Pressure vessels are used to store gases or liquids under high pressure. These vessels are extensively used in various industries such as oil & gas, chemicals and petrochemicals, power generation, and pharmaceuticals among others. Pressure vessels find applications in storing liquefied gases such as LNG, liquid hydrogen, argon, oxygen, and nitrogen. They are also used in transporting oil, gas, chemicals through pipelines over long distances. Growing demand from end-use industries and rising focus on energy efficiency are some key factors augmenting the growth of global pressure vessels market.

The global pressure vessels market is estimated to be valued at US$ 77.88 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the pressure vessels market are Doosan Corporation, IHI Corporation, 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, MERSEN PROPERTY, Xylem, Tinita Engg Pvt. Ltd, WCR Inc., Teknoflow Green Equipments Pvt. Ltd., Nano-Mag Technologies, Delpro Equipments Pvt. Ltd., Shreno Engineering Limited, Jaysons Machinery & Equipments Pvt.Ltd., and Varadraj Industries.

Key opportunities in the market include growing demand from end-use industries such as oil & gas, power generation, chemicals and petrochemicals. Stringent safety regulations and standards for pressure vessels also necessitate development of advanced pressure vessels with improved strength and life.

Global expansion of end-use industries especially in developing regions of Asia Pacific and Middle East & Africa is anticipated to generate lucrative opportunities for pressure vessels manufacturers.

Market Drivers

The global pressure vessels market is primarily driven by increasing oil & gas exploration activities worldwide. Rising energy demand has prompted oil & gas companies to explore new reserves in unconventional areas requiring specialized pressure vessels. This is expected to fuel the market growth over the forecast period.

Market Restrains

High raw material prices especially of metals such as steel and alloys used in manufacturing pressure vessels pose a major challenge. Fluctuating prices of raw materials impact the overall cost of pressure vessels restricting wider adoption. Stringent standards and certification procedures also increase production costs for manufacturers.

Segment Analysis
The pressure vessels market is dominated by the alloy steel segment. Alloy steel vessels have high pressure bearing capacities and corrosion resistances, making them suitable for various industries like oil and gas, chemicals and petrochemicals, power generation, mining, etc. Since these industries extensively use pressurized equipment for their processes, the demand for alloy steel pressure vessels remain high.

Pressure Vessels Market Regional Analysis  as Global Analysis
The Asia Pacific region dominates the global pressure vessels market, both in terms of production and consumption. The region is home to some of the fastest growing industries like chemicals and petrochemicals, power generation, oil and gas extraction, which drives the demand for pressure vessels. In addition, the presence of manufacturing plants of prominent players in countries like China, Japan, and South Korea has made Asia Pacific a global production hub. Europe and North America are other major markets, though their growth is expected to be moderate during the forecast period. Meanwhile, regions like Latin America and Middle East Africa are projected to witness high growth owing to increasing investments in sectors like energy and industrialization.

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