The FRP Tank by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s FRP Tank, The frp tank market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to corrosion resistance needs, regulatory compliance, cost-effectiveness, expansion of chemical processing industries, water and wastewater treatment, urbanization and population growth.
The frp tank market size is expected to see strong growth in the next few years. It will grow to $3.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to expansion of desalination plants, government investments in infrastructure, stringent environmental regulations, focus on chemical resistance, awareness of long-term cost benefits.. Major trends in the forecast period include customization and tailored solutions, innovation in resin technologies, customization and design flexibility, advancements in manufacturing processes, maintenance-free and long lifespan, integration of smart technologies,
The rising demand for oil and gas storage systems is expected to propel the growth of FRP tanks going forward. Oil and gas storage refers to tanks or terminals used to store generated oil and gas above or below ground. FRP tanks are used in the oil and gas industry to bulk-contain fluids at various stages of the refining process. These tanks are frequently used to kept products for only a short period of time before being shipped for further processing. For instance, according to the Council of the European Union, a Belgium-based government administration, the average percentage of member states’ gas storage tanks that were filled in December 2022 was 88%. The majority of EU members have gas storage facilities on their soil. Two-thirds of the EU’s overall storage capacity is made up of five nations: Germany, Italy, France, the Netherlands, and Austria. Therefore, the rising demand for oil and gas storage systems is driving the growth of the FRP tank market
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The frp tank market covered in this report is segmented –
1) By Resin Type: Polyester, Epoxy, Other Resin Types
2) By Fiber Type: Carbon Fiber, Fiberglass
3) By Application: Water/wastewater, Septic, Pulp and Paper, Chemical, Petroleum, Agriculture and Aquaculture, Other Applications
Product innovation is a key trend gaining popularity in the FRP tank market. Major companies operating in the FRP tank market are focused on developing innovative products to strengthen their position in the market. For instance, in August 2023, OPW, a US-based company that provides precision-engineered solutions for the safe, efficient, and environmentally sensitive production, storage, handling, and transport of clean cryogenic and industrial gases and liquids, unveiled TSE Tank Sump and its use of the Sheet-Molded Compound (SMC) manufacturing process, ensuring top-notch quality, quick delivery, and great value. Ideal for fuel retailers seeking an uncomplicated secondary container, the TSE Tank Sump boasts consistently thick and smooth walls for a secure, watertight seal. Its smooth sides enhance bonding to entry fittings, preventing leaks and resisting deflection. With two mounting designs (collar-ring and solid-bottom) and available seal kits, installation and maintenance are made easy, providing retail-fueling operators with a hassle-free and reliable storage solution.
The frp tank market report table of contents includes:
1. Executive Summary
2. FRP Tank Market Characteristics
3. FRP Tank Market Trends And Strategies
4. FRP Tank Market – Macro Economic Scenario
5. Global FRP Tank Market Size and Growth
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26. South America FRP Tank Market
27. Brazil FRP Tank Market
28. Middle East FRP Tank Market
29. Africa FRP Tank Market
30. FRP Tank Market Competitive Landscape And Company Profiles
Top Major Players:
- Shawcor Ltd
- Enduro Composites Inc
- LF Manufacturing Inc
- Amiantit Fiberglass Industries Limited
- Future Pipe Industries LLC
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