Global Pressure Vessels Market Size, Trend & Opportunity Analysis Report, by Material (Titanium, Steel), Product Type (Boiler, Nuclear Reactor), and Forecast, 2024–2035

Market Definition and Introduction

The global pressure vessels market was valued at USD 60.24 billion in 2024 and is anticipated to reach USD 94.72 billion by 2035, expanding at a CAGR of 4.20% during the forecast period (2024–2035). The worldwide market for pressure vessels is going through a critical transformation owing to rapid industrialisation, conversion to sustainable energy methods, and the need for high-efficiency industrial systems. Pressure vessels are essential for containing gases or liquids at different pressures than their surroundings. They find usage within the power generation, chemical processing, oil and gas, and nuclear sectors. With industrial output on the rise and environmental compliance tightening, advanced materials used for vessel construction, especially titanium and steel, have gained popularity. The evolution of manufacturing practices is speeding up acceptance further, as industries ask for components capable of withstanding extreme operating conditions, corrosion, and high fluctuation in pressure.

The other factor that is fuelling the market on the demand side is the transition towards clean and renewable energy systems. The boilers still play an imperative role in thermal power generation, while the nuclear reactors are being redesigned and built as a part of the global effort of decarbonization. Government-supported investments in nuclear energy and advanced thermal power plants across the Asia-Pacific, as well as Europe, increase the operation of specialised vessel systems. Besides, the steel-based pressure vessels for refining and transportation are still used heavily by the oil and gas industry, and the chemical industry has started using titanium vessels for highly corrosive processing environments.

On the supply side, the manufacturers are forced to innovate and develop vessels that not only fulfil stringent safety and regulatory requirements but also enhance longevity and operational efficacy. This has encouraged investments in automation, advanced fabrication technologies, and digital monitoring solutions integrated into pressure vessels. Combined with growing end-user demand for customisation, manufacturers are building tailor-made vessels capable of addressing niche application needs, ensuring safety while optimising the total cost of ownership. The result, therefore, is that the pressure vessels market is rapidly aligning itself with global industrial shifts while offering avenues for growth spanning conventional and emerging applications.

Recent Developments in the Industry

India's new pressure vessel capacity fabrication facility extends the manufacturing capabilities of Larsen Toubro.

In coming March, Larsen and Toubro will announce the commissioning of its advanced metal fabrication facility for the manufacture of pressure vessels in Hazira, India. This facility is a Big expansion to respond to increased domestic and international demands for boiler and nuclear reactor components. To this effect, the company aims to augment in-conditions conforming with its in-house capabilities by upgrading facilities under automated welding and digital inspection systems created in alignment with export-driven opportunities. This kind of investment does reflect a larger trend of capacity expansion and localisation strategies now under implementation in heavy engineering sectors worldwide.

Doosan Heavy Industries receives a great contract for nuclear pressure vessels in the energy transition program of South Korea.

In July 2023, the multi-billion-dollar contract was awarded to Doosan Heavy Industries and Construction for designing and manufacturing pressure vessels for South Korea's next-generation nuclear reactors. This contract embodies the revival of nuclear energy investment in the Asia-Pacific region, which is evolving against a background of decarbonisation commitments and energy security. Doosan will consolidate its presence as a key contender within the international nuclear pressure vessel market because of its advanced experience in heavy equipment. It focuses on how the energy policies in the region shape the future demand of the market.

Babcock and Wilcox introduce digital twin-enabled boilers for optimised plant efficiency.

In January 2025, Babcock & Wilcox Enterprises Inc. announced the launch of an advanced boiler system, integrating digital twin technology for real-time performance monitoring as well as predictive maintenance. It is to prolong the life cycle of pressure vessels with less downtime of thermal power plants. This is a pioneering digitisation drive in the pressure vessels industry, where sophisticated monitoring gadgets are being employed to reduce operational risk and improve effortless energy efficiency. This action positions the company as one of the leaders in developing smart vessel technology.

Market Dynamics

Interventions on industrial decarbonisation and investments in nuclear power will drive the long-term growth of the global pressure vessels market.

Sustainable industrialisation is fuelling the demand for various pressure vessel applications. States across Europe and the Asia-Pacific are diverting investments toward nuclear energy and clean power generation, rendering pressure vessels a necessity of next-generation infrastructure. Steam generators continue to dominate fossil- and hybrid-fuelled power plants, whereas modernisation is being attached to nuclear reactors. In the wake of this, market players are repositioning themselves around clean solutionism and advanced material innovation.

