Pressure Vessels Market Analysis

Material Segment Analysis

The steel alloys sub-segment, which is part of the material segment, is anticipated to hold the highest share of 70.5% in the pressure vessels market by the end of 2035. The sub-segment’s upliftment is highly driven by the provision of necessary toughness, durability, and high strength to safely withstand high temperatures and pressures. In addition, this permits alloying elements, such as vanadium, molybdenum, and chromium, and offers specific performance, enhanced weldability, and corrosion resistance for severe conditions. According to an article published by the OECD in May 2025, there has been a substantial increase in steelmaking capacity of almost 6.7%, which is 165 million metric tons. Besides, Asia-economy is projected to account for 58% of the newest capacity, which is led by a generous increase in India and the People’s Republic of China. Therefore, owing to this advancement, there is a huge growth opportunity for the sub-segment internationally.

Manufacturing Process Segment Analysis

Based on the manufacturing process, the welded vessels segment in the pressure vessels market is expected to garner the second-largest share during the forecast period. The segment’s growth is highly fueled by its versatility, cost-effectiveness, and ability to withstand high-pressure environments. The welding process allows manufacturers to fabricate vessels of varying sizes and shapes, making them suitable for diverse applications in chemicals, oil and gas, and power generation. The process ensures structural integrity by fusing steel plates and alloys into seamless units, reducing the risk of leakage under extreme operating conditions. Welded vessels are particularly favored in industries requiring large-scale containment, such as refineries and petrochemical plants, where modular and forged alternatives may be cost-prohibitive.

Application Segment Analysis

By the end of the stipulated timeline, the oil and gas sub-segment, part of the application segment, is projected to cater to the third-largest share in the pressure vessels market. The sub-segment’s development is propelled by pressure vessels being indispensable in upstream, midstream, and downstream operations, serving functions such as separation, storage, refining, and heat exchange. In upstream exploration, separators and scrubbers manage multiphase flows, while midstream LNG projects rely on cryogenic vessels for safe transport. Downstream refineries use reactors and boilers extensively to process crude oil into refined products. The sector’s reliance on high-pressure containment makes vessels critical for operational safety and efficiency. Growth in offshore drilling, shale gas exploration, and LNG infrastructure continues to drive demand, particularly in North America, the Middle East, and Asia-Pacific.

Our in-depth analysis of the pressure vessels market includes the following segments: