GVR Report cover Pressure Vessels Market Size, Share & Trends Report

Pressure Vessels Market Size, Share & Trends Analysis Report By Material (Titanium, Steel), By Product (Boiler, Nuclear Reactor), By End-use (Chemicals & Petrochemicals, Power Generation), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-028-6
  • Number of Report Pages: 118
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2021
  • Forecast Period: 2023 - 2030 
  • Industry: Advanced Materials

Pressure Vessels Market Size & Trends

The global pressure vessels market size was valued at USD 56.16 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. This industry expansion can be attributed to the significant growth of the chemical & petrochemical industry, along with the growing adoption of supercritical power generation technology. Pressure vessels offer useful characteristics such as resistance from cross-contamination and corrosion. Thus, they are used in several chemical procedures. As a result, the rapid expansion of the chemical industry, coupled with the benefits offered by the product, is expected to act as a major market driver.

U.S. Pressure Vessels Market size and growth rate, 2023 - 2030

The industrial sector in the U.S. is highly diversified due to technological innovations in the country. Increasing investments in exploration & production activities by major oil & gas companies in the U.S. are anticipated to boost the product demand, majorly for storage purposes in the oil & gas industry. The rapid growth of the energy sector is driven by the robust development of the global economy and rising demand for cooling and heating equipment. Boiler is anticipated to be a dominant type of pressure vessel, as it is widely used in various energy generation procedures.

The ever-increasing need for energy is anticipated to propel product demand in various application industries. Pressure vessels are constructed using various materials, such as steel, steel alloys, nickel, nickel alloys, titanium, tantalum, aluminum, and zirconium. Thus, the market is highly dependent on the availability of these materials. These materials are obtained via mining and henceforth, any significant changes in the mining industry are expected to directly impact the pressure vessels industry.

Material Insights

The steel segment accounted for the largest revenue share of 30.2% in 2022 in the pressure vessels market. Carbon steel and stainless steel have remained a strongly preferred choice of material on account of their low prices, high resistance to corrosion, excellent tensile strength, resistance toward vibrations & shocks, easy recyclability, and capability to withstand humid conditions as well as high temperatures.

The demand for pressure vessels is rising globally, wherein titanium, nickel alloys, and tantalum are used in the lining and cladding of these vessels, especially in the oil & gas and chemical & petrochemical industries, on account of properties such as excellent protection against thermal expansion, greater biocompatibility, and high resistance to cracking, oxidation & carburization.

Nickel & nickel alloys as raw materials are projected to register a robust growth rate of 4.4% over the forecast period on account of various important characteristics, such as heat resistance, carburization & oxidation resistance, reliability, and suitability for harsh environments. The different types of nickel alloys include hastelloy, Incoloy, monel, and carpenter alloy 60. Nickel and nickel alloys are widely used for manufacturing nuclear reactors.

Pressure vessels are constructed using various other materials, such as copper & copper alloys, zirconium, carbon fiber, fluoropolymer, cast iron, and reinforced concrete. Products constructed using cast iron are suitable for corrosive environments and thereby, are widely used in petrochemical, chemical plants, refineries, and natural gas processing industries. Zirconium-based products are also ideal for corrosive environments and are used primarily in acetic acid manufacturing applications.

End-use Insights

The chemical & petrochemical segment accounted for the largest revenue share of 39.6% in 2022. This dominance is attributed to the increased demand for chemicals and chemical products from various end-use applications. The rapidly increasing number of chemical facilities in several economies across the globe is another important factor driving product demand.

The increasing number of oil & gas projects across various economies is likely to have a positive impact on market growth over the forecast period. Rising shale gas exploration activities on account of technological advancements in exploration, such as horizontal and hydraulic drilling, and increasing utilization of shale gas in the manufacturing and energy industries, are factors expected to augment market demand.

The power generation segment is expected to progress at the fastest CAGR of 4.9% during the forecast period. Pressure vessels are widely used in various power generation facilities, including nuclear, hydro, and thermal power plants. Other application industries for pressure vessels include mining, pulp & paper, water treatment, HVAC & refrigerators, submarine & space ship habitats, and pharmaceuticals. Increased product adoption in the aforementioned industries is attributed to the extensive availability of product variations, such as storage tanks, heat exchangers, boilers, and reactors.

Product Insights

The boiler segment accounted for the largest revenue share of 59.6% in 2022 owing to the superior performance of boilers in various industrial processes. Boilers are available in various types, including utility, industrial, super thermal power plant, and supercritical parameter boilers of up to 1,000 MW unit size. Boiler manufacturers focus more on designing and providing application-specific products.

Global Pressure Vessels Market share and size, 2022

The nuclear reactor segment is expected to expand at the fastest CAGR of 5.1% during the forecast period. The increasing demand for energy globally is expected to augment the number of nuclear power plants, thereby driving segment expansion in the coming years. A nuclear reactor is an equipment used for initiating and controlling a self-sustained nuclear chain reaction. They are installed at nuclear power plants for the generation of electricity and in nuclear marine propulsion.

A separator is a type of pressure vessel used for separating well fluids, which are produced from oil & gas wells, into liquid and gaseous components. The separator used for petroleum production consists of a large vessel designed for separating production fluids to their constituent components, namely water, oil, and gas. The versatile product functioning, coupled with the availability of various separators, is anticipated to augment product demand over the forecast period.

