Pressure Vessels Market Size, Share, Growth, Trends, and Global Industry Analysis: By Material (Steel Alloys, Composite Materials, Other Alloys), By Pressure Type (Low Pressure, Medium Pressure, High Pressure), By End User (Oil & Gas, Chemicals & Petrochemicals, Power Generation, Food & Beverages, Pharmaceuticals, Water & Wastewater Treatment, Others) and Region Forecast 2020-2031

Pressure Vessels Market size was valued at US$ 58,523.7 million in 2024 and is projected to reach US$ 82,074.6 million by 2031 at a CAGR of 5.0% from 2025-2031. Moreover, the U.S. Pressure Vessels Market is projected to grow at 4.7% CAGR over the forecast period.

The market refers to the industry focused on the design, manufacture, and distribution of containers engineered to hold gases or liquids at a pressure significantly different from the ambient environment. These vessels are critical components in industries such as oil and gas, chemical processing, power generation, food and beverage, and pharmaceuticals. They are constructed using robust materials like steel, composites, and alloys to ensure safety, reliability, and compliance with regulatory standards.

The market is witnessing steady growth due to increasing industrialization, rising demand for energy, and advancements in manufacturing technologies. The need for efficient storage and transportation of pressurized substances, coupled with stricter safety regulations, is driving significant investments in high-performance materials and innovative vessel designs. Key players are focusing on enhancing product durability, adopting automation in fabrication processes, and expanding their global footprint to meet growing demand across sectors. Additionally, the push towards renewable energy and nuclear power generation is creating new opportunities, particularly in emerging markets.

Facts & Figures

• Operating Pressure Range: Industrial pressure vessels are engineered to withstand pressures ranging from a few bars in low-pressure applications to over 3,000 bars in specialized high-pressure uses, such as in petrochemical and aerospace sectors.
• Material Use: Steel alloys account for more than 70% of industrial pressure vessel usage globally, due to their strength, durability, and cost-effectiveness in high-temperature and high-pressure environments.
• Energy Sector Dependence: In power generation, especially nuclear power plants, pressure vessels are critical components, with each nuclear reactor containing one large reactor pressure vessel (RPV) as the core system.
• Longevity: With proper inspection and maintenance, pressure vessels can operate reliably for 20–30 years, though regular safety checks are mandated to prevent failures.

Key Developments

• In June 2025, the International Maritime Organization (IMO) enacted significant amendments to its gas carrier regulations (IGC Code), introducing mandatory digital tank and pressure monitoring systems and reinforced insulation standards. Additionally, the amendments include new provisions (Resolution MSC.566(109)) permitting the use of liquefied ammonia as a bunker fuel, effective July 2026, with voluntary adoption encouraged earlier. These updates mark a critical step in modernizing gas carrier operations, enhancing safety through digital surveillance, and enabling the transition to alternative, lower-carbon fuels.
• In August 2024, Chevron achieved a groundbreaking technological milestone in deepwater production by becoming the first operator to extract oil from the U.S. Gulf of Mexico’s Anchor field under ultra-high subsea pressures of up to 20,000 psi—a level previously deemed unmanageable by existing equipment. The $5.7 billion project allows for extraction of up to 75,000 barrels of oil and 28 million cubic feet of gas per day, with an expected operational lifespan of 30 years. This breakthrough demonstrates Chevron’s capability to tackle extreme-pressure environments—unlocking previously inaccessible resources and setting a new benchmark for subsea pressure vessel technology.

Pressure Vessel Market Segmentation

Based on the material

• Steel Alloys
• Composite Materials
• Other Alloys

Steel alloys are anticipated to lead the market, driven by their widespread use and proven reliability across industries. Known for their strength, durability, and cost-effectiveness, steel alloys remain the preferred choice in applications such as oil and gas, chemical processing, and power generation. Their ability to withstand high pressure and extreme temperatures makes them indispensable in heavy-duty operations. Additionally, advancements in steel fabrication and treatment technologies have further enhanced corrosion resistance and efficiency, reinforcing their dominance. As industries continue to demand safe, long-lasting, and economical solutions, steel alloys are expected to remain the primary driver of market growth.

Based on the pressure type

• Low Pressure
• Medium Pressure
• High Pressure

High pressure vessels are anticipated to lead the market, primarily due to their critical role in industries that demand robust and reliable containment of gases and liquids under extreme conditions. Sectors such as oil and gas, petrochemicals, and power generation heavily rely on high pressure vessels for operations involving elevated temperature and pressure levels. Their ability to ensure safety, durability, and compliance with stringent international standards makes them the most preferred option. With growing energy demand, rising chemical production, and increasing adoption of nuclear power, high pressure vessels are expected to remain the dominant driver within the pressure type segment.

Based on the end user

• Oil & Gas
• Chemicals & Petrochemicals
• Power Generation
• Food & Beverages
• Pharmaceuticals
• Water & Wastewater Treatment
• Others

Oil & gas is anticipated to be the leading end-use segment in the market, owing to its extensive reliance on these systems for exploration, refining, and transportation processes. Pressure vessels are integral in handling volatile hydrocarbons, storing gases, and ensuring operational safety under extreme pressure and temperature conditions. The continuous expansion of refining capacity, coupled with rising global energy consumption, is fueling demand for advanced and durable vessels in this sector. Furthermore, the growing investments in offshore drilling and deepwater projects are reinforcing the oil & gas industry’s dominance, making it the most influential driver within end-user applications.