SPHERICAL TANK MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Rise in demand for liquefied gases like LPG, LNG

With rapid industrialization and growing energy demand, there has been increase in production and transportation of liquefied petroleum gas and natural gas.  LPG is extensively used for household cooking and automobile fuel while LNG is used in power generation and industrial processes. Being in liquid form allows these gases to be shipped over long distances via special tankers economically. This has boosted investments in creating import and export infrastructure as well as storage terminal networks across major economies.

Spherical tanks have emerged as the primary storage vessels for LPG and LNG due to their compatibility with the cryogenic temperatures of these liquefied gases. Their spherical shape provides greater strength at thin walls to withstand high inner pressures of pressurized liquefied containment. Roll-on roll-off design of spherical tanks also eases loading-unloading operations. Thus, new as well as replacement LPG and LNG storage projects are increasingly adopting spherical tanks. With energy demands projected to grow substantially in developing Asian markets and many new LNG receiving terminals under works, there has been huge demand for spherical tanks.

• 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