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Pressure Vessels Market Growth Analysis | 2024-2031
Pressure Vessels Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2024-2031
The pressure vessels market was estimated at USD 6.8 billion in 2024 and is likely to grow at a CAGR of 9.5% during 2024-2031 to reach USD 13.1 billion in 2031.
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Pressure vessels are sealed containers designed to hold gases or liquids at a pressure significantly different from the external environment. They are used in industries such as oil & gas, chemicals, power generation, and aerospace for applications that require controlled pressure containment.
The pressure vessels market is expanding as industries like oil & gas, chemicals, power generation, and aerospace rely on these containers for storing and transporting gases and liquids under high pressure. Their role in industrial processing and energy storage makes them essential for various applications. Innovations in materials such as composites and stainless steel are making these vessels stronger, more efficient, and safer, while also reducing their weight. The growing shift toward renewable energy, particularly hydrogen storage and carbon capture, is fueling demand. However, strict safety regulations, high production costs, and ongoing maintenance requirements present hurdles for manufacturers. Despite these challenges, investments in clean energy, industrial automation, and infrastructure upgrades are expected to keep driving market growth.
The growing demand for pressure vessels can be attributed to many factors, including::
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The competitive landscape of the pressure vessels market varies from material to material. Type I, the dominant vessel category, is fiercely competitive with the presence of several regional players. There are more than 100 players, and the majority of them are located in the Asian region. Whereas, composite vessels, the emerging category, have a relatively smaller number of players with a growing presence in the Asian market. The following are the key players in the pressure vessels market.
Here is the list of the Top Players (Based on Dominance)
Note: The above list does not necessarily include all the top players in the market.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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Application-Type Analysis |
Life Support, Transportation, Recreational, Industrial, Gas Carrier & Storage, and Other Applications |
Transportation is expected to be the largest demand generator for pressure vessels, whereas gas carrier & storage is likely to grow at the fastest rate in the coming years. |
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Pressure Vessels-Type Analysis |
Type-I Vessel, Type-II Vessel, Type-III Vessel, and Type-IV Vessel |
Type I is expected to cater to the largest demand for pressure vessels, whereas Type IV is likely to grow at the fastest rate in the coming years |
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Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is expected to maintain its reign over the forecast period, and Europe is likely to grow at the fastest pace over the next six years. |
“The pressure vessels market is expected to witness transportation as the primary driver of demand, whereas the gas carrier & storage application is projected to experience the fastest growth in the coming years.”
The pressure vessels market is segmented into life support, transportation, recreational, industrial, gas carrier & storage, and other applications. The market is driven primarily by transportation, where demand for CNG, LNG, and hydrogen fuel storage is rising due to the shift toward cleaner energy. Whereas, the gas carrier & storage category is expected to grow at the fastest pace, driven by increasing investments in LNG infrastructure, hydrogen storage, and industrial gas transportation. As global industries focus on renewable energy and advanced fuel storage, transportation will remain the key demand generator, whereas gas storage and distribution will see the most rapid expansion.
“Type I pressure vessels are expected to cater to most of the demand generated in the market, whereas Type IV pressure vessels are projected to experience the fastest growth in the coming years.”
The market is segmented into type-I vessel, type-II vessel, type-III vessel, and type-IV vessel. Type I pressure vessels are expected to continue their dominance in the market due to their durability, cost-effectiveness, and widespread use in industries like oil & gas, chemical processing, and power generation. Type IV pressure vessels are expected to be the fastest-growing vessel type over the next six years, driven by the rising adoption of hydrogen storage, CNG fuel systems, and lightweight transportation solutions. As industries shift toward clean energy and advanced storage technologies, type IV vessels are likely to witness an increase in demand, whereas type I remains the industry standard for traditional applications.
“The Asia-Pacific region is projected to remain the dominant market throughout the forecast period, whereas Europe is expected to experience the fastest growth rate during the same period.”
Asia-Pacific is to remain the largest market for pressure vessels, driven by industrialization, energy industries investments, and infrastructure growth in countries like China, Japan, and South Korea. However, Europe is expected to grow at the fastest rate, fueled by clean energy initiatives, hydrogen adoption, and strict environmental regulations.
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This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s pressure vessels market realities and future market possibilities for the forecast period of 2024 to 2031. After a continuous interest in our pressure vessels market report from the industry stakeholders, we have tried to further accentuate our research scope to the pressure vessels market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulating the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The pressure vessels market is segmented into the following categories:
By Application Type
By Vessel Type
By Region
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With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Pressure vessels are sealed containers designed to hold gases or liquids at a pressure significantly different from the external environment. They are used in industries such as oil & gas, chemicals, power generation, and aerospace for applications that require controlled pressure containment.
The pressure vessels market was estimated at USD 6.8 billion in 2024.
The forecasted value of the pressure vessels market is expected to reach USD 13.1 billion in 2031.
The pressure vessels market is likely to grow at a CAGR of 9.5% during 2024-2031.
Type I pressure vessels are expected to cater the most of the demand generated in the market, whereas Type IV pressure vessels are projected to experience the fastest growth in the coming years.
Hexagon Composites ASA, Cylinders Holding Group, Beijing Tianhai Industry Co., Ltd., Luxfer Holdings PLC, Everest Kanto Cylinder Ltd., Worthington Industries, Inc., TriMas Corporation, Iljin Composites, Sinoma Science & Technology Co., Ltd., CIMC Enric Holdings Limited, and Sinoma Science & Technology Co., Ltd., are the leading players in the market.
Asia-Pacific is estimated to remain dominant in the market in the foreseeable future.
Some of the key drivers of the market are: Growth in the energy industry: Increasing power generation projects, especially in nuclear and renewable energy. Expanding oil & gas industry: High-pressure storage solutions are required for refining and petrochemical applications. Advancements in material technology: The development of lightweight and corrosion-resistant materials like composites and advanced alloys. Stricter safety regulations: Industries are required to adopt high-quality pressure vessels to meet stringent safety standards.
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