Innovations in steel and titanium aim towards the reshaping of manufacturing processes, solving issues of safety and compliance.

Material innovation remains at the core of growth across the market. Steel vessels are still the dominant choice for industrial boilers and other storage systems related to oil and gas, being adequately cost-effective and structurally resilient. However, titanium vessels are being increasingly utilised in applications requiring a high degree of corrosion resistance, particularly in chemical processing and nuclear applications. These trends reflect the increased pressure across industries to comply with strict rules of safety, avoid downtime, and achieve longer-term operational objectives.

Geopolitical uncertainties and raw material volatility restrict the pricing stability of pressure vessels.

The market has growth drivers yet laced with fluctuating prices of raw materials and geopolitical risks affecting chains connectivity between steel and titanium supply chains. Also, trade restrictions and energy crises would cause large-scale projects delays, forcing stakeholders to diversify sourcing and invest in local manufacturing. Price instability also bodes badly for project planning and capital investments, especially for power generation projects requiring high upfront commitments. These limitations also highlight the market's other expressions of vulnerability to global commodity cycles.

Digitalisation, customisation, and predictive maintenance open doors to vessel manufacturers.

Emerging opportunities comprise digital twin technologies, smart monitoring systems, and advanced fabrication techniques. Manufacturers aim at tailor-made solutions to cater to industry-specific requirements, ranging from chemical reactors to modular nuclear systems. In this regard, vessels enabled with sensors would allow for predictive maintenance, thereby ensuring long-life cycles for assets to the benefit of reduced downtime costs. Innovations of this nature are set to change the dynamics of competition in the market, with companies that can provide the most customised and digitally advanced solutions gaining a major advantage.

Attractive Opportunities in the Market

Green Nuclear Expansion – Investments in nuclear reactors fuel demand for advanced high-strength and corrosion-resistant vessels.
Digital Twin Adoption – Integration of predictive monitoring in boilers and reactors enhances efficiency and reduces downtime.
Customised Fabrication Growth – Industry-specific vessel designs provide tailored solutions for energy, oil, and chemical markets.
Titanium Vessel Uptake – Increasing usage in corrosive processing industries elevates demand for titanium-based vessels.
Asia-Pacific Dominance – Regional infrastructure boom and clean energy transition drive large-scale vessel deployment.
Hybrid Energy Systems – Demand for boilers and vessels supporting hybrid and renewable power plants continues to rise.
Circular Manufacturing Practices – Emphasis on recycling and sustainable fabrication reshapes material utilisation strategies.
Smart Safety Solutions – Real-time monitoring technology integrated into vessels strengthens compliance with safety standards.
Strategic Joint Ventures – Collaborations between heavy engineering firms accelerate technology upgrades and product expansion.
Eco-Regulation Compliance – Adherence to global safety and emissions standards enhances competitiveness in regulated markets.

Report Segmentation

By Material: Titanium, Steel

By Product Type: Boiler, Nuclear Reactor

By Region: North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Spain, Italy, Spain, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific), LAMEA (Brazil, Argentina, UAE, Saudi Arabia (KSA), Africa Rest of Latin America)

Key Market Players

Larsen & Toubro, Babcock & Wilcox Enterprises Inc., Hitachi Zosen Corporation, Doosan Heavy Industries & Construction, Mitsubishi Heavy Industries Ltd., Samuel Pressure Vessel Group, Halvorsen Company, IHI Corporation, Westinghouse Electric Company LLC, and Bharat Heavy Electricals Ltd.

Report Aspects

Base Year: 2024
Historic Years: 2022, 2023, 2024
Forecast Period: 2024-2035
Report Pages: 293

Dominating Segments

For its structural strength and utility in energy industries, the steel sector has a lion's share of the pressure vessels market.

The strength of steel in the pressure vessels market has remained a backbone for one of the applications mentioned due to its longevity, cost, and diversification. Steel remains the mainstay for power-generating plants using boilers due to its stamina that withstands harsh thermal and pressure conditions in the energy and power sectors. The oil and gas industries continue to require steel vessels for safe storage, refining, and transport, whereas these processes are all about tensile strength and longevity. On top of this, the recent developments in welding methodologies, plus anti-corrosive coating, have served to extend the lifecycle performance of steel vessels even in moderately corrosive environments. While titanium is beginning to find some favour, steel's widespread availability and lower production costs have ensured that it continues to dominate in mature and emerging markets. Increasing global energy demand in combination with the modernisation of thermal power plants, coupled with that of refinery infrastructure, guarantees that steel vessels will remain a mainstay of the industry throughout the forecast period.

