Global Fiber Reinforced Plastic (FRP) Tank Market Growth, Share, Demand and Analysis of Key Players – Research Forecasts to 2024

Global Fiber Reinforced Plastic (FRP) Tank Market: Overview

Fiber reinforced plastic is a generic term applied to wide forms of composite material consisting of reinforced fibers thermosetting resins and materials such as pigments and fillers. Fiber reinforced plastic provides unrivalled combination of properties such as retention of dimensional stability across a wide range of temperatures, good electrical insulating properties, chemical resistance, high level of stiffness, higher strength-to-weight ratio, and light weight.

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Fiber reinforced plastic are increasingly used in a number of applications such as building and construction, marine industry, transportation, and chemical plants and pipes. Growing demand for energy, increasing demand for oil and gas storage application of fiber reinforced plastic, and a notable growth in the chemical plants worldwide is expected to bolster the demand for global fiber reinforced plastic tank over the forecast period.

Global Fiber Reinforced Plastic (FRP) Tank Market: Segmentation

The market for fiber reinforced plastic tank has been segmented on the basis of the application and geography to provide a holistic view of the overall market. On the basis of the application, the market for fiber reinforced plastic tank can be segmented as aquaculture, agriculture, chemical, pulp and paper, petroleum, septic, and wastewater. The market on the basis of application in chemical industry can be segmented as brine, chlor-alkali manufacturers, electroplating, food processing, fertilizer, refining and vinegar. The regional segmentation will be done such as North America, Europe, Asia Pacific, and Rest of the World.

Global Fiber Reinforced Plastic (FRP) Tank Market: Drivers and Restraints

The market for the fiber reinforced plastic tank is expected to grow significantly during the forecast period. The high corrosion resistance property of fiber reinforced plastic tank and total life cycle cost benefit are expected to be the key drivers of growth in the global fiber reinforced plastic tank market in near future. Additionally, gaining momentum in replacing old storage tanks, significantly increasing demand from retail fuel stations, looming fresh water storage application of fiber reinforced plastic tank, increasing application of fiber reinforced plastic tank for rainwater storage, and growing number of desalination plants are expected to augment the growth in global fiber reinforced plastic tank market. However, the higher upfront cost of fiber reinforced plastic tank against the competitive material tanks and low replacement rate of existing tanks in various applications (chemical, septic, petroleum), can hamper the growth in the global fiber reinforced plastic market.

Global Fiber Reinforced Plastic (FRP) Tank Market: Geographical Dynamics

North America, especially the U.S, is expected to account for the maximum demand of fiber reinforced plastic tank in the near future. The market is expected to show higher growth on account of factors such as increased number of applications of fiber reinforced plastic tank in pulp and paper, wastewater, and petroleum. The market for the chemical application of fiber reinforced plastic tank is expected to be driven by an increase in the consumption of vinyl ester and epoxy resins.

Government rules and regulation for preservation of water and encouragement on rainwater harvesting is expected to play a key role in the growth of the market in this region. Asia Pacific is anticipated to be a key area for the growth of global fiber reinforced plastic market in near future. The fiber reinforced plastic tank market in this region is likely to grow on account of the increasing number of desalination plants, and increasing rate of replacement of old tanks with new fiber reinforced plastic tank. Europe is likely to show moderate growth rates in terms of adoption of fiber reinforced plastic tank in near future.

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Some the key players in the FRP tank market include Belding Tank Technologies Inc., Denali Incorporated, Suyash Industries, FRP Manufacturing, Inc., and Fiber Glass Processors.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments

  • Market trends and dynamics

  • Supply and demand

  • Market size

  • Current trends/opportunities/challenges

  • Competitive landscape

  • Technological breakthroughs

  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)

  • Latin America (Mexico, Brazil, Peru, Chile, and others)

  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)

  • Eastern Europe (Poland and Russia)

  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)

  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market

  • Important changes in market dynamics

  • Market segmentation up to the second or third level

  • Historical, current, and projected size of the market from the standpoint of both value and volume

  • Reporting and evaluation of recent industry developments

  • Market shares and strategies of key players

  • Emerging niche segments and regional markets

  • An objective assessment of the trajectory of the market

  • Recommendations to companies for strengthening their foothold in the market

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