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South Korea Pressure Vessel Market
ID: MRFR/EnP/53896-HCR
200 Pages
June 2025
South Korea Pressure Vessel Market Research Report: By Material (Steel Alloys, Other alloys, Composites), By Product (Boilers, Nuclear reactors, Separators, Others) andBy Application (Oil & Gas, Chemicals, Power generation, Others)- Forecast to 2035
Industry Developments
In recent months, the South Korea Pressure Vessel Market has seen significant developments and growth, primarily driven by key players such as Daewoo Shipbuilding and Marine Engineering, Hyundai Heavy Industries, and Doosan Heavy Industries and Construction. The market has been characterized by increased investments in energy transition and renewable energy projects, leading to a focus on pressure vessel applications in hydrogen production and storage. In August 2023, it was announced that Korean Gas Corporation invested heavily in expanding its facilities to support new pressure vessel technologies for hydrogen applications. Additionally, in June 2023, BHI Co Ltd made a strategic acquisition of a small technology firm specializing in advanced thermal pressure vessels to enhance its manufacturing capabilities. The valuation of companies in the South Korean Pressure Vessel Market has been positively impacted, with notable growth attributed to rising demands from various sectors, including petrochemical and energy. Over the last couple of years, major mergers and acquisitions, such as Samsung Heavy Industries expanding its portfolio through the acquisition of a competitor in April 2022, have aimed at strengthening their market position amid increasing competition and technological advancements.
Report Scope
Report Scope:
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 0.96(USD Billion) |
| MARKET SIZE 2024 | 1.5(USD Billion) |
| MARKET SIZE 2035 | 2.5(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 4.753% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Billion |
| KEY COMPANIES PROFILED | Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, Korean Gas Corporation, BHI Co Ltd, SK Engineering & Construction, Hanwha Solutions, LS Hitech, POSCO, GS Engineering & Construction, Sungrow Power Supply, Iljin Environment, Doosan Heavy Industries & Construction, Samsung Heavy Industries, Woory Industrial, Korea Shipbuilding & Offshore Engineering |
| SEGMENTS COVERED | Material, Product, Application |
| KEY MARKET OPPORTUNITIES | Increasing demand in petrochemical industry, Growth in renewable energy sector, Expansion of manufacturing capacities, Stringent safety regulations enforcement, Technological advancements in materials |
| KEY MARKET DYNAMICS | growing industrial sector, stringent safety regulations, technological advancements, increasing energy demand, export opportunities |
| COUNTRIES COVERED | South Korea |
FAQs
What is the expected market size of the South Korea Pressure Vessel Market in 2024?
The South Korea Pressure Vessel Market is expected to be valued at 1.5 billion USD in 2024.
What is the projected market size for the South Korea Pressure Vessel Market by 2035?
By 2035, the South Korea Pressure Vessel Market is projected to reach a valuation of 2.5 billion USD.
What is the expected compound annual growth rate (CAGR) for the South Korea Pressure Vessel Market from 2025 to 2035?
The anticipated CAGR for the South Korea Pressure Vessel Market from 2025 to 2035 is 4.753 percent.
Which material segment holds the largest share in the South Korea Pressure Vessel Market?
The Steel Alloys segment is projected to have the largest share, valued at 0.8 billion USD in 2024.
What are the expected values of the Other Alloys segment in the South Korea Pressure Vessel Market by 2035?
The Other Alloys segment is expected to be valued at 0.6 billion USD by 2035.
Who are the key players in the South Korea Pressure Vessel Market?
Some key players include Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries, and Doosan Heavy Industries & Construction.
What is the expected market value for Composites in the South Korea Pressure Vessel Market by 2035?
The Composites segment is anticipated to reach 0.6 billion USD by 2035.
What are some key growth drivers for the South Korea Pressure Vessel Market?
Key growth drivers include increasing industrial applications and advancements in materials technology.
How is the competitive landscape of the South Korea Pressure Vessel Market shaped by its major players?
The competitive landscape is shaped by the presence of major companies, which drive innovation and market growth.
What challenges does the South Korea Pressure Vessel Market face in its growth?
Challenges include fluctuating raw material prices and regulatory compliance in the manufacturing processes.
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