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

Pressure Vessels Market Size, Share & Trends Analysis Report By Material (Hastelloy, Steel), By Product (Boiler, Nuclear Reactor), By End Use (Chemicals & Petrochemicals, Power Generation), And Segment Forecasts, 2020 - 2027

  • Report ID: GVR-1-68038-028-6
  • Number of Pages: 118
  • Format: Electronic (PDF)

Report Overview

The global pressure vessels market size was estimated at USD 166.7 billion in 2019 and is expected to register a compound annual growth rate (CAGR) of 5.2% from 2020 to 2027. This growth can be attributed to the significant growth of the chemical & petrochemical industry along with growing adoption of supercritical power generation technology.

U.S. pressure vessels market size

Pressure vessels offer characteristics, such as resistance from cross-contamination and corrosion. Thus, they are used in several chemical procedures. Thus, the rapid expansion of the chemical industry coupled with the benefits offered by the product is expected to act as a major factor for market growth.

The industrial sector in the U.S. is highly diversified due to technological innovations in the country. Increasing investments in exploration & production activities by the oil & gas companies in the U.S. are anticipated to boost the product demand, majorly for storage purposes in 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. The boiler is anticipated to be a dominant type of pressure vessel, widely used in various energy generation procedures. The ever increasing need for energy is anticipated to propel the 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 mining industry are expected to directly impact the pressure vessels market.

Rising demand for customized vessels has created opportunities for new entrants, especially in the developed economies. In addition, increasing awareness regarding the regulation standards by agencies has boosted the demand for ASME (American Society of Mechanical Engineers)-certified products in recent years.

Material Insights

Steel led the market and accounted for over 30% of the global share in 2019. Carbon steel and stainless steel remained the 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 or high temperatures.

The demand for pressure vessels is rising, wherein titanium, nickel alloys, and tantalum are used in lining and cladding of the vessels, especially in 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 are projected to register a robust growth rate over the forecast period on account of various 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 the corrosive environment and thereby, 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.

Product Insights

Boiler product segment accounted for the largest market share of 60.3% in 2019 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 up to 1,000 MW unit size. Boiler manufacturers focus more on designing and providing application-specific products.

Nuclear reactor is anticipated to register the fastest CAGR of 6.6% over the forecast period. The increasing demand for energy is expected to augment the number of nuclear power plants, thereby, driving the segment over the forecast period. A nuclear reactor is an equipment used for initiating and controlling a self-sustained nuclear chain reaction. They are primarily used 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 the 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 coupled with application-specific product design and functioning is anticipated to augment the segment growth.

End-use Insights

Chemical & petrochemical end-use segment led the market by accounting for a share of 40.3% in 2019. This dominance is attributed to the increased demand for chemicals and chemical products from various end-use applications. Increasing number of chemical facilities in several economies across the globe is also one of the major factors driving product demand.

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 expected to augment the product demand.

Global pressure vessels market share

Pressure vessels are widely used in various power generation facilities including nuclear, hydro, and thermal power plants. Thus, power generation end-use segment is anticipated to augment at the fastest CAGR of 6.3% over the forecast period. Other application industries 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 availability of product variations, such as storage tanks, heat exchangers, boilers, and reactors.

Regional Insights

Asia Pacific led the global pressure vessels market with a revenue share of 35.8% in 2019 and will expand further retaining its leading position throughout the forecast period. Increasing dominance is majorly attributed to the rapid expansion of the power sector in the region. Rising installation of nuclear powerhouses and rapidly expanding oil & gas and chemical sectors are expected to boost the regional market growth.

The product demand in North America is expected to increase owing to their rising installation in industries, such as chemical & petrochemical, oil & gas, and power generation. Increasing usage of nuclear reactors in nuclear power generation facilities is likely to have a positive impact on the market over the forecast period.

Europe accounted for the second-largest market share, in terms of revenue, in 2019. Factors, such as product innovation and extensive R&D by the key manufacturers, are anticipated to bolster the product demand for different industrial processes across various end-use applications. Central & South America has tremendous growth potential for the market due to the presence of oil & gas reserves in Brazil, Argentina, Venezuela, and Columbia.

Key Companies & Market Share Insights

The global market is concentrated and highly competitive due to the presence of a large number of large- and small-scale manufacturers. Major companies focus on various marketing strategies, such as geographical expansion, 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 pressure vessels market include:

  • IHI Corp.

  • Babcock & Wilcox Enterprises, Inc.

  • Pressure Vessels (India)

  • Mitsubishi Hitachi Power Systems, Ltd.

  • Samuel, Son & Co.

  • Alloy Products Corp.

  • Abbott & Co (Newark) Ltd.

  • Doosan Heavy Industries & Construction

  • Bharat Heavy Electricals Ltd.

  • Larsen & Toubro Ltd.

  • Mersen

  • Xylem Inc.

  • Tinita Engineering Pvt. Ltd.

  • WCR Inc.

Pressure Vessels Market Report Scope

Report Attribute


Market size value in 2020

USD 175.0 billion

Revenue forecast in 2027

USD 250.6 billion

Growth Rate

CAGR of 5.2% from 2020 to 2027

Base year for estimation


Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

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; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; France; Italy; China; India; Japan; Brazil; UAE; Saudi Arabia; South Africa; Turkey; Nigeria

Key companies profiled

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

Customization scope

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

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

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 in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global pressure vessels market report on the basis of material, product, end use, and region:

  • Material Outlook (Revenue, USD Million, 2016 - 2027)

    • Hastelloy

    • Titanium

    • Nickel & Nickel Alloys

    • Tantalum

    • Steel

      • Stainless Steel

      • Duplex Steel

      • Carbon Steel

      • Super Duplex Steel

      • Others

    • Others

  • Product Outlook (Revenue, USD Million, 2016 - 2027)

    • Boiler

    • Nuclear Reactor

    • Separator

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2027)

    • Chemicals & Petrochemicals

    • Oil & Gas

    • Power Generation

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • UAE

      • Saudi Arabia

      • South Africa

      • Turkey

      • Nigeria

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