Table of Contents
Overview
New York, NY – June 26, 2025 – The Global Pressure Vessels Market is experiencing robust growth and widespread demand across various industries, projected to soar from USD 53.1 billion in 2024 to an impressive USD 79.4 billion by 2034, achieving a steady CAGR of 4.1% during the 2025–2034 forecast period.
In 2024, Steel dominated the By Material segment of the Pressure Vessels Market, securing a 67.3% share. Its dominance stems from steel’s exceptional strength, durability, and reliability in high-pressure applications across industries like oil & gas. Unfired Pressure Vessels led the By Heat Source segment in 2024, capturing a 78.1% share. Their dominance reflects their widespread use in industries requiring safe, indirect heat processes, such as chemical processing, water treatment, and oil refining.
Processing Vessels held a commanding 57.2% share in the By Application segment of the Pressure Vessels Market in 2024. Their critical role in managing chemical reactions, mixing, and containment in industrial processes drives their dominance. The Oil and Gas Industry led the by-end-user segment in 2024, with a 36.4% share. This reflects the sector’s heavy dependence on pressure vessels for safe handling of high-pressure fluids and gases during extraction, refining, and transportation.
Key Takeaways
- Global Pressure Vessels Market is expected to be worth around USD 79.4 billion by 2034, up from USD 53.1 billion in 2024, and grow at a CAGR of 4.1% from 2025 to 2034.
- In the pressure vessels market, steel held a 67.3% share due to durability and high-pressure resistance.
- Unfired pressure vessels dominated with a 78.1% share in the Pressure Vessels Market owing to broad industrial use.
- Processing vessels accounted for 57.2% of the Pressure Vessels Market due to demand in chemical operations.
- The oil and gas sector led the Pressure Vessels Market with a 36.4% share, driven by extraction and refining.
- Rapid industrialization in Asia-Pacific boosted pressure vessel demand to USD 23.2 Bn.
How Growth is Impacting the Economy
The Pressure Vessels Market’s growth significantly impacts the global economy by driving industrial expansion and job creation. The market supports key sectors like oil & gas, chemicals, and power generation, which rely on pressure vessels for safe operations. Increased demand in Asia-Pacific, particularly in China and India, fuels infrastructure investments, boosting regional GDP. The shift toward renewable energy, including hydrogen storage, creates new economic opportunities, fostering innovation in materials and manufacturing.
Additionally, stringent safety regulations drive demand for advanced vessels, supporting engineering and technology firms. However, high initial costs and complex certifications challenge smaller economies. Overall, the market’s expansion enhances energy security, industrial productivity, and sustainable practices, contributing to economic stability and growth in both developed and emerging markets.
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Strategies for Businesses
Businesses in the pressure vessels market should focus on innovation, adopting advanced materials like composites and smart monitoring systems to enhance safety and efficiency. Strategic partnerships with renewable energy firms, particularly for hydrogen storage, can tap into emerging markets. Expanding production in Asia-Pacific, where demand is highest, ensures cost-effectiveness and market share growth. Investing in R&D to meet stringent safety regulations and reduce emissions will strengthen compliance and competitiveness. Additionally, offering customized solutions for the oil & gas and chemical sectors can attract diverse clients. Leveraging digital technologies for real-time data analytics will improve operational reliability and customer trust.
Report Scope
| Market Value (2024) | USD 53.1 Billion |
| Forecast Revenue (2034) | USD 79.4 Billion |
| CAGR (2025-2034) | 4.1% |
| Segments Covered | By Material (Titanium, Nickel and Nickel Alloys, Tantalum, Steel, (Carbon Steel, Stainless Steel), Others), By Heat Source (Fired Pressure Vessels, Unfired Pressure Vessels), By Application (Storage Vessels, Processing Vessels), By End-user (Oil and Gas, Power, Food and Beverages, Pharmaceuticals, Chemicals) |
| Competitive Landscape | IHI Corporation, Babcock & Wilcox Enterprises, Inc., Pressure Vessels (India), MITSUBISHI HEAVY INDUSTRIES, LTD., Samuel, Son & Co., Alloy Products Corp., Abbott Pressure Vessels, Doosan Corporation, Bharat Heavy Electricals Limited, LARSEN & TOUBRO LIMITED, MERSEN PROPERTY, Xylem, Tinita Engg Pvt. Ltd |
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Key Market Segments
By Material Analysis
- In 2024, Steel dominated the By Material segment of the Pressure Vessels Market, securing a 67.3% share. Its dominance stems from steel’s exceptional strength, durability, and reliability in high-pressure applications across industries like oil & gas, power generation, and chemical processing. Steel’s ability to endure extreme temperatures and resist corrosion makes it ideal for demanding environments.
