pressure vessels are critical for numerous processes in petrochemical and chemical plants, including reactions, separations, and storage of volatile and corrosive substances. They are used in reactors, distillation columns, separators, and storage tanks to handle materials under high pressure and temperature conditions​. Moreover, the vessels are designed to ensure safety and efficiency in handling chemicals and petrochemicals, which are often hazardous and require robust containment solutions.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia-Pacific currently dominates the global market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific currently dominates the global market.

According to the pressure vessel market statistics, the Asia Pacific region, particularly countries like China, India, Indonesia, and Vietnam, is experiencing rapid industrialization and urbanization. This industrial boom drives the demand for pressure vessels in various applications, including power generation, chemical processing, and manufacturing. Moreover, significant investments in energy infrastructure, including the construction of new power plants and the expansion of existing facilities, are major growth drivers. For instance, in August 2024, Singareni Collieries Company Limited (SCCL), India's state-owned mining business, inaugurated an experimental 20 kW power plant in the Manuguru region of Bhadradri Kothagudem district in Telangana. The demand for pressure vessels is particularly high in thermal power plants, which rely on these vessels for steam generation and other processes.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include: 

• Abbott & Co (Newark) Ltd.
• Alloy Products Corp.
• Babcock & Wilcox Enterprises Inc.
• Bharat Heavy Electricals Limited
• Doosan Heavy Industries & Construction
• GEA Group Aktiengesellschaft
• Halvorsen Company
• IHI Corporation
• Larsen & Toubro Limited
• Mitsubishi Power Ltd.
• Pressure Vessels (India)
• Samuel Son & Co.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Pressure Vessel Market Recent Developments:

• August 2024: Singareni Collieries Company Limited (SCCL), India's state-owned mining business, inaugurated an experimental 20 kW power plant in the Manuguru region of Bhadradri Kothagudem district in Telangana.
• May 2024: Russian President and Uzbek President signed an agreement to construct Central Asia’s first nuclear power plant.
• February 2024: Miura, a steam system solutions provider, launched the unique Miura Care Program, a complete preventative boiler maintenance program developed in collaboration with Hartford Steam Boiler (HSB).
   

Pressure Vessel Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the pressure vessel market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global pressure vessel market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the pressure vessel industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.