Pressure Vessel Market Synopsis

Pressure Vessel Market Size Was Valued at USD 55.2 Billion in 2023, and is Projected to Reach USD 86.3 Billion by 2032, Growing at a CAGR of 5.1% From 2024-2032.

Pressure vessels are storage vessels having internal pressure significantly higher or / lower than that of their surroundings. They are significant elements in numerous procedures within industries where the preservation of certain pressures and temperatures is vital for security and functionality. These vessels are made of some material and are shaped mostly cylindrical or spherical, containing forged or welded joints. Pressure vessels are common in chemical processing industries, oil and gas, pharma and food and beverages industries since they aid in storage, transportation and processing of fluids at particular pressure. They are standardized based on safety requirements and regulatory policies to ensure that the designs, fabrication, installation and maintenance of related equipment is safe for working with in high pressure settings.

• The pressure vessel market is considered to be an important component in almost all industrial segments like oil & gas, chemical, power, and the food & beverages industries. They are basically intended for storage and carriage of gases, liquids or vapors at varying pressure and temperature for safety in operations of industries. As there is progress in the materials science and manufacturing technologies, the modern pressure vessels become stronger, more effective, and capable to function under stringent service conditions.
• The factors such as rising industrialization, infrastructural development and rising safety concerns are some of the factors that cause growth in the pressure vessel market around the world. Developing countries are experiencing high demand due to growth in population and expansion of infrastructural development, which is attributed to urbanization; meanwhile the developed countries are looking forward for replenishment of their infrastructures, which and are degrading due to old age. Advancements like lightweight composites, sophisticated welding and exotic material selection together with better design specifications are emerging as the new model for the market and are characterized by higher reliability and durability. In conclusion, the pressure vessel market is expected to demonstrate moderate increases in the future since the industries will remain focused on enhancing the efficiency, safety, and environmental performance.

Pressure Vessel Market Trend Analysis

Adoption of advanced materials and manufacturing techniques

• Another trend in the pressure vessel business is using superior material and technology that increases the lifespan of the vessel, its effectiveness, and safety. Managers are continuing to consider the use of stronger and lighter materials including high strength alloy, composite and advanced polymer particularly when compared to carbon steel material which is commonly used. It is known that there has been a global focus on using materials with reduced weight but with increased bearing capacity as per high pressure and elevated temperatures besides compliance to various rules and regulations. Furthermore, enhancements of weight and welding technologies, and techniques in nondestructive testing are applying more reliability and shorter time spans to this market’s advancements.

Growing demand for renewable energy sources

• An opportunity in the pressure vessel market is associated with increasing use of renewable energy sources and can be linked withPRESSURE VESSEL PRESSURE VESSEL SOLAR THERMAL POWER HYDROGEN STORAGE SOLAR THERMAL POWERAlthough the concept of pressure vessel can relate to any of these fields, the opportunity of pressure vessel appears to be closely connected with increasing use of the renewable energy sources. This paper aims to discuss an application of pressure vessels for renewable energy technologies which is relatively unknown to many people, despite the fact that it is vital in the storage and transportation of gases under high pressures.
• Due to internationally established aims towards using clean energy as well as managing emissions of carbon dioxide, most nations in the world require reliable and efficient storage structures to cope with volatile energy sources such as wind and solar power. This poses an opportunity for the manufacturers to come up with pressure vessels that would enhance safe and efficient storage of renewable energy gases to aid in the growth of the clean energy structures the world over. Furthermore, due to constant modernization and enhancement of the facilities and infrastructures of various industries, there are actually replacement and retrofitting demands for old pressure vessels that indeed spur the growth and prospects of the industry even further.

Pressure Vessel Market Segment Analysis:

Pressure Vessel Market Segmented on the basis of Product, Material and End Use.

By Product, Boiler segment is expected to dominate the market during the forecast period

• Throughout the given forecast period, boiler is expected to emerge as the largest segment for pressure vessel market owing to its use in power generation, oil & gas, and chemical industries. Boilers are essential equipments used for raising steam or hot water by vaporizing water or other fluids used in processes such as in power generation, oil and gas, HVAC or in chemicals industries. The utility of boilers is based on the global demand for energy – these products are widely in demand as they are the core facilities for producing electricity and heating for various industries and households.
• While industries at the global level are keen on improving efficiency and cutting emissions the use of improved boiler designs and material is anticipated to boost the market going forward. Also, current and future stricter requirements for energy efficiency and emissions set by governmental and other regulatory bodies are expected to foster the development of new advanced efficient pressure vessels, especially high-performance boilers, confirming the leading market position of pressure vessels in the future.

