The Steel Pressure Vessel and Tank Market is experiencing steady expansion as industries increasingly require robust containment solutions for high-pressure applications. Recent market analysis shows the global market valued at USD 53.95 billion in 2023, with projections indicating growth to USD 66.80 billion by 2030, representing a 3.10% CAGR. This upward trajectory reflects the critical role these components play across energy, chemical processing, and manufacturing sectors.
Steel pressure vessels serve as indispensable assets for storing and processing gases, liquids, and volatile substances under extreme conditions. The industry’s momentum continues as refinements in steel alloys and manufacturing techniques enhance product reliability while meeting stringent ASME safety standards. Notably, the petrochemical sector accounts for over 35% of market demand, followed closely by power generation applications at 28%.
Download FREE Sample Report: https://www.24chemicalresearch.com/download-sample/285411/global-steel-pressure-vessel-tank-forecast-market-2025-2032-405
Market Overview & Regional Analysis
Asia-Pacific commands 42% of global pressure vessel production, with China’s manufacturing prowess driving substantial capacity expansions. The region benefits from accelerating LNG infrastructure development and refining sector investments, particularly in India and Southeast Asian markets. Japan maintains technological leadership in specialized vessel manufacturing for nuclear and high-purity applications.
North American growth stems from shale gas exploration and chemical plant retrofits, while Europe’s focus on renewable energy storage and green hydrogen projects creates new demand vectors. The Middle East continues to invest heavily in oil & gas processing equipment, with Saudi Arabia and the UAE accounting for 68% of regional market activity.
Key Market Drivers and Opportunities
The market’s expansion is propelled by three fundamental forces: escalating energy demand requiring extensive processing infrastructure, chemical industry capacity expansions, and the global push for alternative energy solutions. Pressure vessels enable safer operations in LNG terminals, hydrogen fuel systems, and carbon capture facilities – sectors projected to grow 140% collectively by 2030.
Emerging opportunities include modular pressure vessel systems for floating production units and the development of corrosion-resistant duplex steels for harsh environments. The biogas sector presents untapped potential, with anaerobic digester deployments expected to increase 75% in Europe and North America through 2028.
Challenges & Restraints
Market participants face several headwinds, including raw material price volatility affecting steel input costs which constitute 55-60% of production expenses. The industry also contends with lengthy certification processes, where ASME Section VIII Division 2 compliance can extend project timelines by 25-30%.
Trade protectionism measures impact market dynamics, as seen in the 18-22% import tariffs applied to Chinese pressure vessels in multiple jurisdictions. Additionally, the shift toward composite materials in certain applications threatens to capture 12-15% of the traditional steel vessel market by 2030.
Market Segmentation by Type
- Storage Vessels
- Processing Vessels
- Heat Exchangers
- Reactors
Download FREE Sample Report: https://www.24chemicalresearch.com/download-sample/285411/global-steel-pressure-vessel-tank-forecast-market-2025-2032-405
Market Segmentation by Application
- Oil & Gas
- Chemical & Petrochemical
- Power Generation
- Food & Beverage
- Pharmaceutical
Market Segmentation and Key Players
- IHI Corporation
- Mitsubishi Heavy Industries
- Babcock & Wilcox
- Doosan Enerbility
- Larsen & Toubro
- Pressure Vessels (India)
- Samuel Pressure Vessel Group
- Mersen
- Morimatsu
- KNM Group
- Belleli
- Tinita Engineering
- Springfield Engineering
- Jiangsu Wujin Stainless Steel
- Zhejiang Tiantai Industry
Report Scope
This comprehensive report delivers critical insights into the steel pressure vessel and tank industry landscape from 2024-2032, featuring:
-
Technology adoption trends in vessel fabrication techniques
-
Materials innovation analysis for high-performance applications
-
Supply chain dynamics for raw material procurement
The study incorporates detailed vendor evaluations assessing:
-
Production capacity expansions
-
Regional market penetration strategies
-
Product portfolio developments
-
Aftermarket service capabilities
Market modeling incorporates:
-
CAPEX trends in end-user industries
-
Replacement cycle analysis
-
Regulatory impact assessments
Get Full Report Here: https://www.24chemicalresearch.com/reports/285411/global-steel-pressure-vessel-tank-forecast-market-2025-2032-405
About 24chemicalresearch
Founded in 2015, 24chemicalresearch has rapidly established itself as a leader in chemical market intelligence, serving clients including over 30 Fortune 500 companies. We provide data-driven insights through rigorous research methodologies, addressing key industry factors such as government policy, emerging technologies, and competitive landscapes.
- Plant-level capacity tracking
- Real-time price monitoring
- Techno-economic feasibility studies
With a dedicated team of researchers possessing over a decade of experience, we focus on delivering actionable, timely, and high-quality reports to help clients achieve their strategic goals. Our mission is to be the most trusted resource for market insights in the chemical and materials industries.
International: +1(332) 2424 294 | Asia: +91 9169162030
Website: https://www.24chemicalresearch.com/
Follow us on LinkedIn: https://www.linkedin.com/company/24chemicalresearch
- Global and Regional PAA Scale Inhibitor Industry Status and Prospects Professional Market Research Report Standard Version 2025-2032 - July 20, 2025
- Global Moisture Barrier Tape Market Research Report 2025-2032 - July 20, 2025
- United States Flexible Ceramics Market Research Report Professional Survey 2025-2032 - July 20, 2025