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

Regional Analysis

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North America has established itself as the dominant region in the global pressure vessels market. The region is expected to account for 34.1% of the market share in 2024. With the growing oil and gas industries as well as strong chemical processing industries, the U.S. and Canada account for sizeable demand. Major pressure vessel manufacturers have set up production facilities across various states to cater to the regional requirements. The presence of leading end-use industries has ensured a steady demand over the years. The North American Free Trade Agreement (NAFTA) has further strengthened trade relations between the U.S., Mexico, and Canada. Pressure vessels of varying specifications are freely traded within the member countries. Many Mexican companies import pressure vessel components from the U.S. and Canada to assemble the final products. This helps optimize costs. The replacement demand from maturity industries also supports the North America market.

The Asia Pacific region, especially China, is emerging as the fastest growing regional market for pressure vessels. With heavy investments in energy infrastructure and chemical processing plants, the demand for pressure vessels is set to rise substantially. China has become a manufacturing hub for many industries that use pressure vessels. This is prompting vessel makers to expand locally through greenfield projects or acquisitions to gain access to this opportunity. South East Asian nations like India, Indonesia, and Vietnam are also adding substantial refining and petrochemical capacities. The availability of low-cost skilled labor makes these countries an attractive destination for foreign pressure vessel companies looking to set up outsourced manufacturing units. This is driving the exports of vessel components from developed markets to Asia Pacific. However, pricing pressure due to low production costs of local Asian suppliers is gradually making the region self-reliant.