Market Size (2018)
$156.80M
Vertical: EnPBase Year: 2018
Market Size (2018)
$156.80M
Projected (2025)
$225.70M
CAGR (2017–2025)
5.3%
Key Players
11+
The demand for pressure vessels is growing rapidly in the global market owing to various factors, including increasing power generation capacity and the rapid growth of the chemical industry in the Middle East.
The global pressure vessel market is projected to grow at 5.45% CAGR during the forecast period, 2019–2025. In 2018, the global pressure vessel market was dominated by Asia-Pacific with a 35.52% share, followed by North America and Europe, with shares of 24.05% and 19.24%, respectively.
The global pressure vessel market has been segmented based on type, material, application, and region. Based on type, the global pressure vessel market has been classified into boilers, nuclear reactors, separators, and others. The boilers segment is expected to grow at a faster rate during the forecast period. In 2018, the boilers segment held a 41.70% share of the global pressure vessel market.
Based on material, the global pressure vessel market has been divided into steel alloys, composites, and others. The composites segment is expected to grow at a faster rate during the forecast period. In 2018, the steel alloy segment held a 41.53% share of the global pressure vessel market.
Based on application, the global pressure vessel market has been segmented into oil & gas, chemical, power generation, and others. The oil & gas segment is expected to grow at a faster rate during the forecast period. In 2018, the chemical segment held a 32.98% share of the global pressure vessel market.
Based on region, the global pressure vessel market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. In 2018, Asia-Pacific held a 35.52% share of the global pressure vessel market.
The Pressure Vessel Market market is projected to grow at a CAGR of 5.3% from 2017 to 2025.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansSubscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansPressure vessels are manufactured according to standard regulations and their applications. As pressure vessels are widely used for storing liquids and gases at high pressures and temperatures, the high internal pressure bearing capacity of the pressure vessel is the main feature that increases the applications of these pipes in various end-use industries.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansSubscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansSubscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2017 – 2017
Forecast Period
2019 – 2025
Primary Interviews
150+
Historical data (2017–2018) and forecast period (2018–2025)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansThe global pressure vessel market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The vendors compete based on cost, product quality, reliability, and aftermarket services. It is crucial for vendors to provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Mitsubishi Heavy Industries, Ltd, Babcock & Wilcox Enterprises, Inc, Doosan Corporation, Bharat Heavy Electricals Limited, Larsen & Toubro Limited, and General Electric are some of the major players operating in the global market. These companies compete in terms of availability, quality, price, and technology. They consider product development as their key strategy in the global pressure vessel market. Although the international players are dominating the market, regional and foreign players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.
Market estimates by geography (2025)
InsightAsia Pacific leads with $86.70M by 2025.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription Plans| REGION | 2017 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| Middle East and Africa | $18.70M | $21.20M | $24.60M | 3.5% | 11% |
| North America | $35.90M | $43.90M | $55.20M | 5.5% | 24% |
| Asia Pacific | $52.60M | $66.60M | $86.70M | 6.4% | 38% |
| Europe | $29.00M | $34.40M | $41.90M | 4.7% | 19% |
| South America | $13.70M | $15.10M | $17.20M | 2.9% | 8% |
| Total | $149.90M | $181.20M | $225.60M | 5.3% | 100% |
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansTotal Market Size
$225.70M
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Boilers | $96.20M | 5.6% | 43% |
| Nuclear Reactors | $60.10M | 5.3% | 27% |
| Others | $44.20M | 4.7% | 20% |
| Separators | $25.20M | 5.0% | 11% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
Subscribe to Wantstats
Unlock premium reports, insights, blogs, charts and more.
View Subscription PlansSee plans for professionals or small and medium businesses.

Analytical insights on Pressure Vessel Market covering market dynamics, competitive landscape, and strategic outlook.
The Pressure Vessel Market market is projected to reach $225.70M by 2025, growing at 5.3% CAGR. The Boilers segment holds the largest share.
The global pressure vessel market is expected to grow substantially during the forecast period owing to the increasing power generation capacity and the rapid growth of the chemical industry in the Middle East. Moreover, the developing manufacturing sector in emerging economies is expected to create an opportunity for the players operating in the global market. However, the mining industry slowdown is expected to restrain the growth of the global pressure vessel market during the forecast period.
