Press Release

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 Materialthe 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 strategiesThe 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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