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

Spherical Tank Market Size and Trends

Global spherical tank market is estimated to be valued at US$ 3.85 Bn in 2024 and is expected to reach US$ 5.12 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.

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The market growth is primarily driven by growing demand from sectors like chemicals and petrochemicals, food and beverage and power generation industries where spherical tanks are ideal for bulk storage of liquids and granular materials.

High strength to weight ratio of spherical tanks

Spherical tanks offer significant advantages over conventional cylindrical tanks due to their unique shape. The hemispherical shape of spherical tanks provides greater strength as compared to cylindrical tanks of equivalent size. Moreover, a spherical tank can withstand both internal vacuum and external pressure uniformly due to its design. This high strength to weight ratio allows spherical tanks to use lighter materials like aluminum and stainless steel for their construction. Steel tanks need to be significantly thicker to match this strength.

Lighter construction not only reduces the raw material costs but also the transportation costs of spherical tanks. As spherical tanks can be made with thinner metal, there will be significant reduction in metal quantity. This directly cuts down on shipping expenses since more tanks can be transported in the same vehicle or container. Furthermore, installation of spherical tanks is easier as their lighter weight requires less robust supporting structures. As these are less prone to corrosion due to their seamless designs, maintenance of spherical tanks over their lifespan is also cost-effective.

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.