According to the BP Statistical Review of World Energy 2019, the global power generation capacity grew from 25,676.6 Terawatt-hours (TWh) in 2017 to 26614.8 TWh in 2018. Furthermore, as per the data from the report mentioned above, the demand for power generation from nuclear sources grew by 2.36% in 2018 compared to 2017. Additionally, in 2018, power generation using coal and hydroelectricity grew by 3.01% and 3.14%, respectively, compared to 2017. The growth in the capacity of power generation can be attributed to the increasing use of pressure vessels for power generation. The figure below depicts the rise in the global power generation capacity from 2010–2018.
Pressure vessels used in power generation plants help maintain and transport liquids, vapors, and gases at a desirable pressure as per the requirements of various components such as boilers, heat exchangers, and nuclear reactors. This leads to an increase in the installation of pressure vessels in power generation plants, such as thermal and nuclear power plants. Many countries across the world, including India, China, and the US, are focusing on growing their power generation capacity. In India, as per the Ministry of Commerce & Industry, Government of India, the Indian government is focusing on increasing the coal-based power generation capacity to 330-441 GW by 2040. Additionally, in India, the Nuclear Power Corporation of India Limited (NPCIL) aims to increase the capacity of nuclear power generation to nearly 60 GW by 2032. Moreover, as per the World Nuclear Industry Status Report, 2019, as of July 2019, there were 46 nuclear power plants under construction globally. Furthermore, authorities in many countries, including the US, China, and Russia, are focusing on the construction of new nuclear power plants and the upgrade of existing plants.
For instance, according to the International Atomic Energy Agency (Austria), the Chinese government is working on constructing nuclear power plants, which will lead to the development of two nuclear reactors, namely, Fuqing units 5 and 6 in the Fujian province of China. In the US, as per the US Energy Information Administration (EIA), the nuclear power generating capacity is expected to reach by by 2050. Furthermore, according to a report published by the International Atomic Energy Agency in 2019, as per high case projections, the global nuclear power generating capacity is expected to reach to 496 GW by 2030, globally. Such developments are expected to increase the establishment of power plants with increased power generation capacity, which will consequently increase the demand for pressure vessels. Thus, the increasing power generation capacity is expected to drive the global pressure vessels market during the forecast period.
The manufacturing sector refers to the industries, which involve the manufacturing and processing of raw materials or other substances into finished products. It includes industries such as automotive, textiles, electronics, pharmaceuticals, food & beverages, metals, and paper & pulp. Pressure vessels are used in various components in the manufacturing sector, such as autoclaves, separators, expansion tanks, storage vessels, and heat exchangers. The manufacturing sector in emerging economies, such as India, China, Brazil, Indonesia, and South Africa, is expected to boost significantly during the forecast period. For instance, in India, as per the Government of India, the manufacturing sector is expected to reach USD 1 trillion by 2025. Additionally, the Indian government plans to achieve a turnover of around USD 400 billion from the electronics manufacturing industry in the country by 2025. Moreover, in China, in November 2019, the Chinese government announced plans to invest USD 21 billion to boost the manufacturing industry in the country. Furthermore, in Brazil, in the automotive industry, in September 2019, Toyota Motor Corporation (Japan) announced plans to invest USD 1 billion for the production of automotive vehicles in its Sorocaba Plant in Sao Paulo, Brazil.
Such investments lead to the development of the manufacturing sector in developing countries. The use of pressure vessels in the manufacturing industry is expected to increase due to the rising developments in the manufacturing industry, as pressure vessels are an integral part of the manufacturing sector. Thus, the developing manufacturing sector in emerging economies is expected to create an opportunity for players operating in the global pressure vessels market during the forecast period.
The mining industry involves the extraction of various materials, such as fossil fuels, minerals, ores, and other geological materials. Pressure vessels are used in multiple components, such as heat exchangers, storage tanks, and hyperbaric chambers, which are used during mining operations. Thus, pressure vessels play an essential role in the mining industry. However, the slowdown in the growth of the mining industry is expected to restrain the demand for pressure vessels in the global market. The mining industries across the globe are facing several issues, including political and environmental challenges, which slows down the growth of the mining industry, worldwide. For instance, in Zambia, in November 2019, the government announced that it would scrap the construction of a copper mine in the Zambezi river national park in the country. Additionally, in the UK, in September 2019, Sirius Minerals (UK) announced the cancellation of a USD 500 million mining project in North Yorkshire. Furthermore, countries such as China and India are witnessing a slowdown in the growth of the mining industry, which in turn restricts the growth of the global pressure valves market.
As per the data of the Index of Industrial Production published by the Indian government in November 2019, the growth of the mining industry between January and September in 2019 decreased by 8.5% as compared to the production growth in the same period in the previous years. Such factors are expected to reduce the demand for the pressure valves in the global pressure vessels market.
