Pressure Vessel for Oil Refining Market Revenue was valued at USD 5.2 Billion in 2024 and is estimated to reach USD 7.8 Billion by 2033, growing at a CAGR of 5% from 2026 to 2033.
The global Pressure Vessel for Oil Refining Market was valued at approximately USD 18.5 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. This growth can be attributed to the increasing demand for refined oil and gas products across the globe, driven by expanding industrialization and urbanization. Pressure vessels play a critical role in maintaining the safety and efficiency of the refining process by withstanding high pressure conditions. The market is projected to reach about USD 29.3 billion by 2030. North America is the largest market for pressure vessels used in oil refining, holding a market share of approximately 35% in 2022, followed by Europe with a share of 28%. The demand in these regions is largely fueled by the presence of major refineries and the need for advanced infrastructure in the oil and gas sector. In terms of regional opportunities, the Asia Pacific region is anticipated to witness the fastest growth, with a CAGR of 6.1% from 2023 to 2030. This growth is primarily driven by the booming oil refining industry in countries like China, India, and Japan, which are ramping up production to meet the increasing energy demands in the region. Latin America and the Middle East are also witnessing notable expansions in the oil refining sector, contributing to the increasing market share of pressure vessels in these regions. These regions are expected to experience steady demand for pressure vessels due to the growing need for efficient refining infrastructure and the rising production of refined petroleum products.
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Kobe Steel
Halvorsen
Hitachi Zosen
Samuel
DFC Pressure Vessel
KASRAVAND
Babcock & Wilcox
Indian Oil
Mitsui E&S
VDL KTI
Doosan
Wattco
Sumitomo Heavy Industries
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Pressure Vessel for Oil Refining Market
Spherical Pressure Vessels
Cylindrical Pressure Vessels
Conical Pressure Vessels
Horizontal Pressure Vessels
Vertical Pressure Vessels
Carbon Steel
Stainless Steel
Alloy Steel
Composite Materials
Other Materials
Distillation
Storage
Separation
Reactor Vessels
Heat Exchangers
ASME Boiler and Pressure Vessel Code
API Standards
EN Standards
PED Regulations
Other Industry-Specific Standards
Refining Industry
Chemical Manufacturing
Oil & Gas Exploration
Pharmaceuticals
Food & Beverage Industry
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Pressure Vessel for Oil Refining Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Pressure Vessel for Oil Refining Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Pressure Vessel for Oil Refining Market, By Type
6. Global Pressure Vessel for Oil Refining Market, By Application
7. Global Pressure Vessel for Oil Refining Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Pressure Vessel for Oil Refining Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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