by The spherical tank market has witnessed significant growth over the past few years owing to the increasing demand for storage and transportation of liquefied gases such as LNG, LPG, and other cryogenic gases. Spherical tanks are pressure vessels with a spherical or spheroidal shape that provides optimal storage solution for liquefied and cryogenic gases. Their spherical shape provides greater strength as compared to cylindrical storage tanks and enables maximum storage capacity with minimal surface areas. Spherical tanks find wide applications in petrochemical, LNG, chemical, and industrial gas storage facilities.
The Global spherical tank market is estimated to be valued at US$ 3.85 Bn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the spherical tank market are Chart Industries, Linde Engineering, Air Products and Chemicals, Inc., Cryogenics, Groupe Charles André, Technip Energies, Toyo Engineering Corporation, McDermott International, Saipem, EagleBurgmann, Messer Group, SABIC, Worley, JFE Engineering Corporation, BASF.
The Spherical Tank Market Demand include increasing investments in development of liquefaction facilities, expanding gas pipeline infrastructure and rising demand form end-use industries such as petrochemicals and chemicals. Technological advancements in materials for fabrication of tanks such as 9% nickel steel and composites are helping develop tanks with greater capacity and operability at low temperatures.
Market Drivers
The primary driver for the spherical tank market is the robust growth in the liquefied natural gas industry. LNG as a cleaner alternative fuel with growing trade and infrastructure is spurring demand for large LNG storage tanks globally. The stringent safety and environmental regulations regarding hydrocarbon storage and transportation are also boosting adoption of spherical tanks over other conventional designs. Investments in developing petrochemical complexes and chemical manufacturing hubs will continue driving sales of spherical tanks during the forecast period.
Current challenges in Spherical Tank Market
The Spherical Tank Market Size And Trends regulations regarding material handling such as transportation and storage of gases has become stricter in recent years. Complying with these stringent regulations increases the overall costs for manufacturers and users of spherical tanks. Secondly, the availability of low-cost alternatives in the market also poses a challenge. Carbon steel cylindrical tanks provide a cheaper option for storage in certain gas applications. These tanks are easier to fabricate and have a simple design compared to spherical tanks.
SWOT Analysis
Strength: Spherical tanks have optimum design for maximum strength to withhold high internal pressures. They provide maximum volume to surface area ratio which is ideal for storage of liquefied gases.
Weakness: Spherical tanks require advanced manufacturing techniques and extensive welding which increases costs. Their complex shape makes inspection and maintenance more difficult compared to other tank designs.
Opportunity: Rising demand for energy and petrochemicals worldwide is driving the need for large storage capacities. Spherical tanks are well-suited for mega-scale LNG and LPG storage terminals coming up across regions.
Threats: Fluctuations in raw material prices can impact tank costs. Also, geo-political tensions may disrupt supply chains for some key raw materials in the future.
Geographical regions
North America accounts for the largest share of the global spherical tank market currently both in terms of production and consumption. The region is home to large petrochemical, oil & gas, and industrial gas industries which require extensive gas storage and transportation infrastructure including spherical tanks.
The Asia Pacific region is expected to witness the fastest growth in the spherical tank market over the forecast period from 2024 to 2031. Countries like China, India, Indonesia, Malaysia are aggressively expanding their chemical and manufacturing sectors which will drive significant investments in gas handling and storage facilities in the coming years.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
