Global Pressure Vessels Market Forecast and Analysis (2025-2030)
The global pressure vessels market is poised for steady growth, driven by rising demands in key industrial sectors such as chemical, petrochemical, and oil & gas. Industry reports estimate the market to reach a valuation of approximately USD 75.82 billion by 2030, expanding at a compound annual growth rate (CAGR) of 4% between 2025 and 2030.
Market Overview and Growth Drivers
Increasing industrial activities, particularly in chemical production, are a major impetus for the demand for pressure vessels. The establishment of new chemical plants to meet global demand is leading to significant capital investments, which in turn fuels the need for different types of pressure vessels and storage tanks essential for chemical processing.
Pressure vessels find extensive applications in various sectors including power generation and industrial processes, where robust and efficient containment of gases and liquids under pressure is critical. Ongoing advancements and the need for energy-efficient solutions continue to push the growth of pressure vessels such as boilers.
Material and Product Segmentation
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Material Insights
Steel remains the dominant material in the pressure vessels market, accounting for the largest share of around 29.7% in 2024. Other materials used include titanium, nickel and its alloys, and tantalum, each serving specialized industrial needs. - Product Categories
Boilers lead the product segment, with a commanding share of nearly 59.4% in 2024, reflecting their importance in energy generation and industrial heating applications. Other product types include nuclear reactors, separators, and assorted vessels designed for specific uses.
End-Use Industry Analysis
The chemicals and petrochemicals sector is the largest end-use segment, contributing to approximately 38.6% of market revenue in 2024. This is driven by the expanding production of chemicals and plastics globally. The oil and gas industries also represent significant consumers of pressure vessels, alongside power generation which requires specialized pressure containment solutions.
Regional Market Dynamics
The Asia-Pacific region dominates the global market landscape, holding a revenue share of 36.1% in 2024. This dominance is attributed to rapid industrialization, increasing chemical production, and expanding oil and gas exploration activities in countries within this region. Other notable regions include North America and Europe, which have mature markets, and emerging regions such as Latin America and the Middle East & Africa.
Competitive Landscape and Industry Structure
The pressure vessels market is characterized by fragmentation with numerous key players vying for leadership. Major companies often adopt forward integration strategies to increase profitability and enhance their global reach. Collaborations between pressure vessel manufacturers and engineering solution providers are common, aimed at delivering cost-effective and high-quality products.
Leading companies in this space include IHI Corporation, Babcock & Wilcox Enterprises, Inc., Mitsubishi Heavy Industries Ltd., and Larsen & Toubro Limited, among others. These firms are actively involved in product innovation, market expansion, and strategic partnerships to maintain competitive advantage.
Market Outlook and Forecast
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Market Size Estimates
- Estimated market value in 2024: USD 60.24 billion
- Projected market value in 2030: USD 75.82 billion
- Growth Rate
- CAGR over forecast period (2024-2030): 4%
The market outlook indicates steady growth driven by continuous demand from key industrial sectors and evolving regulatory frameworks that encourage safer and more efficient pressure vessel technologies.
Research Scope and Methodology
The analysis encompasses an in-depth study of market variables, including:
- Industry value chain and application overview
- Pricing trends and supply-demand gap assessments
- Regulatory frameworks encompassing policies, standards, and compliance impacts
- Market dynamics covering drivers, restraints, and challenges
- Comprehensive competitive benchmarking and strategy mapping
- Macro-environmental insights via PESTEL analysis
Conclusion
The pressure vessels market is set for consistent expansion fueled by robust industrial growth, particularly within the chemical and petrochemical arenas. The Asia-Pacific market leads the charge globally, supported by increasing industrial investments. Steel remains the preferred material while boilers continue as the key product segment. As market players intensify strategic partnerships and technical innovations, the sector is poised to meet future industrial demands efficiently and safely.
This comprehensive market evaluation provides stakeholders with critical insights into trends, forecasts, competitive strategies, and regional growth to inform business decisions within the pressure vessels landscape.