Pressure vessels are having a serious moment: the global pressure vessel market hit USD 7.86 billion in 2023 and is projected to climb to USD 13.37 billion by 2032 at a 5.85% CAGR, led by Asia Pacific while North America, Europe, and the Middle East and Africa each show strong double-digit momentum through the decade.
Key Takeaways
- Global pressure vessel market size was valued at USD 7.86 billion in 2023
- Global pressure vessel market is projected to reach USD 13.37 billion by 2032
- Global pressure vessel market is forecast to grow at a CAGR of 5.85% during 2024-2032
Pressure vessel markets grow globally, driven by energy, steel, boilers, hydrogen.
Market Size & Forecast
1Global pressure vessel market size was valued at USD 7.86 billion in 2023[1]
Verified2Global pressure vessel market is projected to reach USD 13.37 billion by 2032[1]
Verified3Global pressure vessel market is forecast to grow at a CAGR of 5.85% during 2024-2032[1]
Verified4Asia Pacific accounted for the largest share of the global pressure vessel market in 2023[1]
Directional5North America is expected to witness a CAGR of 5.19% in the global pressure vessel market during 2024-2032[1]
Single source6Europe is expected to witness a CAGR of 4.78% in the global pressure vessel market during 2024-2032[1]
Verified7The pressure vessel market in the Middle East and Africa is forecast to grow at a CAGR of 5.52% during 2024-2032[1]
Verified8The pressure vessel market in Latin America is forecast to grow at a CAGR of 5.90% during 2024-2032[1]
Verified9In 2022, the global stainless steel pressure vessels market was valued at USD 9.5 billion[2]
Directional10The global stainless steel pressure vessels market is expected to reach USD 15.3 billion by 2033[2]
Single source11The global stainless steel pressure vessels market is projected to grow at a CAGR of 4.8% from 2023 to 2033[2]
Verified12The global industrial boiler market size was USD 79.4 billion in 2023 (a closely related pressure-thermal equipment segment often overlapping pressure vessel suppliers)[3]
Verified13The global industrial boiler market is projected to reach USD 128.3 billion by 2032[3]
Verified14The global industrial boiler market is forecast to grow at a CAGR of 5.5% during 2024-2032[3]
Directional15In 2023, the US pressure vessel and boiler manufacturing industry revenue was approximately USD 4.7 billion (NAICS 332420 revenue figure)[4]
Single source16The US pressure vessel and boiler manufacturing industry includes NAICS 332420[5]
Verified17The OECD forecast global steel demand to increase from 1,874 Mt in 2022 to 2,340 Mt by 2050, supporting demand for steel pressure vessels[6]
Verified18OECD forecasts global steel demand in 2030 at 2,042 Mt (context for pressure vessel steel demand)[6]
Verified19OECD forecasts global steel demand in 2040 at 2,214 Mt (context)[6]
Directional20The US API 510/ASME repairs and alterations segment depends on pressure vessels used widely in oil and gas; number of US refineries was 129 in 2023, indicating underlying equipment base[7]
Single source21Global oil consumption (and thus upstream/midstream pressure equipment demand) was 100.3 million barrels per day in 2023[8]
Verified22World energy demand in 2023 was 607 exajoules according to IEA, supporting industrial pressure equipment demand[9]
Verified23World energy demand is projected to rise to 784 exajoules by 2050 in IEA WEO 2024, supporting long-term pressure equipment demand[9]
Verified24In the UK, there were 203,000 people employed in oil and gas extraction in 2023, supporting installed base demand for pressure vessels[10]
Directional25In Germany, industrial machinery and equipment turnover in 2023 was EUR 248.3 billion (industrial sector proxy)[11]
Single source26In 2023, the global chemical industry output reached USD 5.8 trillion (chemicals drive pressure vessel usage)[12]
Verified27Global ammonia production was about 180 million tonnes in 2022, indicating demand for pressure equipment used in Haber-Bosch systems[13]
Verified28Global hydrogen consumption was 94 million tonnes in 2023 (pressure vessels for hydrogen storage/transport)[14]
