Global Pressure Vessels Market Size Study, By Material (Titanium, Steel), Product Type (Boiler, Nuclear Reactor), End-use (Oil & Gas, Power Generation), and Regional Forecasts 2022-2032

Description

The global pressure vessels market is valued at approximately USD 57.92 billion in 2023 and is anticipated to grow at a healthy rate of more than 4.0% over the forecast period 2024-2032. Pressure vessels, integral to various industrial applications, are engineered containers designed to hold gases or liquids at significantly different pressures from the ambient environment. Their versatility in facilitating storage, transportation, and processes across oil and gas, chemicals, and power generation sectors drives their widespread adoption. The market growth is fueled by the expansion of the chemical and petrochemical industries, alongside surging global energy demands. Technological advancements, such as the integration of IoT for real-time monitoring and control, enhance operational safety and efficiency, further contributing to market growth.

The demand for pressure vessels is particularly robust in the oil and gas industry, where they play a pivotal role in separation, storage, and transportation processes. As global energy needs escalate, the development of renewable energy infrastructure also presents significant opportunities. However, the high initial investment required for manufacturing and stringent regulatory standards are factors that could hinder market growth during the forecast period.

Regionally, the Asia Pacific dominates the market due to rapid industrialization, growing investments in energy infrastructure, and the expansion of power generation facilities in countries such as China and India. Meanwhile, the Middle East & Africa region is poised for the highest growth due to the burgeoning oil and gas sector and increasing investments in refining and petrochemical facilities.

The competitive landscape features major industry players focusing on technological innovation and strategic partnerships to enhance their market position. For instance, companies like Babcock & Wilcox and Mitsubishi Heavy Industries are investing heavily in R&D to design advanced pressure vessels that meet evolving safety and performance standards.

Major market players included in this report are:

IHI Corporation
Babcock & Wilcox Enterprises, Inc.
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.
WCR Inc.
Pressure Vessels (India)
Comp14

The detailed segments and sub-segments of the market are explained below:

By Material

Titanium
Nickel & Nickel Alloys
Tantalum
Steel
- Carbon Steel
- Stainless Steel
Others

By Product Type

Boiler
Nuclear Reactor
Separator
Others

By End-use

Chemicals & Petrochemicals
Oil & Gas
Power Generation
Others

By Region:

North America
- U.S.
- Canada
- Mexico
Europe
- UK
- Italy
- Germany
- Spain
- France
Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
Latin America
- Brazil
- Argentina
Middle East & Africa
- Saudi Arabia
- South Africa
- UAE

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approaches.
Analysis of the competitive structure of the market.
Demand-side and supply-side analysis of the market.

Chapter 1. Global Pressure Vessels Market Executive Summary

1.1. Global Pressure Vessels Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Material
- 1.3.2. By Product Type
- 1.3.3. By End-use
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Pressure Vessels Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Pressure Vessels Market Dynamics

3.1. Market Drivers
- 3.1.1. Expansion of Chemical and Petrochemical Industries
- 3.1.2. Rising Demand in Oil & Gas Sector
- 3.1.3. Advancements in IoT-Enabled Pressure Vessels
3.2. Market Challenges
- 3.2.1. High Initial Investment Costs
- 3.2.2. Stringent Regulatory Standards
3.3. Market Opportunities
- 3.3.1. Growth in Renewable Energy Applications
- 3.3.2. Increasing Demand for Specialized Vessels

Chapter 4. Global Pressure Vessels Market Industry Analysis

4.1. Porter's Five Forces Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Key Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Analyst Recommendation

Chapter 5. Global Pressure Vessels Market Size & Forecast by Material (2022-2032)

5.1. Segment Dashboard
5.2. Global Pressure Vessels Market: Material Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Titanium
- 5.2.2. Nickel & Nickel Alloys
- 5.2.3. Tantalum
- 5.2.4. Steel
  - 5.2.4.1. Carbon Steel
  - 5.2.4.2. Stainless Steel
- 5.2.5. Others

Chapter 6. Global Pressure Vessels Market Size & Forecast by Product Type (2022-2032)

6.1. Segment Dashboard
6.2. Global Pressure Vessels Market: Product Type Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Boiler
- 6.2.2. Nuclear Reactor
- 6.2.3. Separator
- 6.2.4. Others

Chapter 7. Global Pressure Vessels Market Size & Forecast by End-use (2022-2032)

7.1. Segment Dashboard
7.2. Global Pressure Vessels Market: End-use Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. Chemicals & Petrochemicals
- 7.2.2. Oil & Gas
- 7.2.3. Power Generation
- 7.2.4. Others

Chapter 8. Global Pressure Vessels Market Size & Forecast by Region (2022-2032)

8.1. North America Pressure Vessels Market
- 8.1.1. U.S. Pressure Vessels Market
  - 8.1.1.1. Material breakdown size & forecasts, 2022-2032
  - 8.1.1.2. Product Type breakdown size & forecasts, 2022-2032
- 8.1.2. Canada Pressure Vessels Market
- 8.1.3. Mexico Pressure Vessels Market
8.2. Europe Pressure Vessels Market
- 8.2.1. UK Pressure Vessels Market
- 8.2.2. Italy Pressure Vessels Market
- 8.2.3. Germany Pressure Vessels Market
- 8.2.4. Spain Pressure Vessels Market
- 8.2.5. France Pressure Vessels Market
8.3. Asia Pacific Pressure Vessels Market
- 8.3.1. China Pressure Vessels Market
- 8.3.2. India Pressure Vessels Market
- 8.3.3. Japan Pressure Vessels Market
- 8.3.4. South Korea Pressure Vessels Market
- 8.3.5. Australia Pressure Vessels Market
8.4. Latin America Pressure Vessels Market
- 8.4.1. Brazil Pressure Vessels Market
- 8.4.2. Argentina Pressure Vessels Market
- 8.4.3. Rest of Latin America Pressure Vessels Market
8.5. Middle East & Africa Pressure Vessels Market
- 8.5.1. Saudi Arabia Pressure Vessels Market
- 8.5.2. South Africa Pressure Vessels Market
- 8.5.3. UAE Pressure Vessels Market
- 8.5.4. Rest of Middle East & Africa Pressure Vessels Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
- 9.1.1. IHI Corporation
- 9.1.2. Babcock & Wilcox Enterprises, Inc.
- 9.1.3. Mitsubishi Heavy Industries, Ltd.
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Doosan Corporation
- 9.3.2. Larsen & Toubro Limited
- 9.3.3. Bharat Heavy Electricals Limited
- 9.3.4. Samuel, Son & Co.
- 9.3.5. Alloy Products Corp.

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes