Pressure Vessel Market Size, Share, Trends, Growth 2030

Pressure Vessel Industry Prospective:

The global pressure vessel market size was worth around USD 52.5 Billion in 2022 and is predicted to grow to around USD 78.1 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.1% between 2023 and 2030.

The report analyzes the global pressure vessel market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the pressure vessel industry.             

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Pressure Vessel Market: Overview

Storage of high-pressure gases or liquids is done in pressure vessels, which are spherical or cylindrical. Distributor boxes, grids to support catalysts, baffles, and de-mister pads are some of the parts that they include. The Boiler and Pressure Vessel Code of the American Society of Mechanical Engineers (ASME) currently governs the inspection of pressure vessel manufacturing. These standards support the reduction of traceability and inspection, the elimination of redundant fabrication, the improvement of quality control, and the total cost reduction.

Key Insights

• As per the analysis shared by our research analyst, the global pressure vessel market is estimated to grow annually at a CAGR of around 5.1% over the forecast period (2023-2030).
• In terms of revenue, the global pressure vessel market size was valued at around USD 52.5 billion in 2022 and is projected to reach USD 78.1 billion, by 2030.
• The growth of the pressure vessel industry is attributed to the increasing demand from various end-use industries such as oil & gas, chemicals, and others.
• Based on the material, the steel segment is expected to dominate the market during the forecast period.
• Based on the product, the boiler segment accounted for the largest market share in 2022 and is expected to continue the same pattern during the forecast period.
• Based on the end-use, the chemicals & petrochemicals segment is growing at a rapid rate over the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

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Pressure Vessel Market: Growth Drivers

The increasing thermal energy demand drives the market growth

The primary factor driving the global pressure vessel industry market's expansion is the rise in the world's demand for thermal energy, which is causing pressure vessels to be used more frequently. The energy contained in a system that controls its temperature is referred to as thermal energy. Different pressure vessels are used in the manufacturing process, where nuclear energy is used to produce thermal power. These vessels serve as one of several barriers that keep radioactive material out of the atmosphere.

For instance, the International Atomic Energy Agency (IAEA), an intergovernmental organization with headquarters in Austria, projects that global nuclear-generating capability will more than double to 873 gigawatts net electrical (GW(e)) by 2050, from current levels of around 390 GW(e) in 2021. Therefore, the primary factor contributing to the development of the market is the increasing global thermal energy demand, which is causing pressure vessels to be used more frequently.

Pressure Vessel Market: Restraints

Metal parts frequently corroding hinder the market growth                                              

Pressure vessels are now being adopted and implemented by manufacturing industries all over the globe as a result of the growing demand for cutting-edge products. A pressure vessel is a kind of sophisticated airtight receptacle that helps resist a lot of pressure. Major sectors like civil, military, chemical, and petrochemical all depend on it heavily. Because it can reduce hydraulic shocks in the system, it is also a vital part of scientific study facilities. The structure and longevity of pressure vessels are, however, significantly influenced by several external environmental variables, such as the type and concentration of reagents used. The corrosion process is sped up by the mixture of these chemicals with alkaline and acidic materials. Corrosion has major effects on pressure vessels, and an increase in internal pressure has a catalytic impact that speeds up the corrosion reaction.

Pressure Vessel Market: Opportunities

Technological advancement provides a lucrative opportunity

A crucial trend gaining traction in the pressure vessel industry is technological innovation. For better design and analysis as well as to gain a competitive advantage in the market, the key players are putting an increasing amount of emphasis on integrating safer and smarter safety systems. For instance, Hexagon, a Swedish provider of sensor, software, and automated solutions, introduced PV Elite 23, a comprehensive solution for the design, analysis, and assessment of vessels and heat exchangers, in January 2021. With the aid of automatic design options, users can swiftly, profitably, and efficiently modify vessel designs while also saving time. Thus, the growing technological advancements are expected to provide lucrative opportunities for market growth.

Pressure Vessel Market: Challenges

Volatility in the raw material price poses a major challenge

The volatility in the raw material price poses a major challenge to global pressure vessel market growth. For instance, the price of the hot rolled coil (HRC) by steel mills was lowered to Rs 59,800 per tonne on February 8 from Rs 60,900 per tonne on February 1, according to SteelMint. Over the past six to eight months, prices have fluctuated between over Rs 55,000/tonne and Rs 60,000/tonne.

Pressure Vessel Market: Segmentation

The global pressure vessel industry is segmented based on material, product, end-use, and region.

Based on the material, the global market is bifurcated into hastelloy, titanium, nickel & nickel alloys, tantalum, steel, and others. The steel segment is expected to dominate the market during the forecast period. Due to their low cost, high corrosion resistance, excellent tensile strength, resistance to vibrations and shocks, ease of recycling, and ability to endure humid conditions or high temperatures, carbon steel, and stainless steel have remained the preferred materials. Besides, the nickel & nickel alloys segment is expected to grow at the highest CAGR over the forecast period.

