Market Highlights

The pressure vessel market will reach a value of USD 68.2 billion, powering at a 4.7% compound annual growth rate, by 2030. 

The growth is mainly because of the increasing global thermal energy requirement, rising need for clean energy, and growing chemical manufacturing.

Pressure vessels are extensively utilized in nuclear reactor vessels, oil refineries, mining operations, petrochemical plants, under-pressure hydraulic reservoirs, pneumatic reservoirs, road and rail vehicle airbrake reservoirs, submarine and spaceship habitats, and storage vessels for liquefied gases like ammonia, propane, and chlorine.

The continuous growth of the chemical sector is a key factor driving the industry expansion.

Chemicals are essential for clothes, food, healthcare, convenience, and comfort in daily life. The chemicals sector is also a major part of the worldwide economic landscape. 

Chemicals are employed in nearly 96% of every manufactured product, and they can’t be substituted by other materials. 

Over 80% of chemicals are sold to other businesses and via numerous transformations in various value chains before they are utilized by final customers.

Chemicals are the primary foundation on which economies are built as they are the input materials essential for almost every good.

Key Insights

·         APAC was the largest contributor to the industry in the past few years, and it will remain the largest throughout this decade. 

·         This can be mainly because of the advancing chemical and power industries in this region.

·         China has had the largest chemical sector globally since 2011, and its expansion remains to significantly surpass that of other substantial chemical-producing nations. 

·         In the last two decades, China's developments in the chemical sector have been powered by swift investment, fragmentation in a wide range of areas, and strong competition.

·         Europe was the second-largest contributor to the industry in recent years. This can be primarily because of product invention and wide-ranging R&D by pressure vessel manufacturers, and the advancing oil & gas sector in this region.

·         The boiler category accounted for the largest share of the industry in recent years. This is mainly because of the commencement of many refinery projects as well as the aging power infrastructure.

·         The steel alloy category will advance at the fastest compound annual growth rate, of approximately 6%, in the years to come. Chromium is one of the most typical alloys found in steel. 

·         Chromium is an important component of stainless steel, and it has a stabilizing effect and results in better carbide production, which makes alloy steel stronger and tougher.

·         The power category was a significant contributor to the industry in recent years. The need for pressure vessels in the power industry is mainly because of their capability to capture hazardous gases. 

·         Extra gas must be kept at oil refineries and metalworks. RPVs are distinctive pressure vessels employed in the nuclear power industry.

·         The unfired category will advance at a higher compound annual growth rate during this decade.

·         This is because an unfired vessel has a lesser overheating risk, it aids as a heat exchanger, and it is highly advantageous in avoiding corrosion produced by very high temperatures and various other related factors.

Source: P&S Intelligence