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 2024-2031

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 registering a good pace of growth, reason being industrial expansion and stringent safety regulations. According to the United Nations Industrial Development Organization (UNIDO), the gross manufacturing output worldwide was US$ 16.38 trillion in 2022, with 15.38% year-on-year growth compared to the preceding year.

The significant rise of vessels, particularly in the oil and gas, chemical processing, power generation, and pharmaceutical industries where these vessels are relied heavily for the safe storage and transportation of liquids and gases under high pressures or temperatures, brings to light the dynamic industrial landscape worldwide. On the other hand, the market has a regulatory framework strongly established by governments and regulatory bodies. Hence, by way of example, ASME Boiler and Pressure Vessel Code compliance is mandatory for manufacturers in the USA.  

Likewise in the European Union, the Pressure Equipment Directive (PED), increases the standards while Canada follows the National Board Inspection Code (NBIC). These rules make pressure vessels safe and fit for specific uses. Sticking to regulatory norms creates a rivalry in the market encouraging manufacturers to keep raising their performance levels and innovating to this end. Regulatory oversight through inspections and audits keeps the industry uniform by maintaining certain standards which ensures product quality and safety.