The growth in the segment is attributed to various properties such as adaptability to harsh environments, durability, and resilience to carburization and oxidation. Hastelloy, Incoloy, Monel, and Carpenter Alloy 60 are some of the various varieties of nickel alloys. Nuclear plants are frequently made of nickel and nickel alloys.

Based on the product, the global pressure vessel industry is segmented into the boiler, nuclear reactor, separator, and others. The boiler segment accounted for the largest market share in 2022 and is expected to continue the same pattern during the forecast period. The increase in revenue for this segment is primarily driven by rising demand from both residential and commercial sites. Boilers, as opposed to conventional heating systems, use a technique called radiant heating to effectively hot objects within a space.

To distribute heat throughout a space, it may also make use of radiators, baseboard heaters, or in-floor plumbing. Boilers are more adaptable among residents due to two important factors: high energy efficiency and portability. A boiler has fewer moving components than other traditional heating systems as well. Because there were smaller mechanical components, furnaces could operate with less strain.

Based on the end-use, the global pressure vessel market is segmented into chemicals & petrochemicals, oil & gas, power generation, and others. The chemicals & petrochemicals segment is growing at a rapid rate over the forecast period. The rising demand for chemicals and chemical products from different end-use applications is responsible for his dominance. One of the key elements influencing product demand is the growing number of chemical facilities in various economies around the world.

Recent Developments:

• In April 2022, Unit 2 of the Zhangzhou nuclear power facility in the Chinese province of Fujian saw the Reactor Pressure Vessel (RPV) being lifted into position. The second of two Hualong One sections constructed at the location, Zhangzhou 2, is slated to begin conducting business in 2024 or 2025, respectively.
• In January 2021, Boyd Corporation, a California-based leader in engineered material and thermal management technology innovation, recently revealed the development of a new industrial facility in Juarez, Mexico. This signifies the company's entry into the North American market. The industrial complex also includes cutting-edge automation technologies that are powered by renewable energy sources, integrate thermal management, and have the ability to manufacture a wide range of materials.
• In September 2021, Hexagon Purus ASA, a Norwegian provider of hydrogen type 4 high-pressure cylinders, battery packs, and vehicle systems integration for fuel cell electric and battery electric vehicles, paid EUR 43.3 million ($44.36 million) for a 100% stake in Wystrach GmbH. The acquisition reinforces Hexagon Purus' position as the world's leading provider of zero-emission mobility solutions. Wystrach is a German company that specializes in high-pressure storage and transportation of hydrogen and other gases.

Pressure Vessel Market: Report Scope

Pressure Vessel Market: Regional Analysis

The Asia Pacific is expected to dominate the market during the forecast period

The Asia Pacific is expected to drive the growth of the global pressure vessel market during the forecast period. Growing demand from significant market players in the chemical, oil & gas, automotive, power generation, and power generation sectors is a key driver of market revenue growth in this region. Pressure vessels are widely used in these sectors to carry out various chemical and physical processes at high pressures and temperatures. Additionally, pressure vessels are used to control harmful gases. The most common pressure vessels in nuclear power plants in this region are reactor pressure vessels or RPVs. This form of the pressure vessel is increasingly in demand, which can be attributed to its improved resistance to high temperatures and pressures. India held the largest regional stake as a result of increasing end-use industry demand. Furthermore, rising government expenditures on industrial and commercial building renovations can be attributed to rising demand in this nation.

Europe is expected to hold the second-largest market share over the forecast period. The adoption of high-performance pressure vessels that have reduced emissions has been significantly spurred by growing concern over emissions of industrial pollutants like sulfur dioxide, metal dust, and others. Furthermore, to reduce industrial emissions, the European Union (EU) and the relevant national governments introduced several policies and standards that ultimately took the place of conventional heating systems. For instance, the EU's Ecodesign Directive promotes the use of energy-efficient heating technologies while reducing the environmental effects of energy-related products. Additionally fueling the expansion of the pressure vessel market in this region is the rising demand for space heating in commercial and industrial buildings.

The North American region is growing significantly during the forecast period. Increased industrial activity and rising demand for high-energy pressure vessels are the main factors fueling market revenue development. Due to the presence of significant market players and growing urbanization at the same time, the U.S. and Mexico made for the largest regional share. Additionally, throughout the forecast period, growing attention to the use of natural gas for power generation is anticipated to propel market revenue growth.

Pressure Vessel Market: Competitive Analysis

The global pressure vessel market is dominated by players like:

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

The global pressure vessel market is segmented as follows:

By Material

• Hastelloy
• Titanium
• Nickel & Nickel Alloys
• Tantalum
• Steel
• Others

By Product

• Boiler
• Nuclear Reactor
• Separator
• Others

By End-Use

• Chemicals & Petrochemicals
• Oil & Gas
• Power Generation
• Others

By Region

• North America

  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa