Pressure Vessels Market is expected to grow at a CAGR of 4.57% through 2029
Growing Industrialization and Renewable Energy Projects are factors driving the Global Pressure Vessels Market in the forecast period 2025-2029
According to TechSci Research report, “Pressure Vessels Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the
Global Pressure Vessels Market is expected to register robust growth during the
forecast period, The expansion of this industry can be
credited to the notable growth of the chemical & petrochemical sector,
alongside the increasing adoption of supercritical power generation technology.
Pressure vessels offer valuable features like resistance to cross-contamination
and corrosion, making them essential for various chemical processes.
Consequently, the rapid expansion of the chemical industry, coupled with the
advantages provided by pressure vessels, is anticipated to serve as a key
market driver. The industrial landscape in the U.S. is highly diverse, owing to
technological advancements in the country. Increased investments in exploration
& production activities by major oil & gas firms in the U.S. are
expected to drive demand for pressure vessels, particularly for storage
purposes in the oil & gas sector. The swift growth of the energy industry
is propelled by the robust development of the global economy and the rising
demand for cooling and heating equipment. Boilers are expected to dominate the
pressure vessel market due to their extensive use in various energy generation
processes. The escalating demand for energy is projected to
fuel the need for pressure vessels across various application industries.
Pressure vessels are fabricated using a range of materials, including steel,
steel alloys, nickel, nickel alloys, titanium, tantalum, aluminum, and
zirconium. Consequently, the market heavily relies on the availability of these
materials, which are primarily obtained through mining. Therefore, any
significant changes in the mining industry are expected to directly impact the
pressure vessel industry.
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Based on Material, the Steel segment is anticipated to maintain dominance in the market, The dominance of the Steel segment in
the market is credited to the enduring popularity of carbon steel and stainless
steel, owing to their favorable characteristics. These materials are preferred
for their cost-effectiveness, high corrosion resistance, exceptional tensile
strength, and ability to withstand diverse environmental conditions like
humidity and high temperatures. Additionally, their recyclability and
resistance to vibrations and shocks further contribute to their extensive use
across industries. Given these advantages, carbon steel and stainless steel
remain the preferred materials for constructing pressure vessels and other
industrial equipment.
The global demand for pressure vessels
is increasing, especially in sectors such as oil & gas and chemical &
petrochemical. In these industries, materials like titanium, nickel alloys, and
tantalum are used for lining and cladding pressure vessels. These materials
offer outstanding properties such as superior thermal expansion protection,
high corrosion resistance, and excellent biocompatibility. Notably, nickel and
its alloys are anticipated to experience significant growth, with a projected
growth rate of 4.4% over the forecast period. Nickel alloys, including
hastelloy, Incoloy, monel, and carpenter alloy 60, are renowned for their heat
resistance, resistance to carburization and oxidation, and reliability, making
them suitable for use in harsh environments and specialized applications such
as nuclear reactor manufacturing.
The utilization of steel, particularly
carbon steel and stainless steel, remains prevalent across various industries
due to their advantageous properties and cost-effectiveness. These materials
continue to be the top choices for constructing pressure vessels and other
industrial equipment, ensuring reliability, durability, and performance across
diverse applications. Additionally, the increasing global demand for pressure
vessels, particularly in key sectors like oil & gas and chemical &
petrochemical, is driving the adoption of specialized materials such as
titanium and nickel alloys. These materials offer superior properties like
thermal expansion resistance and corrosion resistance, meeting the stringent
requirements of industrial processes. Looking ahead, the continued reliance on
steel and the growing demand for specialized alloys underscore the importance
of material selection in ensuring the integrity and efficiency of industrial
equipment, positioning the Steel segment for sustained dominance in the market.
Based on region, Asia Pacific is expected to maintain dominance in the market, with the region expected to exhibit the fastest Compound Annual Growth Rate (CAGR), The anticipated growth in the Global
Pressure Vessels Market is anchored in several key factors propelling market
expansion in Asia Pacific. Firstly, the swift expansion of the power sector,
driven by escalating energy demands and infrastructure development initiatives
across Asia Pacific nations, is set to substantially fuel market growth. As
governments invest in expanding power generation capacity to meet rising energy
needs, the demand for industrial equipment and materials, including those
within our market segment, is poised to surge. Additionally, the robust growth
of the chemical and oil & gas industries in the region, propelled by
increasing industrialization, urbanization, and economic development, presents
significant opportunities for market players in Asia Pacific. Moreover,
the rising adoption of nuclear power plants across Asia Pacific countries is
anticipated to further bolster market growth in the region. With a growing
focus on clean and sustainable energy sources, many countries in Asia Pacific
are investing in nuclear power as part of their energy diversification
strategies. The construction and operation of nuclear power
plants necessitate various industrial equipment and materials, including those
within our market segment. Consequently, the expanding nuclear power sector
offers lucrative opportunities for market participants catering to this segment
in Asia Pacific. Overall, the convergence of these factors is expected to
propel robust market growth in Asia Pacific throughout the forecast period,
consolidating the region's position as a dominant player in the market landscape.
The region's strong market performance is driven by the expansion of key
sectors such as power, chemicals, oil & gas, and nuclear power. As these
industries continue to grow rapidly, fueled by factors such as increasing
energy demand, industrialization, and sustainability initiatives, the demand
for industrial equipment and materials in our market segment is expected to
witness a corresponding increase. Market players operating in Asia Pacific are
well-positioned to capitalize on these favorable market conditions and leverage
the region's growth potential for business expansion and revenue generation.
Key market players in the Global Pressure
Vessels Market are: -
- IHI
Corporation
- Babcock
& Wilcox Enterprises, Inc.
- Pressure
Vessels (India)
- Mitsubishi
Heavy Industries, Ltd.
- Samuel,
Son & Co.
- Alloy
Products Corp.
- Abbott
& Co (Newark) Ltd
- Doosan
Corporation
- Bharat
Heavy Electricals Limited (BHEL)
- Larsen & Toubro Limited
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“The global pressure vessels market is
propelled by several key drivers that collectively contribute to its sustained
growth. First and foremost, the burgeoning industrialization worldwide fuels
demand across various sectors, including oil and gas, petrochemicals, and power
generation, driving the need for reliable pressure vessels. Additionally, the
expanding chemical and petrochemical industries, integral components of the
global economy, significantly contribute to the market's growth as they rely
heavily on pressure vessels for the storage and processing of substances under
high pressure. The increasing emphasis on renewable energy projects also plays
a pivotal role in driving the pressure vessels market. These vessels are
essential in renewable technologies like solar thermal and geothermal systems,
supporting the global transition toward cleaner energy sources. Stringent
safety regulations and the need for compliance further amplify market growth,
prompting industries to invest in technologically advanced and safety-compliant
pressure vessels. Collectively, these factors create a robust market
environment, fostering innovation and technological advancements in pressure
vessel design and manufacturing.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Pressure Vessels Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Material
(Titanium, Steel), By Product (Boiler, Nuclear Reactor), By End-use (Chemicals
& Petrochemicals, Power Generation), By Region, and By Competition 2019-2029”
has evaluated the future growth potential of Global Pressure Vessels Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Pressure Vessels Market.
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