The spherical tank market is characterized by tanks that have a spherical shape that enables storage of large volumes of liquefied gases like liquefied natural gas (LNG), liquefied petroleum gas (LPG), and others. Spherical tanks are advantageous over conventional tanks due to their ability to withstand large internal pressures more efficiently and securely. They play a crucial role in global LNG trade as they are used for storage of LNG at import and export terminals.

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, and BASF. Demand for spherical tanks is rising across major LNG importing and exporting countries as they enable bulk storage and transportation of liquefied gases over long distances. Technological advancements including advanced welding techniques and composite materials are helping manufacturers develop more durable and efficient spherical tanks.

Market Trends

The Spherical Tank Market Demand adoption of type C tanks for underground storage and increasing utilization of composite materials for manufacturing tanks. Type C spherical underground tanks offer advantages such as minimum ground coverage and flexibility in siting compared to other tank types. They also enhance safety and reduce fugitive emissions. Meanwhile, composite materials like fiber reinforced plastic (FRP) and carbon fiber reinforced plastic (CFRP) are gaining acceptance due to advantages such as corrosion resistance, lightweight, and ability to endure high pressures.

Market Opportunities

The spherical tank market looks forward to opportunities arising from expanding global LNG trade and growing demand from other end-use industries. Rapid capacity additions of LNG import and export facilities will drive the need for large storage tanks. Emerging applications in industries including chemicals and petrochemicals will present new business avenues. Additionally, technological advancements in composite tank fabrication methods and introduction of intelligent tank systems offer scope for market expansion.

Impact of COVID-19 on Spherical Tank Market:

The global outbreak of COVID-19 pandemic has significantly impacted the Spherical Tank Market Size And Trends During the initial months of the pandemic, manufacturing operations and supply chain networks were disrupted due to lockdowns imposed across various countries. This led to delays in new projects and hampered the production of spherical tanks. As a result, the market experienced a decline in its growth during 2020.

However, with easing of lockdown restrictions and resumption of manufacturing facilities from late 2020, the spherical tank market has started recovering gradually. Various end-use industries such as oil & gas and petrochemical are witnessing rise in demand, which is driving the need for storage of liquefied gases. Market players are focusing on fulfilling backlogged orders and new projects that were postponed last year. Furthermore, increasing vaccination rates and resumption of economic activities are expected to boost the production volume across manufacturing units over the coming years. Continued government support through financial aid programs is also aiding the recovery of the spherical tank market.

To ensure business continuity in the post-COVID period, manufacturers need to establish robust supply chain management, focus on digital transformation, and develop customized product offerings as per changing customer demands. Emphasis on hygiene maintenance, increased testing & monitoring, and workforce safety will remain crucial for market players. Geographical expansion into high growth regions can further aid the market in overcoming challenges posed by the pandemic.

North America holds major concentration in terms of value for the spherical tank market:

The spherical tank market accounts for highest concentration in terms of value generation from the North America region. Presence of large industrial bases concentrated in the US and Canada facilitates greater demand for spherical tanks from key end-use industries. Growing natural gas production and LNG trade activities have propelled the need for storing large volumes of liquefied gases. Stringent government regulations regarding workplace and product safety also drive the adoption of advanced storage solutions like spherical tanks. With rising energy needs and progress in shale gas exploration, the North American spherical tank market is projected to remain the most lucrative through the forecast period.

Asia Pacific emerges as the fastest growing region for spherical tank market:

Asia Pacific region is poised to witness the fastest growth in the spherical tank market over the next few years. Rapid industrialization and infrastructure development underway across countries such as China, India, Indonesia, and Vietnam are major demand drivers. Rapid expansion of oil refineries, petrochemical plants, power generation facilities and LNG import terminals require large-scale storage capacities. Presence of emerging economies with booming manufacturing sectors represents significant growth opportunities. Also, supportive government policies and initiatives targeting energy security through local gas reserves and import terminals will further propel the APAC spherical tank market going ahead. Rising exports from the region to serve global demand is another factor supporting the market growth.
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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. (https://www.linkedin.com/in/money-singh-590844163