The nuclear reactor vessel segment is emerging as the fastest-growing application owing to the resurgence of nuclear power worldwide.

Nuclear reactors represent some of the least forgiving and most advanced applications of pressure vessels. This evaluation of nuclear energy as very much the backbone of a clean power transition is occurring as governments ponder how to have their energy security alongside carbon neutrality. Nuclear reactor vessels are designed for extreme pressures and radiation environments with utmost safety. The demand for advanced vessel designs increases with the emergence of new nuclear reactors in the Asia-Pacific and Europe regions, alongside the refurbishment of existing plants. Increasingly favouring titanium-lined vessels and high-strength steel variants for resisting radiation-induced degradation and thermal stress. Suppliers facing international nuclear regulatory standards are increasingly being made to invest in precision manufacturing, non-destructive testing, and material innovation. Such a paradigm shift is fast-tracking the technological evolution of the entire nuclear sector, making nuclear reactor vessels an important growth driver in the global market. With increased engagement from both public and private investment, it is expected to outgrow traditional boilers in terms of growth trajectories.

Titanium segment gains traction in high-corrosive industries where longevity and operational efficiency are paramount.

While steel remains king, titanium-based vessels are steadily gaining acceptance, particularly now in those industries where they undergo high corrosive attacks. The chemical and, even more, pharmaceutical industries are the great pulling forces in this demand, as titanium vessels can endure such active aggressors, proving too much for the time-honoured materials. Beyond corrosion resistance, titanium boasts an impressive strength-to-weight ratio, reducing the weight of the overall structure while still being pressure-rated for safety. High initial capital investment vis-à-vis steel has hindered its application on a wide basis; however, lifecycle performance and low maintenance costs, considering the selection preference for industries with long-term efficiency. Also, the compatibility of titanium with nuclear reactors due to its strength against radioactive attacks is furthering its standing in the domain of future vessel designs. Therefore, as sustainability and cost-efficiency become more significant, titanium vessels would be grabbing a bigger chunk of niche but high-value markets.

Key Takeaways

Steel’s Continued Dominance – Remains the primary material for boilers and oil & gas applications due to resilience and cost efficiency.
Nuclear Energy Surge – Global investments in nuclear power amplify demand for reactor-specific high-performance pressure vessels.
Titanium Uptake Rising – Growing preference in corrosive industries strengthens titanium’s position in specialised vessel applications.
Digitalisation Advances – Smart vessels with monitoring and predictive tools set new industry benchmarks in efficiency.
Asia-Pacific Leadership – Industrial expansion and nuclear adoption position the region as the fastest-growing pressure vessel market.
Sustainability Push – Adoption of eco-friendly and recyclable fabrication methods reshapes industry supply chains.
Safety Compliance Priority – Stricter international regulations fuel demand for certified, high-grade materials and manufacturing processes.
Hybrid Power Applications – Pressure vessels integral in supporting hybrid and renewable-integrated energy systems worldwide.
Customisation Demand – Clients seek tailored solutions for chemical, nuclear, and power generation industries, driving innovation.
Strategic Partnerships – Joint ventures and contracts among global players enhance product reach and technological upgrades.

Regional Insights

North America retains an upper hand in the global pressure vessels market owing to its sturdy industrial framework, vigorous energy infrastructure, and increased and renewed emphasis on nuclear power.

The United States is endowed with a mature oil-and-gas industry in which steel-based pressure vessels are still vital in refining, storage, and transportation. Concomitantly, the region's nuclear sector is being revived with investments in small modular reactors (SMRs) and new-generation nuclear plants. Supported by steady investment and growth prospects in small modular reactors and next-generation nuclear plants, innovations in the sector are being championed by Westinghouse and Babcock & Wilcox manufacturers, marked primarily by digitisation and predictive monitoring technologies. Regulation is extremely tight on quality, safety, and environmental standards of the vessels, which provides further impetus for advanced means of production. The twin pillars of industrial stability and nuclear modernisation lend unquestionable credence to North America's claim to global prominence.

Europe is driving green transition through a rapid uptake of eco-compliant and nuclear-powered pressure vessel systems.

The clean energy infrastructure investments and aggressive climate policy environment shape the European market outlook. The pressure vessels market in Europe rests upon its governance of nuclear energy development, especially in France, the UK, and Finland. The European Green Deal and REACH compliance framework are forcing manufacturers into adopting enhanced safety certifications, using sustainable materials, and making fabrication processes recycling-oriented. German and French firms are developing recovery and reuse systems for any vessels to reduce their environmental impact. Europe is experiencing a huge demand for titanium vessels in chemical and pharmaceutical applications requiring high corrosion resistance. In support of circular manufacturing and eco-certifications from the governments, European players are now fast advancing into leading positions in sustainable and technically skilled pressure vessel systems.

