PRESSURE VESSELS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Pressure Vessels Market Size and Trends

The pressure vessels market is estimated to be valued at USD 60.39 Bn in 2024 and is expected to reach USD 77.88 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.

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The pressure vessels market is driven by the expansion of oil and gas industries. Pressure vessels find major applications in various industries such as oil & gas, chemicals, and power generation among others. With rising energy demands globally, the oil and gas industries have been expanding rapidly. This is positively impacting the growth of the pressure vessels market. Additionally, strict regulations regarding safety of boilers and pressure equipment across regions are compelling industries to replace aging pressure vessels which is further propelling the demand for pressure vessels. Growing investments in setting up new power generation facilities, mainly coal-fired and nuclear are also driving the market growth.

Growing industrialization and manufacturing activities

With the growing industrialization and increasing manufacturing activities across various industries such as oil and gas, chemical and petrochemicals, and power generation, there is a rising demand for pressure vessels. Pressure vessels are essential equipment used in various industrial processes to store, transport and process chemicals, oil, gases and other substances under high pressure. They are used extensively in crude oil refineries, natural gas processing, transportation plants, petrochemical units, steam generator boilers, nuclear power plants, and other manufacturing industries.

Over the past few years, there has been significant capital expenditure by both public and private players to expand existing manufacturing facilities as well as set up new plants. Various countries are focusing on boosting domestic manufacturing through initiatives such as Make in India, Industrial Transformation Programs, tax benefits, and relaxed regulations to encourage local production and reduce imports. This has provided a major push to industries that utilize pressure vessels on a large scale. Furthermore, continuous technological advancements have enabled higher operating pressures and temperatures in industrial processes. This has augmented the demand for advanced pressure vessels that can withstand wider ranges of pressure and temperature. With growing investments planned in process industry verticals across major economies, the requirement for pressure vessels is likely to surge in the coming years.

Uptake in petrochemical and LNG infrastructure

Another key driver for the pressure vessels market is the increasing investments in petrochemical industry infrastructure as well as liquefied natural gas (LNG) supply chain worldwide. Petrochemicals being pivotal to the manufacturing of numerous industrial and consumer products, their production is witnessing a massive expansion globally. Several companies are initiating large grassroots petrochemical complexes as well as expanding or debottlenecking existing facilities especially in the Middle Eastern and Asian countries. Since pressure vessels have widespread application in the petrochemical industry for reacting, storing, and transporting chemicals, this sector promotes heavy demand for these equipment.

Similarly, with natural gas emerging as a transition fuel and its rising consumption, countries are developing new LNG import terminals and expanding regasification facilities. Many nations are also increasing indigenous LNG production through new liquefaction plants. The LNG value chain from production to transportation requires extensive use of cryogenic pressure vessels and cryogenic storage tanks. As both petrochemical and LNG infrastructure develops on a global scale, it will substantially drive the sales of pressure vessels in the coming years.