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“The pressure vessel market is projected to grow at a CAGR of 4.5% from 2020 to 2025.”
The global pressure vessel market size is projected to reach USD 53.3 billion by 2025 from an estimated USD 42.7 billion in 2020, at a CAGR of 4.5% during the forecast period. The installation of new pressure vessels in aging power plants is creating demand opportunities for pressure vessels.
Also, the development of refineries and chemical plants and expanding the fertilizer industry are driving the pressure vessel industry growth. However, high capital requirements and maintenance costs and strict emission standards hinder the growth of pressure vessels.
“Steel alloy, by material, is expected to be the largest and the fastest-growing market from 2020 to 2025.”
Steel alloys account for the largest share in the global pressure vessel market in 2019. The increase in the number of industrial power projects and the replacement of existing pressure vessels are the major factors driving the growth of the market.
Steel alloys include carbon steel, chromium-molybdenum alloys, and stainless steel. Carbon steel is a combination of iron & steel, whereas stainless steel is an iron alloy with a minimum of 10.5% chromium. Other elements are added to stainless steel to enhance its structure and properties such as formability and strength.
High corrosion resistance is the main characteristic of good grade stainless steel. Asia Pacific and the Middle East region are expected to offer lucrative opportunities for the pressure vessel market in the near future.
“The chemicals & petrochemicals segment, by the end-user, is expected to be the fastest-growing market from 2020 to 2025.”
The chemicals industry is growing globally owing to increasing consumption of goods such as fertilizers and other agrochemical products, LED lightings, coatings & adsorbents, plastics & man-made fibers, and research laboratory chemicals. The petrochemical industry is experiencing heightened demand from numerous construction projects in the Asia Pacific region. More than 20 refineries are expected to be constructed in the Middle East & Africa and Asia Pacific region in the next five years. All these factors are driving the growth of the pressure vessel market for the chemicals & petrochemicals industry.
“Asia Pacific: The largest and the fastest-growing region in the pressure vessel industry.”
The region is developing into the fastest-growing end-market for energy, power, and technologies. Also, substantial growth in related industries such as metallurgy, chemical manufacturing, food and beverages, and energy & power, drive the growth of pressure vessel market. China and India are the fastest-growing countries in the region, generating massive demand for pressure vessels.
Moreover, the region has many countries importing natural gases, which boost the trade as well as the market for pressure vessels. Japan is the largest importer of LNG, along with many other developing nations of the region. These countries are expected to increase their trade, considering the low cost of conventional fuels. All these factors drive the demand for pressure vessels in Asia Pacific.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
- By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
- By Region: Asia Pacific- 30%, North America- 27%, Europe- 25%, Middle East & Africa – 13%, and South America- 5%
*Others include sales managers, engineers, and regional managers.
Note: Tier 1 Company?Revenue > USD 5 billion, Tier 2 Company?Revenue between USD 1 and USD 5 billion, and Tier 3 Company?Revenue < USD 1 billion
The global pressure vessel market is dominated by a few major players that have an extensive regional presence. Babcock & Wilcox Enterprises (US), General Electric(US), Larsen & Toubro (India), IHI Corporation (Japan), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen (Japan), Bharat Heavy Electricals Limited (India), Doosan Mecatec (South Korea), Dongfang Turbine Co., Ltd. (China), Samuel, Son & Co. (US), Westinghouse Electric Company (US), and Halvorsen Company (US), Pressure Vessels (India), and Kelvion Holdings GmbH (Germany) are some of the leading players.
The report defines, describes, and forecasts the pressure vessel market, by type, material, heat source, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value and volume, and future trends in the pressure vessel market.
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