Major types of pressure vessels include boilers, reactors, and separators. However, there are several other types, which include storage tanks, fractional distillation columns, and heat exchangers. The growing industrial activity worldwide, coupled with application-specific product design and functioning, is anticipated to augment segment growth.

Regional Insights

Asia Pacific dominated the market and accounted for the largest revenue share of 37.2% in 2022. Moreover, the region is expected to expand at the fastest CAGR of 5.1% during the forecast period. The expansion of the power sector, the fast-growing chemical and oil & gas industries, and the increasing installation of nuclear powerhouses are projected to positively impact the regional market growth in the coming years.

Pressure Vessels Market Trends, by Region, 2023 - 2030

North America is expected to witness steady market growth in the coming years, owing to the rising installation of pressure vessels in industries such as chemical & petrochemical, oil & gas, and power generation. Furthermore, the increasing usage of nuclear reactors in nuclear power generation facilities is also likely to have a positive impact on market growth over the forecast period.

Europe accounted for the second-largest market share, in terms of revenue, in 2022. Factors such as product innovation and extensive R&D by key manufacturers are anticipated to bolster regional product demand for different industrial processes across various end-use applications. The Central & South American region also has tremendous growth potential for the market due to the presence of extensive oil & gas reserves in economies such as Brazil, Argentina, Venezuela, and Columbia.

Key Companies & Market Share Insights

The global market is concentrated and highly competitive due to the presence of a number of large- and small-scale manufacturers. Major companies focus on various marketing strategies, such as geographical expansions, in an attempt to augment their sales, thereby capitalizing on new businesses and markets for new as well as existing products. Some prominent players in the global pressure vessels market include:

  • IHI Corporation

  • Babcock & Wilcox Enterprises, Inc.

  • Pressure Vessels (India)


  • Samuel, Son & Co.

  • Alloy Products Corp.

  • Abbott Pressure Vessels 

  • Doosan Corporation

  • Bharat Heavy Electricals Limited



  • Xylem

  • Tinita Engg Pvt. Ltd

  • WCR Inc.

Recent Developments

  • In June 2023, Larsen & Toubro expanded its advanced manufacturing capacity in Saudi Arabia by opening a brand-new, cutting-edge Heavy Wall Pressure Vessel facility that replicates the company’s capabilities in India. This was done in pursuit of Aramco’s IKTVA initiative & Saudi Vision 2030, which aims to increase local content

  • In October 2022, Winsert acquired Alloy Cast Products, Inc. Winsert's metal forming skills are expected to be improved through the expertise, techniques, and alloy portfolio of Alloy Cast Products. The acquisition will make it possible to offer more goods and services to the current and potential clients of the two businesses. Meanwhile, the customers of Alloy Cast Products will continue to get their high-caliber goods from the company

  • In September 2022, Samuel, Son & Co. acquired RAMP Inc. The acquisition will enable Samuel, Son & Co. to address difficult manufacturing challenges such as new product launches, cycle time and yield optimization, and increased operator safety

  • In November 2022, the Russian state atomic energy corporation Rosatom announced that the second unit of Bangladesh's first nuclear power plant had completed its reactor pressure vessel installation

Pressure Vessels Market Report Scope

Report Attribute


Market size value in 2023

USD 58.14 billion

Revenue forecast in 2030

USD 75.82 billion

Growth Rate

CAGR of 3.8% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Material, product, end-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; MEA

Country scope

U.S.; Canada; Mexico; Germany; UK; France; Italy; Russia; Spain; China; India; Japan; South Korea; Australia; Thailand; Indonesia; Malaysia; Brazil; Argentina; Saudi Arabia; UAE; South Africa

Key companies profiled

IHI Corporation; Babcock & Wilcox Enterprises, Inc.; Pressure Vessels (India); MITSUBISHI HEAVY INDUSTRIES, LTD.; Samuel, Son & Co.; Alloy Products Corp.; Abbott Pressure Vessels; Doosan Corporation; Bharat Heavy Electricals Limited; LARSEN & TOUBRO LIMITED; MERSEN PROPERTY; Xylem; Tinita Engg Pvt. Ltd; WCR Inc.


Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

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Global Pressure Vessels Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global pressure vessels market report based on material, product, end-use, and region:

Global Pressure Vessels Market Report Segmentation

  • Material Outlook (Revenue, USD Billion, 2018 - 2030)

    • Titanium

    • Nickel & Nickel Alloys

    • Tantalum

    • Steel

      • Carbon Steel

      • Stainless Steel

    • Others

  • Product Outlook (Revenue, USD Billion, 2018 - 2030)

    • Boiler

    • Nuclear Reactor

    • Separator

    • Others

  • End-use Outlook (Revenue, USD Billion, 2018 - 2030)

    • Chemicals & Petrochemicals

    • Oil & Gas

    • Power Generation

    • Others

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

      • Italy

      • Russia

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

      • Thailand

      • Indonesia

      • Malaysia

    • Central & South America

      • Brazil

      • Argentina

    • Middle East and Africa

      • Saudi Arabia

      • UAE

      • South Africa

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