by The spherical tank market comprises pressure vessels used for the storage and transportation of liquefied gases such as liquefied natural gas (LNG), liquefied petroleum gas (LPG), and other chemicals. Spherical tanks have unique advantages over fixed-roof tanks, including withstanding high pressures during liquid and vapor phases of refrigerated gases, resisting corrosion and seismic activities, and efficiently utilizing storage space. The growing global demand for energy and petrochemicals has boosted commercial activities of LNG and other industrial gases, necessitating advanced storage solutions like spherical tanks.
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 players operating in the spherical tank market include 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, and BASF.
Key Takeaways
Key players: Chart Industries is a leading player and manufacturer of cryogenic equipment for storage, distribution, and processing of natural gas and industrial gases. Spherical Tank Market Demand Linde Engineering supplies full-line solutions for liquefied natural gas from small to mega-scale plants and terminals.
Key opportunities: Increasing demand for reliquefaction of boil-off gas from LNG carriers and FSRUs during transportation presents growth prospects. Rising trade of LNG across regions is propelling the need for robust, safe, and efficient storage vessels.
Global expansion: Major manufacturers are expanding production facilities and partnering with local players in high growth markets like Asia Pacific, Middle East, and Americas to cater to the surging regional requirements and benefit from tax incentives.
Market Drivers
The Spherical Tank Market Size And Trends International seaborne trade of liquefied natural gas touched an all-time high of 338 billion cubic meters in 2020 due to commissioning of new liquefaction plants and terminals. Spherical tanks play a critical role in the LNG supply chain from production to consuming markets by facilitating storage at liquefaction plants, carriers, receiving terminals, and regasification facilities. Their compact structure allows effective utilization of space during transportation of cryogenic cargos.
PEST Analysis
Political: Spherical tank demand is impacted by regulations regarding safety, transportation and storage of industrials gases. Changing regulations could impact market growth.
Economic: A stable economy promotes growth in key end-use industries like chemicals, oil & gas, thereby driving demand for spherical tanks for storage and transport of commodities.
Social: Growing population and urbanization increase needs for energy, resources and their transportation. This positively influences the spherical tank market.
Technological: Advancements in materials and coatings allow for larger, more durable tanks that can withstand varied operating conditions and expand operational capabilities. Use of digital technology also aids in remote monitoring of tank conditions.
Regions with High Market Concentration
Being a core manufacturing hub and housing many end-use industries, the Asia Pacific region accounts for over 40% of the global spherical tank market in terms of value. China, India, Japan and South Korea are key markets based on manufacturing output and infrastructure development. North America also has a significant share owing to large chemical and oil & gas industries in the US and Canada.
Fastest Growing Region
The Asia Pacific region, especially emerging economies like China and India, is expected to witness the fastest growth during the forecast period. This can be attributed to increasing industrialization, energy demand, technology adoption and focus on developing domestic manufacturing capabilities. Additionally, government support for infrastructure development will drive the need for gas storage and transportation in the region.
*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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