- Its structural integrity under pressure ensures long-term reliability, reducing maintenance costs and risks. The versatility of steel, available in grades like carbon and stainless steel, supports customized designs, enhancing its adoption. With global emphasis on safety and compliance, steel remains the preferred material, driven by ongoing industrial and energy infrastructure growth in 2024.
By Heat Source Analysis
- Unfired Pressure Vessels led the By Heat Source segment in 2024, capturing a 78.1% share. Their dominance reflects their widespread use in industries requiring safe, indirect heat processes, such as chemical processing, water treatment, and oil refining. Without internal combustion or direct flame, unfired vessels offer simplicity, lower risks, and compliance with safety standards. Their cost-effective manufacturing and maintenance, combined with design flexibility for varying pressure and volume needs, make them highly versatile.
By Application Analysis
- Processing Vessels held a commanding 57.2% share in the By Application segment of the Pressure Vessels Market in 2024. Their critical role in managing chemical reactions, mixing, and containment in industrial processes drives their dominance. Essential in oil refining, chemical manufacturing, and food processing, these vessels ensure consistent pressure and temperature control for safe, efficient operations. Their adaptability to diverse production setups, from batch to continuous lines, enhances their appeal.
By End-user Analysis
- The Oil and Gas Industry led the by-end-user segment in 2024, with a 36.4% share. This reflects the sector’s heavy dependence on pressure vessels for safe handling of high-pressure fluids and gases during extraction, refining, and transportation. Used in separation, gas treatment, and chemical injection, these vessels ensure operational safety, regulatory compliance, and efficiency in upstream and downstream processes.
Regional Analysis
- In 2024, the Asia-Pacific region led the global Pressure Vessels Market, capturing a 43.8% share valued at USD 23.2 billion. This dominance stems from rapid industrialization, surging energy demand, and expanding petrochemical infrastructure in countries like China, India, South Korea, and Japan, which heavily invest in power generation and oil refining, boosting pressure vessel use. North America and Europe trailed behind, driven by established process industries and energy infrastructure upgrades, though their market share lagged Asia-Pacific.
- The Middle East & Africa and Latin America maintained steady demand, fueled by oil-rich economies and emerging industrial zones, with applications in gas storage, thermal power, and water treatment. Despite their lower market value, these regions show untapped industrial potential for future growth. Asia-Pacific’s lead is anchored by its robust manufacturing base and sustained investment, cementing its position as the global hub for pressure vessel demand in 2024.
Recent Developments
1. IHI Corporation
- IHI Corporation has been advancing its pressure vessel technology with a focus on hydrogen energy applications. The company is developing high-pressure vessels for hydrogen storage and transport, supporting the global shift toward clean energy. IHI is also enhancing its ASME-certified vessels for industrial use, ensuring safety and efficiency. Their R&D focuses on lightweight, high-strength materials to improve performance.
2. Babcock & Wilcox Enterprises, Inc.
- Babcock & Wilcox (B&W) has introduced advanced modular pressure vessel designs to reduce fabrication time and costs. Their recent innovations include carbon capture-compatible vessels and high-efficiency heat exchangers for power plants. B&W also expanded its aftermarket services, offering inspections and repairs for aging pressure vessels. Their focus on sustainability aligns with global decarbonization efforts.
3. Pressure Vessels (India)
- Pressure Vessels (India) has expanded its manufacturing capabilities with new ASME and PED-certified facilities. The company recently supplied large-scale cryogenic pressure vessels for LNG applications, catering to India’s growing energy sector. They are also integrating automation in fabrication processes to improve precision and reduce lead times. Their product range now includes customized reactors for chemical and petrochemical industries.
4. MITSUBISHI HEAVY INDUSTRIES, LTD.
- Mitsubishi Heavy Industries (MHI) has developed next-generation pressure vessels for hydrogen storage, featuring advanced composite materials for higher durability. The company is collaborating with global partners to standardize hydrogen infrastructure. MHI also enhanced its nuclear pressure vessel technology, ensuring safety in next-gen reactors. Their vessels are increasingly used in the aerospace and energy sectors.
5. Samuel, Son & Co.
- Samuel, Son & Co. has been supplying high-quality raw materials for pressure vessel manufacturing, including specialized steels and alloys. They recently partnered with fabricators to improve supply chain efficiency for ASME-compliant vessels. Their focus on material innovation supports industries like oil & gas, renewables, and chemical processing. Samuel also provides machining and distribution services for pressure vessel components.
Conclusion
The Pressure Vessels Market is set for steady growth, driven by rising energy demands, expanding chemical and petrochemical industries, and stricter safety regulations. With industries like oil and gas, power generation, and manufacturing relying heavily on these vessels, the market is expected to grow significantly over the next decade. Innovations like IoT integration, advanced materials, and eco-friendly designs are shaping a more efficient and sustainable future for pressure vessels.
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