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Profiles of 104 companies operating in the Pressure Vessel Market market, including revenue, employee count, and market positioning where available.
Showing 104 of 104 companies
Doosan Corporation, founded in 1896 and headquartered in Seoul, South Korea, operates as one of the oldest and most diversified industrial conglomerates in Asia. The group's relevance to the heavy equipment and utility vehicles market is anchored primarily through Doosan Bobcat — a wholly owned subsidiary and a globally recognized manufacturer of compact construction equipment, utility vehicles, and attachments. Doosan Bobcat operates manufacturing facilities across the United States, Europe, and Asia, distributing products through a dealer network spanning over 100 countries. The parent holding company, Doosan Corporation, is listed on the Korea Exchange and oversees a portfolio of businesses ranging from industrial machinery to power systems, with heavy equipment representing one of its highest-revenue segments. Doosan Bobcat forms the core of Doosan's competitive positioning in the heavy equipment and utility vehicles market. The subsidiary's product portfolio includes skid-steer loaders, compact track loaders, mini excavators, telescopic handlers, and a broad range of utility vehicles — most notably the Bobcat UV series used in agriculture, construction, landscaping, and municipal applications. Bobcat competes directly with Caterpillar, John Deere, and Manitou in the compact equipment segment, differentiating through dealer density, attachment versatility, and a strong aftermarket parts and service network. In the utility vehicle segment, Bobcat's UV34 and UV34XL models target professional-grade users in turf management, facility maintenance, and light construction, competing against Polaris Professional and Kubota RTV lines. Doosan Bobcat has pursued a strategy of product line expansion and electrification to address evolving regulatory and customer demands. The company unveiled its all-electric compact track loader and electric mini excavator concepts at major trade events including ConExpo, signaling a deliberate push into zero-emission equipment. In 2022, Doosan Bobcat completed its listing on the Korea Exchange as an independent entity, raising capital to fund R&D and geographic expansion — particularly in Europe and emerging markets where compact equipment adoption is accelerating. The parent Doosan Corporation has also restructured its broader portfolio following financial difficulties in 2020–2021, divesting non-core assets to sharpen focus on high-margin industrial and equipment businesses. Doosan Bobcat reported revenues of approximately KRW 7.8 trillion (roughly $5.9 billion USD) for fiscal year 2023, driven by sustained demand in North American construction and rental markets. The North American market accounts for the majority of Bobcat's equipment sales, with rental fleet operators — including United Rentals and Sunbelt Rentals — representing significant volume customers for skid-steer loaders and compact track loaders. Bobcat holds a leading share in the North American skid-steer loader segment, a position built over decades of brand recognition and an extensive dealer footprint exceeding 700 locations in the United States alone.
Company Headquarters: US Founded: 1886 Workforce: ~11,000 Company Working: Westinghouse Electric Company LLC (Westinghouse Electric), a subsidiary of Brookfield Business Partners, is engaged in offering products and services for nuclear power plants. It is a well-recognized provider of nuclear reactors and related technologies in the global market. The company operates through the components, fuel, engineering, outage services, automation, nuclear parts operations, long-term operations, plant modifications, enhanced safety, nuclear-integrated services, and fuel handling equipment & manufacturing categories. It primarily offers design and fabrication services for pressurized water reactors, VVER reactors (Voda Energo reactors), boiling water reactors, and advanced gas-cooled reactors. It generates revenue primarily by providing highly contracted and recurring services. Westinghouse Electric has a presence in more than 20 countries across the Americas, Europe Middle East & Africa, and Asia. It has an in-house research and development center and has more than 1,500 patents and nearly 900 US Nuclear Regulatory Commission licensed topical reports on nuclear reactors.
Company Headquarters: Maharashtra, India Founded: 1986 Workforce: ~100 Company Working: Pressure Vessels is a leading manufacturer and exporter of pressure vessels, shell & tube heat exchangers, and distillation columns. Its products have applications in various industries, such as oil & gas, defense, petrochemical, chemical, water treatment, refrigeration, and refineries, marine, and solar. The company manufactures the pressure vessels under ASME certifications, such as ASME-U, ASME-R, and ASME-NB. It uses machines such as milling machines, rolling machines, forming press machines, spinning machines, and cranes to ensure smooth operations of its products. The company uses materials, such as stainless steel, carbon steel, copper & copper alloys, nickel & nickel alloys, and titanium for the production of its products. Pressure Vessels (India) exports its products all over the world, including the US, Egypt, the UAE, France, Taiwan, Japan, Norway, Australia, Spain, and Turkey.
