Pressure Vessel Market Report by Material (Hastelloy, Titanium, Nickel and Nickel Alloys, Tantalum, Steel, and Others), Product (Boiler, Nuclear Reactor, Separator, and Others), End Use (Chemicals and Petrochemicals, Oil and Gas, Power Generation, and Others), and Region 2024-2032

Pressure Vessel Market Report by Material (Hastelloy, Titanium, Nickel and Nickel Alloys, Tantalum, Steel, and Others), Product (Boiler, Nuclear Reactor, Separator, and Others), End Use (Chemicals and Petrochemicals, Oil and Gas, Power Generation, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A4177
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Market Overview:

The global pressure vessel market size reached US$ 24.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 34.4 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 24.4 Billion
Market Forecast in 2032
US$ 34.4 Billion
Market Growth Rate (2024-2032) 3.8%


Pressure vessels are spherical or cylindrical containers used to store high-pressure gases or liquids. They comprise components, such as distributor trays, catalyst support grids, baffles, and de-mister pads. At present, the production of pressure vessels is inspected under the American Society of Mechanical Engineers (ASME) Boiler and Pressure Vessel Code. These standards aid in eliminating redundant fabrication, reducing traceability and inspection, improving quality control, and minimizing the overall cost.

pressure vessel market

Pressure Vessel Market Trends:

A considerable rise in the need for energy around the world on account of rapid urbanization and increasing reliance on smart devices represents one of the key factors strengthening the growth of the market. Pressure vessels are widely utilized as receivers wherein physical and chemical processes undertake at high temperatures and pressures. As a result, there is a significant rise in the employment of these vessels in the oil and gas industry across the globe. Moreover, pressure vessels are adopted in the chemical industry worldwide as they assist in combining, dividing, and removing directions of an existing product. They also offer benefits, such as resistance from cross-contamination and corrosion. Furthermore, leading players are introducing advanced pressure vessels, such as pressure boilers. This, in confluence with the growing usage of supercritical power generation technology, is creating a favorable market outlook. Besides this, the escalating demand for customized vessels is offering lucrative growth opportunities to market players across the globe. Some of the other major factors, including the thriving chemical and petrochemical industry, the increasing requirement for cooling and heating equipment, and extensive investments in exploration and production activities by leading oil and gas companies, are anticipated to drive the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global pressure vessel market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on material, product and end use.

Breakup by Material:

  • Hastelloy
  • Titanium
  • Nickel and Nickel Alloys
  • Tantalum
  • Steel
    • Stainless Steel
    • Duplex Steel
    • Carbon Steel
    • Super Duplex Steel
    • Others
  • Others
     

Breakup by Product:

  • Boiler
  • Nuclear Reactor
  • Separator
  • Others
     

Breakup by End Use:

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

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Abbott & Co (Newark) Ltd., Alloy Products Corp., Babcock & Wilcox Enterprises Inc., Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction, GEA Group Aktiengesellschaft, Halvorsen Company, IHI Corporation, Larsen & Toubro Limited, Mitsubishi Power Ltd., Pressure Vessels (India) and Samuel Son & Co.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Material, Product, End Use, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Abbott & Co (Newark) Ltd., Alloy Products Corp., Babcock & Wilcox Enterprises Inc., Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction, GEA Group Aktiengesellschaft, Halvorsen Company, IHI Corporation, Larsen & Toubro Limited, Mitsubishi Power Ltd., Pressure Vessels (India) and Samuel Son & Co.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global pressure vessel market was valued at US$ 24.4 Billion in 2023.

We expect the global pressure vessel market to exhibit a CAGR of 3.8% during 2024-2032.

The rising demand for pressure vessels across the chemical industry, as they aid in combining, dividing, and removing directions of an existing product, is primarily driving the pressure vessel market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for pressure vessels.

Based on the material, the global pressure vessel market can be segmented into Hastelloy, titanium, nickel and nickel alloys, tantalum, steel, and others. Currently, steel holds the majority of the global market share.

Based on the product, the global pressure vessel market has been divided into boiler, nuclear reactor, separator, and others. Among these, boiler currently exhibits a clear dominance in the market.

Based on the end use, the global pressure vessel market can be categorized into chemicals and petrochemicals, oil and gas, power generation, and others. Currently, chemicals and petrochemicals account for the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global pressure vessel market include Abbott & Co (Newark) Ltd., Alloy Products Corp., Babcock & Wilcox Enterprises Inc., Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction, GEA Group Aktiengesellschaft, Halvorsen Company, IHI Corporation, Larsen & Toubro Limited, Mitsubishi Power Ltd., Pressure Vessels (India), and Samuel Son & Co.

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Pressure Vessel Market Report by Material (Hastelloy, Titanium, Nickel and Nickel Alloys, Tantalum, Steel, and Others), Product (Boiler, Nuclear Reactor, Separator, and Others), End Use (Chemicals and Petrochemicals, Oil and Gas, Power Generation, and Others), and Region 2024-2032
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