By Material, Hastelloy segment expected to held the largest share

• The pressure vessel companies are expected to shed the maximum of the burden across the market by material type- Hastelloy. Hastelloy alloy is very resistant to corrosion and as such can be ideal for use in places where there is use of acid, chloride and any other chemical which is aggressive within the environment. They offer better resistance than other materials hence increase the life cycle of pressures vessels and lower the parts’ maintenance costs in fields like chemical processing, oil, and gaseous, and pharmaceuticals.
• The rising levels of consumption can be explained by the fact that Hastelloy alloys possess high temperature and pressure tolerances that make the operation in many vital industrial procedures safe and durable. Furthermore, continuous research and development on the Hastelloy alloy elements as well as production processes that are used in their production are likely to support their increased use across the various pressure vessels further enhancing the materials’ superlatives position in the market.

Pressure Vessel Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• Pressure Vessel is expected to see the highest growth in Asia-Pacific region particularly over the forecast period owing to growing industrialization, infrastructural development and manufacturing activities in the countries like China, India and Japan. The industry in these nations is exprending multinationals iyentrment in sectors such as oil and gas, chemicals and power generation to terms with the high demand for pressure vessels across the industrie.
• Also, high safety measures, the demand for proper storage of goods, and presentation help escalate the market’s growth in the region. Further, technological innovation and developed manufacturing processes help to bring innovation in the pressure vessels’ manufacturing high-quality products for meeting the demand of various industries. While the Asia Pacific is still in the process of its urbanization and industrialization, it remains one of the world’s leading actors in innovation and development of the pressure vessel market.

Active Key Players in the Pressure Vessel Market

• Alfa Laval (Sweden)
• Babcock & Wilcox (USA)
• CBI (USA)
• Doosan Heavy Industries (South Korea)
• General Electric (USA)
• Halvorsen (USA)
• Hitachi Zosen Corporation (Japan)
• IHI Corporation (Japan)
• L&T (India)
• Mersen (France)
• Mitsubishi Heavy Industries (Japan)
• Parker Hannifin (USA)
• Pressure Vessel Group (USA)
• Samuel Pressure Vessel Group (Canada)
• SPX Corporation (USA), Other key Players.

Key Industry Developments in the Pressure Vessel Market:

• 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.

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Pressure Vessel Market by Product
 4.1 Pressure Vessel Market Snapshot and Growth Engine
 4.2 Pressure Vessel Market Overview
 4.3 Boiler
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Boiler: Geographic Segmentation Analysis
 4.4 Nuclear Reactor
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Nuclear Reactor: Geographic Segmentation Analysis
 4.5 Separator
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Separator: Geographic Segmentation Analysis
 4.6 Others
  4.6.1 Introduction and Market Overview
  4.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.6.3 Key Market Trends, Growth Factors and Opportunities
  4.6.4 Others: Geographic Segmentation Analysis

Chapter 5: Pressure Vessel Market by Material
 5.1 Pressure Vessel Market Snapshot and Growth Engine
 5.2 Pressure Vessel Market Overview
 5.3 Hastelloy
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Hastelloy: Geographic Segmentation Analysis
 5.4 Titanium
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Titanium: Geographic Segmentation Analysis
 5.5 Nickel & Nickel Alloys
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Nickel & Nickel Alloys: Geographic Segmentation Analysis
 5.6 Tantalum
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Tantalum: Geographic Segmentation Analysis
 5.7 Steel
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 Steel: Geographic Segmentation Analysis
 5.8 Others
  5.8.1 Introduction and Market Overview
  5.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.8.3 Key Market Trends, Growth Factors and Opportunities
  5.8.4 Others: Geographic Segmentation Analysis

Chapter 6: Pressure Vessel Market by End Use
 6.1 Pressure Vessel Market Snapshot and Growth Engine
 6.2 Pressure Vessel Market Overview
 6.3 Chemicals & Petrochemicals
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Chemicals & Petrochemicals: Geographic Segmentation Analysis
 6.4 Oil & Gas
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Oil & Gas: Geographic Segmentation Analysis
 6.5 Power Generation
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Power Generation: Geographic Segmentation Analysis
 6.6 Others
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Others: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Pressure Vessel Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 ALFA LAVAL (SWEDEN)
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 BABCOCK & WILCOX (USA)
 7.4 CBI (USA)
 7.5 DOOSAN HEAVY INDUSTRIES (SOUTH KOREA)
 7.6 GENERAL ELECTRIC (USA)
 7.7 HALVORSEN (USA)
 7.8 HITACHI ZOSEN CORPORATION (JAPAN)
 7.9 IHI CORPORATION (JAPAN)
 7.10 L&T (INDIA)
 7.11 MERSEN (FRANCE)
 7.12 MITSUBISHI HEAVY INDUSTRIES (JAPAN)
 7.13 PARKER HANNIFIN (USA)
 7.14 PRESSURE VESSEL GROUP (USA)
 7.15 SAMUEL PRESSURE VESSEL GROUP (CANADA)
 7.16 SPX CORPORATION (USA)