Company Headquarters: Ohio, US Founded: 1955 Workforce: ~50 Company Working: Halvorsen Company is engaged in the business of providing steel, metal, and alloy plate rolling and roll bending services. It also specializes in designing, engineering, fabricating and manufacturing high-quality carbon and stainless-steel custom pressure vessels and tanks. The company designs, builds, and manufactures shells, process tanks, storage tanks, and pressure vessel components. It fabricates stainless steel, non-ferrous alloys, nickel alloys, aluminum, copper, brass, carbon steel, and corrosion & abrasion resistant alloys and manufactures products such as rolled cylinders, cones, rings, steel & alloy gear blanks, and agricultural equipment. Halvorsen Company has manufacturing and warehousing facilities in the US. Buckeye Fabricating Company, LaGrange Products Inc., Niles Steel Tank Company, BEPeterson Inc., and JNE Welding are some of its competitors.
NOV is the world's largest independent, pure-play original equipment manufacturer and technology supplier to the upstream oil and gas industry. Its scale is unmatched in drilling rig equipment, drill pipe, drill bits, downhole tools and subsea flexible pipe. Rather than selling oilfield services on a per-well basis like SLB or Halliburton, NOV designs, manufactures, rents and supports the machinery and consumables that service companies, drilling contractors and operators use. It also monetizes an installed base of thousands of rigs through high-margin aftermarket spares, repair and digital services. The portfolio is split between a shorter-cycle, activity-driven segment (Energy Products and Services) and a longer-cycle, backlog-driven capital equipment segment (Energy Equipment). That mix gives NOV both near-term operating leverage to drilling activity and multi-year visibility, with USD 4.1B of backlog at June 2026. Growth vectors include offshore production (FPSO process systems, flexible pipe), automation and robotics, and international unconventionals. NOV also has optionality in geothermal, offshore wind installation vessels and carbon capture equipment. The balance sheet is near net-cash. --- ### Company's own description (paraphrased from the FY2023–FY2025 10-Ks) NOV describes itself as a leading independent equipment and technology provider to the global energy industry. Its stated mission is to deliver technology-driven solutions that improve the economics, efficiency, safety and environmental footprint of energy production. NOV says it applies its expertise and technology to support the transition toward more sustainable energy. Its strategic focus is on automation, predictive analytics and condition-based maintenance. The FY2025 10-K reiterates that NOV is focused on developing and commercializing products and services that lower the marginal cost and environmental footprint of energy production. The corporate tagline is that NOV "powers the industry that powers the world." ### Independent characterization NOV is best understood as an industrial capital-goods and consumables business levered to upstream oil and gas capex. It is not an oilfield-services company in the conventional sense. It has three economic engines: 1. **Consumables and rentals (short-cycle):** drill bits, drill pipe, downhole motors and tools, solids-control consumables, coiled tubing and wireline consumables, and composite pipe. Demand tracks rig counts and footage drilled, with a lag of weeks. 2. **Capital equipment (long-cycle):** rig packages (land and offshore), pressure pumping and intervention equipment, subsea flexible pipe, FPSO process modules and turret mooring systems, offshore cranes, and wind and cable-lay vessel equipment. These are booked into backlog and revenue is recognized over time, typically 6–36 months. 3. **Aftermarket and digital (installed-base annuity):** spares, repair, recertification, field service, upgrades, and software and data services (for example, wired drill pipe, rig control systems and remote monitoring). Aftermarket is the highest-margin stream in Energy Equipment. In Q1 2026 it was about 37% of that segment's revenue (USD 440M, down 12% year over year, per the Q1 2026 call). ### Revenue model mix NOV does not disclose a product versus service versus subscription versus licensing split in exactly those categories. It does disaggregate revenue by segment, destination and revenue stream in its 10-K revenue footnote. The proxies available are as follows: ### Value-chain position NOV is a Tier-1 OEM supplying the following customers: - **Drilling contractors** (for example, offshore jackup, semisub and drillship owners; land drillers): rig equipment, spares and service. - **Oilfield service companies** (pressure pumpers, coiled tubing and wireline operators, and the large integrated service companies): intervention equipment, consumables and rentals. - **Exploration and production operators**, including majors, NOCs and independents: drill pipe, bits, completion tools, subsea flexible pipe, production process systems and artificial lift. - **Shipyards and EPC contractors**: rig packages, FPSO topside modules and offshore cranes. - **Non-oilfield marine and industrial customers**: wind turbine installation vessel equipment, cable-lay systems, and (until April 2024) utility poles.
