Pressure Vessels Market is Forecasted to Reach US$ 13.1 Billion in 2031, Says Stratview Research

The global pressure vessels market is projected to witness a growth rate of 9.5% annually from 2024 to 2031, with an anticipated size of US$ 13.1 billion by 2031, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global pressure vessels market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics:
Market Size in 2024: US$ 6.8 billion
Market Size in 2031: US$ 13.1 billion
Growth (CAGR): 9.5% during 2024-2031
Leading Application Type: Transportation
Leading Pressure Vessel Type: Type I
Leading Region: Asia-Pacific
Forecast Period: 2024-2031
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Pressure Vessels Market:
The global pressure vessels market is segmented based on application type, pressure vessel type, and region.

Based on the application type - The pressure vessels market is segmented into life support, transportation, recreational, industrial, gas carrier & storage, and other applications. The pressure vessels market is expected to witness transportation as the primary driver of demand, whereas the gas carrier & storage application is projected to experience the fastest growth in the coming years. The market is driven primarily by transportation, where demand for CNG, LNG, and hydrogen fuel storage is rising due to the shift toward cleaner energy. Whereas, the gas carrier & storage category is expected to grow at the fastest pace, driven by increasing investments in LNG infrastructure, hydrogen storage, and industrial gas transportation. As global industries focus on renewable energy and advanced fuel storage, transportation will remain the key demand generator, whereas gas storage and distribution will see the most rapid expansion.

Based on the pressure vessel type - The market is segmented into type-I vessel, type-II vessel, type-III vessel, and type-IV vessel. Type I pressure vessels are expected to cater to most of the demand generated in the market, whereas Type IV pressure vessels are projected to experience the fastest growth in the coming years. Type I pressure vessels are expected to continue their dominance in the market due to their durability, cost-effectiveness, and widespread use in industries like oil & gas, chemical processing, and power generation. Type IV pressure vessels are expected to be the fastest-growing vessel type over the next six years, driven by the rising adoption of hydrogen storage, CNG fuel systems, and lightweight transportation solutions. As industries shift toward clean energy and advanced storage technologies, type IV vessels are likely to witness an increase in demand, whereas type I remains the industry standard for traditional applications.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific region is projected to remain the dominant market throughout the forecast period. This growth outlook is majorly attributed to the following-
- Driven by industrialization, energy industries investments, and infrastructure growth in countries like China, Japan, and South Korea.

Likewise, Europe is expected to grow at the fastest rate, fueled by clean energy initiatives, hydrogen adoption, and strict environmental regulations.

Pressure Vessels Market Drivers:

Some of the key drivers listed in the report are given below.
- Growth in the energy industry: Increasing power generation projects, especially in nuclear and renewable energy.
- Expanding oil & gas industry: High-pressure storage solutions are required for refining and petrochemical applications.
- Advancements in material technology: The development of lightweight and corrosion-resistant materials like composites and advanced alloys.
- Stricter safety regulations: Industries are required to adopt high-quality pressure vessels to meet stringent safety standards.

Top Companies in the Pressure Vessels Market:

The market is moderately concentrated, with some local, regional, and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players.
- Hexagon Composites ASA
- Cylinders Holding Group
- Beijing Tianhai Industry Co., Ltd.
- Luxfer Holdings PLC
- Everest Kanto Cylinder Ltd.
- Worthington Industries, Inc.
- TriMas Corporation
- CIMC Enric Holdings Limited
- Sinoma Science & Technology Co., Ltd.
- ILJIN Composites Co., Ltd.

What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

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