Asia-Pacific emerges as the fastest-growing market under large-scale industrialisation and nuclear expansion projects.

Thus, Asia-Pacific is likely to be the fastest-growing region, with rapid industrialisation, burgeoning energy demand, and government-led investments in nuclear and clean energy infrastructure. China and India are at the forefront with countless infrastructure projects, with an emphasis on thermal power plants and state-of-the-art nuclear reactors; the chemical industry and oil and gas sectors offer a strong foundation for steel and titanium pressure vessels, underpinning their current prominence as regions of manufacturing and consumption. Domestic manufacturers are turning northwards, setting up their footing in the scale-up of production alongside global giants like Doosan and Mitsubishi Heavy Industries, setting eastward. This growth can be attributed mainly to government promotion of clean energy and expert-level adoption of rapid modernisation in its industrial system. Given its scale and clean energy policies, the Asia-Pacific is, however, the most dynamic growth hub in the world.

The LAMEA region leverages oil and gas capacity while exploring renewable and nuclear adoption for energy diversification.

Pressure vessel markets in Latin America, the Middle East, and Africa (LAMEA) present a diverse but developing outlook. In the oil and gas sector, pressure vessels are extremely important in refining and export, with countries like Saudi Arabia and the UAE modernising their refining capacities. Brazil and Argentina are the drivers of chemical and energy project demand for vessels, while Africa has the chance for power generation and some support for industrial growth. Nuclear energy is an early development in the region, while ongoing feasibility studies indicate some promise for vessel manufacturers. The growing renewables and hybrid energy infrastructure investment throughout the LAMEA is opening avenues for the adoption of their advanced boiler and vessel technology. While not comparable in terms of growth to Asia-Pacific, LAMEA holds promise with medium- and long-term prospects owing to its energy diversification drive.

Core Strategic Questions Answered in This Report

What is the expected growth trajectory of the pressure vessels market from 2024 to 2035?

The global pressure vessels market is projected to grow from USD 60.24 billion in 2024 to USD 94.72 billion by 2035, registering a CAGR of 4.2%. This growth is driven by expanding applications in power generation, nuclear energy, and chemical processing, alongside a pivot toward advanced material utilisation and digital integration.

Which key factors are fuelling the growth of the pressure vessels market?

Several key factors are propelling market growth:

Rising demand from power generation, oil and gas, and chemical processing industries
Transition toward eco-compliant and nuclear-grade vessel systems
Increased R&D investments in titanium and advanced steel fabrication
Growth of nuclear reactor projects and small modular reactors
Stringent global regulatory frameworks are boosting innovation and safety compliance

What are the primary challenges hindering the growth of the pressure vessels market?

Major challenges include:

Volatility in steel and titanium feedstock prices
Stringent environmental and nuclear safety regulations are delaying approvals
High capital investment in advanced manufacturing facilities
Complexity in custom vessel design and certification
Supply chain disruptions and geopolitical instability are affecting raw material logistics

Which regions currently lead the pressure vessels market in terms of market share?

North America currently leads the pressure vessels market due to its strong energy infrastructure and nuclear innovation capacity. Europe closely follows with a leadership position in eco-compliant and nuclear-focused vessel adoption.

What emerging opportunities are anticipated in the pressure vessels market?

The market is ripe with new opportunities, including:

Expansion of nuclear and hybrid energy systems
Growth of demand in Asia-Pacific’s industrial and chemical sectors
Rise in digital twin and predictive monitoring technologies
Advancements in vessel recycling and sustainable fabrication systems
Strategic collaborations driving R&D in nuclear and high-performance pressure vessels

Key Benefits for Stakeholders

The report offers a quantitative assessment of market segments, emerging trends, projections, and market dynamics for the period 2024 to 2035.
The report presents comprehensive market research, including insights into key growth drivers, challenges, and potential opportunities.
Porter's Five Forces analysis evaluates the influence of buyers and suppliers, helping stakeholders make strategic, profit-driven decisions and strengthen their supplier-buyer relationships.
A detailed examination of market segmentation helps identify existing and emerging opportunities.
Key countries within each region are analysed based on their revenue contributions to the overall market.
The positioning of market players enables effective benchmarking and provides clarity on their current standing within the industry.
The report covers regional and global market trends, major players, key segments, application areas, and strategies for market expansion. Show more