Chapter 8: Global Pressure Vessel Market By Region
 8.1 Overview
 8.2. North America Pressure Vessel Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Product
   8.2.4.1 Boiler
   8.2.4.2 Nuclear Reactor
   8.2.4.3 Separator
   8.2.4.4 Others
  8.2.5 Historic and Forecasted Market Size By Material
   8.2.5.1 Hastelloy
   8.2.5.2 Titanium
   8.2.5.3 Nickel & Nickel Alloys
   8.2.5.4 Tantalum
   8.2.5.5 Steel
   8.2.5.6 Others
  8.2.6 Historic and Forecasted Market Size By End Use
   8.2.6.1 Chemicals & Petrochemicals
   8.2.6.2 Oil & Gas
   8.2.6.3 Power Generation
   8.2.6.4 Others
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Pressure Vessel Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Product
   8.3.4.1 Boiler
   8.3.4.2 Nuclear Reactor
   8.3.4.3 Separator
   8.3.4.4 Others
  8.3.5 Historic and Forecasted Market Size By Material
   8.3.5.1 Hastelloy
   8.3.5.2 Titanium
   8.3.5.3 Nickel & Nickel Alloys
   8.3.5.4 Tantalum
   8.3.5.5 Steel
   8.3.5.6 Others
  8.3.6 Historic and Forecasted Market Size By End Use
   8.3.6.1 Chemicals & Petrochemicals
   8.3.6.2 Oil & Gas
   8.3.6.3 Power Generation
   8.3.6.4 Others
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Pressure Vessel Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Product
   8.4.4.1 Boiler
   8.4.4.2 Nuclear Reactor
   8.4.4.3 Separator
   8.4.4.4 Others
  8.4.5 Historic and Forecasted Market Size By Material
   8.4.5.1 Hastelloy
   8.4.5.2 Titanium
   8.4.5.3 Nickel & Nickel Alloys
   8.4.5.4 Tantalum
   8.4.5.5 Steel
   8.4.5.6 Others
  8.4.6 Historic and Forecasted Market Size By End Use
   8.4.6.1 Chemicals & Petrochemicals
   8.4.6.2 Oil & Gas
   8.4.6.3 Power Generation
   8.4.6.4 Others
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Pressure Vessel Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Product
   8.5.4.1 Boiler
   8.5.4.2 Nuclear Reactor
   8.5.4.3 Separator
   8.5.4.4 Others
  8.5.5 Historic and Forecasted Market Size By Material
   8.5.5.1 Hastelloy
   8.5.5.2 Titanium
   8.5.5.3 Nickel & Nickel Alloys
   8.5.5.4 Tantalum
   8.5.5.5 Steel
   8.5.5.6 Others
  8.5.6 Historic and Forecasted Market Size By End Use
   8.5.6.1 Chemicals & Petrochemicals
   8.5.6.2 Oil & Gas
   8.5.6.3 Power Generation
   8.5.6.4 Others
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Pressure Vessel Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Product
   8.6.4.1 Boiler
   8.6.4.2 Nuclear Reactor
   8.6.4.3 Separator
   8.6.4.4 Others
  8.6.5 Historic and Forecasted Market Size By Material
   8.6.5.1 Hastelloy
   8.6.5.2 Titanium
   8.6.5.3 Nickel & Nickel Alloys
   8.6.5.4 Tantalum
   8.6.5.5 Steel
   8.6.5.6 Others
  8.6.6 Historic and Forecasted Market Size By End Use
   8.6.6.1 Chemicals & Petrochemicals
   8.6.6.2 Oil & Gas
   8.6.6.3 Power Generation
   8.6.6.4 Others
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Pressure Vessel Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Product
   8.7.4.1 Boiler
   8.7.4.2 Nuclear Reactor
   8.7.4.3 Separator
   8.7.4.4 Others
  8.7.5 Historic and Forecasted Market Size By Material
   8.7.5.1 Hastelloy
   8.7.5.2 Titanium
   8.7.5.3 Nickel & Nickel Alloys
   8.7.5.4 Tantalum
   8.7.5.5 Steel
   8.7.5.6 Others
  8.7.6 Historic and Forecasted Market Size By End Use
   8.7.6.1 Chemicals & Petrochemicals
   8.7.6.2 Oil & Gas
   8.7.6.3 Power Generation
   8.7.6.4 Others
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research