The global pressure vessels market size is expected to reach USD 75.82 billion by 2030 registering a CAGR of 3.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing demand for pressure vessels in chemical & petrochemical and oil & gas industries is expected to drive market growth.
Pressure vessels are containers used to hold high-pressure gases and liquids in various application industries including petrochemicals, chemicals, natural gas storage systems, nuclear reactor vessels, distillation towers, and hot water storage tanks. The ever-increasing need for energy is anticipated to propel the product demand in various application industries.
Increasing chemical demand from various end-use industries is encouraging new capital investment in chemical industry. The production capacity of chemicals is expected to increase on account of setting up of new chemical facilities. This is expected to augment the demand for various types of pressure vessels and storage tanks used in different chemical processes.
The global market is fragmented with major companies striving for market leadership. Key players focus on forward integration to maximize their profits and expand their regional presence across the globe. In addition, manufacturers are expected to tie up with engineering solution providers to deliver high-quality product solutions at affordable prices.
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The steel segment accounted for the largest revenue share of 30.2% in 2022 in the pressure vessels market owing to its characteristics, such as high chemical & corrosion resistance and ability to withstand sunlight, humid conditions, and high temperature
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
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.
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.
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.
Grand View Research has segmented the global pressure vessels market report based on material, product, end-use, and region:
Pressure Vessels Material Outlook (Revenue, USD Million, 2018 - 2030)
Nickel & Nickel Alloys
Pressure Vessels Product Outlook (Revenue, USD Million, 2018 - 2030)
Pressure Vessels End-use Outlook (Revenue, USD Million, 2018 - 2030)
Chemicals & Petrochemicals
Oil & Gas
Pressure Vessels Regional Outlook (Revenue, USD Million, 2018 - 2030)
Central & South America
Middle East and Africa
List of Key Players of Pressure Vessels Market
Babcock & Wilcox Enterprises, Inc.
Pressure Vessels (India)
MITSUBISHI HEAVY INDUSTRIES, LTD.
Samuel, Son & Co.
Alloy Products Corp.
Abbott Pressure Vessels
Bharat Heavy Electricals Limited
LARSEN & TOUBRO LIMITED
Tinita Engg Pvt. Ltd
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