Huntsman is a mid-cap, globally diversified manufacturer of differentiated chemicals, organised around three segments. The largest is Polyurethanes, built on MDI (methylene diphenyl diisocyanate) and downstream systems, which accounts for roughly 65% of segment revenue. The other two are Performance Products, covering amines, maleic anhydride and catalysts, and Advanced Materials, covering epoxy, acrylic and polyurethane-based adhesives, composites and formulations for aerospace, power and industrial markets. Management's thesis since 2018 has been to move away from commodities and towards downstream, formulated and specified products tied to energy efficiency and lightweighting. Management has said these themes touch about two-thirds of sales. That repositioning was executed through divestitures (Venator, Chemical Intermediates & Surfactants, Textile Effects) and bolt-on acquisitions. It was then overwhelmed by a severe and prolonged chemical down-cycle. Adjusted EBITDA fell from USD 1.34 billion in FY2021 to USD 275 million in FY2025, the dividend was cut 65%, and the credit rating fell to sub-investment grade. The company's answer is an all-stock merger of equals with upstream chlor-alkali/epoxy producer Olin, which creates the vertically integrated "OlinHuntsman". --- ### Company self-description In its FY2025 earnings release (Feb 2026), Huntsman describes itself as a publicly traded global manufacturer and marketer of differentiated and specialty chemicals. It reported roughly USD 6 billion of 2025 revenue from continuing operations and sells thousands of chemical products worldwide to manufacturers serving consumer and industrial end markets [V]. The 10-K for FY2025 (filed February 2026) frames the business across three reportable segments: Polyurethanes, Performance Products and Advanced Materials. ### Independent characterisation Huntsman is best understood as a mid-stream to downstream chemical converter with one large semi-commoditised profit pool (MDI) and two smaller specialty franchises. The three businesses have different economics: - **Polyurethanes (≈65% of FY2025 segment revenue)** is a scale business anchored by MDI production at Geismar (Louisiana, USA), Rotterdam (Netherlands) and Caojing (Shanghai, China, through joint ventures). Huntsman's strategy is to push as much MDI as possible into "differentiated" downstream systems: spray-foam insulation (Huntsman Building Solutions), automotive foams and composites, TPU elastomers, and footwear and furniture systems. These systems carry better and stickier margins than component MDI. Even so, segment profitability tracks the global MDI supply/demand balance. That balance has been structurally weakened by Chinese capacity additions, led by Wanhua. - **Performance Products (≈17%)** makes amines (ethyleneamines, polyetheramines sold as JEFFAMINE), catalysts, carbonates and maleic anhydride. It is US-centred, with key sites on the Texas/Louisiana Gulf Coast plus Petfurdo in Hungary. Its end markets are coatings, composites, fuels and lubricants, agriculture, construction and electronics. The European maleic anhydride plant at Moers (Germany) was closed in 2025. - **Advanced Materials (≈18%)** is the highest-quality franchise. It includes the ARALDITE adhesives and epoxy systems heritage, inherited from Ciba via Vantico, and serves aerospace, power transmission and distribution, automotive, electronics and industrial markets. It has consistently delivered segment adjusted EBITDA margins of about 16–20% and is the most resilient segment through the cycle. ### Value-chain position Upstream, Huntsman buys benzene, nitric acid/aniline inputs, chlorine/caustic, propylene oxide/polyols feedstocks, ethylene oxide/ethylene, natural gas and n-butane for maleic. It is not integrated into chlorine or epoxy building blocks (epichlorohydrin, bisphenol-A liquid epoxy resin). This gap is the core industrial logic of the Olin merger, since Olin is a leading chlor-alkali and epoxy producer. Downstream, Huntsman sells to formulators, OEMs and contractors. ### Customer types and end markets - **Customers:** OEMs (automotive, aerospace, appliance, electrical equipment), formulators (coatings, adhesives, composites), construction product makers (insulation boards, spray-foam contractors, OSB/engineered wood), and industrial processors (footwear, furniture, lubricants, fuel additives). - **End markets (management characterisation):** construction and insulation (the largest exposure), automotive and transportation, aerospace, power/electrical, industrial, consumer (footwear, furniture, bedding), energy (fuels and lubricants), and electronics. - **Structural theme:** Management states that energy efficiency and lightweighting affect about two-thirds of total sales (FY2023 Q4 release, Feb 2024) [V].
Powering the world's best teams.
From next-gen startups to established enterprises.
Trusted by forward-thinking businesses
for data-driven intelligence
Historical performance and future projections (2020–2030, USD Billion)
Market Size (USD Mn)