The global steel pressure vessel and tank market continues to demonstrate steady growth, with its valuation reaching USD 53.95 billion in 2023. According to the latest industry analysis, the market is projected to grow at a CAGR of 3.10%, reaching approximately USD 66.80 billion by 2030. This growth is driven by increasing demand across petrochemical, oil & gas, and power generation sectors, particularly in emerging economies where industrial expansion continues at a rapid pace.
Steel pressure vessels and tanks are critical components for storing and transporting gases and liquids under high pressure. Their durability and compliance with stringent safety standards like ASME codes make them indispensable in industries requiring reliable containment solutions. As sustainability becomes a priority, manufacturers are increasingly focusing on developing advanced materials and efficient production techniques.
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 leads the global steel pressure vessel market with over 40% production share, driven by strong demand from China, India, and Southeast Asia. The region’s rapid industrialization, coupled with investments in energy infrastructure, creates significant opportunities for pressure vessel manufacturers. Petrochemical expansions and power plant constructions are particularly fueling this growth.
North America maintains a strong position due to its well-established oil & gas sector and nuclear power industry. Europe’s market is characterized by strict regulatory standards and a focus on sustainable manufacturing practices. Meanwhile, the Middle East continues to be a key market for large-scale storage solutions in the energy sector.
Key Market Drivers and Opportunities
The market is primarily driven by the expansion of the petrochemical industry, increasing energy demand, and infrastructure development in emerging economies. The oil & gas sector accounts for approximately 35% of demand, followed by power generation at 25% and chemicals at 20%. Emerging opportunities include:
- Growing investments in renewable energy storage solutions
- Development of advanced steel alloys for extreme conditions
- Expansion of LNG infrastructure worldwide
- Modernization of aging industrial facilities
Recent technological advancements in manufacturing processes, including automation and precision engineering, are enabling cost efficiencies and improved product quality. The shift toward modular pressure vessel designs presents another significant opportunity for market players.
Challenges & Restraints
Despite positive growth trends, the industry faces several challenges that could impact market expansion:
- Fluctuating raw material prices affecting production costs
- Stringent regulatory requirements increasing compliance burdens
- High capital investment needed for manufacturing facilities
- Environmental concerns related to steel production
Trade tensions and protectionist policies in certain regions have also created market access barriers. Additionally, the industry faces competition from alternative materials in some applications, requiring continuous innovation to maintain market position.
Market Segmentation by Type
- Carbon Steel Vessels
- Stainless Steel Vessels
- Alloy Steel Vessels
- Cryogenic Storage Tanks
- High Pressure Vessels
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 Processing
- Petrochemical Plants
- Power Generation
- Chemical Processing
- Pharmaceuticals
- Food & Beverage
Market Segmentation and Key Players
- McDermott International
- IHI Corporation
- Mitsubishi Heavy Industries
- Hitachi Zosen Corporation
- Larsen & Toubro
- Doosan Heavy Industries
- KNM Group
- Samuel Pressure Vessel Group
- Mersen
- JSW Steel
- Kobelco
- Belleli Energy
- CIMC Enric
Report Scope
This report provides a comprehensive analysis of the global steel pressure vessel and tank market, covering the period from 2023 to 2030. The research includes detailed insights into:
- Market size and growth projections
- Detailed segmentation by type and application
- Regional market dynamics
- Competitive landscape
- Technology trends
- Regulatory environment
The study also includes in-depth profiles of leading market players, with analysis of their:
- Product portfolios
- Production capacities
- Market strategies
- Financial performance
- Recent developments
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