Global Pressure Vessels Market Size, Share, Growth Analysis, By Material(Steel Alloys, Other alloys), By Product(Boilers, Nuclear reactors), By Application(Oil and gas, Chemicals) - Industry Forecast 2023-2030

Global Pressure Vessels Market size was valued at USD 45.46 billion in 2022 and is poised to grow from USD 48.24 billion in 2023 to USD 77.46 billion by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).

The global pressure vessels market is witnessing robust growth, driven by expanding industrial activities and stringent safety regulations. In 2022, the global manufacturing output reached an impressive US$ 16.38 trillion, marking a steady growth rate of 15.38% compared to the previous year. This significant increase underscores the rapid industrialization across various sectors such as oil and gas, chemical processing, power generation, and pharmaceuticals, where pressure vessels play a vital role in the storage and transportation of liquids and gases under high-pressure or temperature conditions. Moreover, the market is heavily influenced by a comprehensive regulatory framework established by governments and regulatory bodies worldwide. For instance, in the United States, adherence to the American Society of Mechanical Engineers (ASME) Boiler and Pressure Vessel Code is mandatory for manufacturers, ensuring the safety and quality of pressure vessels. Similarly, the European Union mandates compliance with the Pressure Equipment Directive (PED), while Canada follows the National Board Inspection Code (NBIC). These regulations set stringent standards for the design, construction, and inspection of pressure vessels, promoting uniformity and ensuring product suitability for specific applications. The adherence to regulatory standards fosters a competitive environment within the market, compelling manufacturers to continually innovate and enhance their processes and products. Regulatory oversight through inspections and audits further ensures compliance and maintains high standards of product quality and safety.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Pressure Vessels Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Pressure Vessels Market Segmental Analysis

The global pressure vessels market is segmented on the basis of Material, Product, Application, and region. Based on Material the market is segmented as Steel Alloys, Other alloys, Composites. On the basis of Product the market is segmented as Boilers, Nuclear reactors, Separators, and Others. On the basis of Application the market is segmented as Oil & Gas, Chemicals, Power generation, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Pressure Vessels Market

The global pressure vessels market is experiencing a robust expansion, largely driven by the substantial industrial growth witnessed across various sectors worldwide. Industrial expansion serves as a pivotal market driver due to its direct correlation with the demand for pressure vessels. These vessels play a crucial role in facilitating the storage and transportation of liquids and gases under high-pressure or temperature conditions, which are integral processes in industries such as oil and gas, chemical processing, power generation, and pharmaceuticals. As economies continue to develop and industries expand their operations, the need for efficient and reliable pressure vessels escalates in tandem. For instance, the United Nations Industrial Development Organization (UNIDO) reported that global manufacturing output reached a staggering US$16.38 trillion in 2022, reflecting a steady growth rate of 15.38% compared to the previous year. This substantial increase underscores the growing industrialization worldwide, consequently driving the demand for pressure vessels across diverse industrial sectors. Additionally, the expansion of emerging markets, particularly in regions such as Asia-Pacific and Latin America, further fuels the demand for pressure vessels as these regions witness rapid industrialization and infrastructure development.

Restraints in the Global Pressure Vessels Market

However, amidst the significant growth opportunities, the pressure vessels market faces notable constraints, prominently characterized by stringent safety regulations and compliance requirements. Regulatory bodies and government agencies worldwide impose comprehensive standards for the design, construction, and inspection of pressure vessels to ensure their safety and suitability for specific applications. For instance, the American Society of Mechanical Engineers (ASME) Boiler and Pressure Vessel Code in the United States, the Pressure Equipment Directive (PED) in the European Union, and the National Board Inspection Code (NBIC) in Canada set stringent regulatory standards that manufacturers must adhere to. Achieving compliance with these regulations often entails substantial investments in research, development, and manufacturing processes, thereby increasing the overall production costs for pressure vessels. Moreover, non-compliance can lead to severe penalties and reputational damage for manufacturers, further intensifying the pressure to adhere to regulatory requirements. Despite these challenges, stringent safety regulations ultimately contribute to enhancing product quality, reliability, and safety standards within the pressure vessels market, thereby fostering consumer trust and confidence in these critical industrial components.

Market Trends of the Global Pressure Vessels Market

In terms of market trends, there is a noticeable shift towards the adoption of advanced materials and manufacturing technologies in the pressure vessels industry. Manufacturers are increasingly leveraging innovative materials such as high-strength alloys, composites, and advanced polymers to enhance the performance, durability, and corrosion resistance of pressure vessels. Furthermore, advancements in manufacturing processes, including additive manufacturing (3D printing), robotic welding, and computer-aided design (CAD), are enabling manufacturers to streamline production processes, optimize designs, and reduce lead times. This trend towards technological innovation and process optimization underscores the industry's commitment to driving efficiency, sustainability, and competitiveness in the global pressure vessels market.