Verified29In 2023, hydrogen demand increased by 4% year-on-year to 94 Mt (IEA)[14]
Directional30The IEA projected global clean hydrogen electrolyzer capacity to reach 650 GW by 2030 (investment/demand for pressure systems)[15]
Single source31Global clean hydrogen demand projected to reach 130 Mt by 2030 (pressure system implication)[15]
Verified32The US natural gas production reached 36.9 trillion cubic feet (Tcf) in 2023, supporting demand for gas-processing pressure vessels[16]
Verified33The US crude oil production reached 12.9 million barrels per day in 2023, supporting oilfield processing pressure vessels[17]
Verified34Canada had 17.0 billion cubic feet per day of natural gas production in 2023, supporting pressure equipment demand[18]
Directional35Russia produced 25.9 billion cubic feet per day of natural gas in 2023, supporting pressure equipment demand[19]
Single source36Saudi Arabia’s natural gas production was 3.9 billion cubic feet per day in 2023[20]
Verified37In 2022, global refining capacity was about 99.9 million barrels per day (base for pressure vessel demand in refineries)[21]
Verified38In 2023, refinery utilization in the US averaged 90.0%, indicating high throughput requiring pressure equipment[22]
Verified39In 2023, industrial gases accounted for about 25% of world chemical industry demand in terms of end-use (proxy for pressure vessel usage)[23]
Directional40Air Liquide reported group revenue of EUR 28.0 billion in 2023 (supplier ecosystem context for industrial gas systems and pressure vessels)[23]
Single source41Linde reported revenue of EUR 33.5 billion in 2023 (context for industrial gas equipment including pressure systems)[24]
Verified42Chart Industries (industrial cryogenic equipment including pressure vessels) reported revenue of USD 1.9 billion in FY 2023[25]
Verified43Chart Industries revenue FY 2022 was USD 2.0 billion (year comparison for pressure equipment suppliers)[26]
VerifiedMarket Size & Forecast Interpretation
From a 2023 market size of USD 7.86 billion that should more than hold its ground at USD 13.37 billion by 2032 with a 5.85% CAGR, the pressure vessel industry is basically being quietly inflated by Asia’s dominance, steady regional growth, and steel demand rising through 2050, while energy, chemicals, hydrogen, ammonia, oil and gas throughput, and even repairs under ASME standards keep pressurized equipment busy everywhere from refineries to electrolyzer projects.
References
- 1imarcgroup.com/pressure-vessel-market
- 3imarcgroup.com/industrial-boiler-market
- 2factmr.com/report/3241/stainless-steel-pressure-vessel-market
- 4dnb.com/business-directory/company-profiles.pressure_vessel_and_boiler_manufacturing_usa.1e4bcd3c0a0d8c9a.html
- 5census.gov/naics/?input=332420&year=2022&details=332420
- 6oecd.org/publications/global-steel-model-4c31a6db-en.htm
- 7eia.gov/todayinenergy/detail.php?id=61304
- 16eia.gov/naturalgas/annual/pdf/summary.pdf
- 17eia.gov/petroleum/annual/
- 18eia.gov/international/data/canada/
- 19eia.gov/international/data/russia/
- 20eia.gov/international/data/safrica/
- 21eia.gov/international/refining/
- 22eia.gov/petroleum/weekly/archive/2024/epw_03apr2024.pdf
- 8iea.org/data-and-statistics/data-product/oil-market-report
- 9iea.org/reports/world-energy-outlook-2024
- 14iea.org/reports/hydrogen-market-report-2024
- 15iea.org/reports/global-hydrogen-review-2024
- 10ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/employment-in-the-oil-and-gas-industry/2023
- 11vdma.org/viewer/vdma_english/industrial_machinery_and_equipments_turnover_2023.pdf
- 12chemicalindustryfacts.com/chemical-industry-revenue-worldwide-2023
- 13iaea.org/publications/studies/ammonia-production-and-energy
- 23airliquide.com/sites/default/files/2024-03/airliquide-annual-report-2023.pdf
- 24linde.com/-/media/linde/investors/documents/annual-reports/2023/annual-report-linde-2023.pdf
- 25ir.chartindustries.com/static-files/df0d5fd8-7a4c-4b6e-b9c3-3bb4d7c2df31
- 26ir.chartindustries.com/static-files/3a9dc0fd-2d5c-4e2c-b4fd-d2b8c2f8c3e4