The research report “Global FRP Tank Market: By Fibre Reinforcement (Glass fibre and Carbon fibre), By Material Type (Polyester, Epoxy, Vinyl esters and others), By Application (Water & Waste Water, Pulp & Paper, Chemicals, Oil & gas, Power), End User (Aerospace, Construction, Transportation, Others) and Geography -Global/Region/Country Forecast to 2027”, The Global FRP Tank Market was valued at US$ 2.08 Billion in the year 2020 and anticipated to grow USD 3.34 Billion by 2027 at CAGR of 7% over the forecast period 2021-2027.
Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Global FRP Tank Market: By Fibre Reinforcement (Glass fibre and Carbon fibre), By Material Type (Polyester, Epoxy, Vinyl esters and others), By Application (Water & Waste Water, Pulp & Paper, Chemicals, Oil & gas, Power), End User (Aerospace, Construction, Transportation, Others) and Geography – Global/Region/Country Forecast to 2027”.
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Growing demand for FRP tanks from water treatment plants and chemical industries to drive the market
FRP is a modern composite material utilized to construct chemical plant equipment like vessels and tanks. This material is leaf proof. FRP makes use of two basic laminate types such as a structural laminate and a corrosion barrier. FRP tanks are the vessels made using fiberglass-reinforced plastic. FRP tank market will experience considerable CAGR during the forecast period owing to the factors such as increasing chemical industries, oil and gas industries and waste water treatment plants. In addition, FRP tanks have several crucial benefits to provide such as easy maintenance, light weight and high physical strength. Another leading factor boosting the Global FRP Tank Market over the forecast time frame is the wide range of applications of FRP tanks in various industries to store chemicals or any other corrosive material. But, the high price of composites and lack of awareness about product can hinder the FRP tank market growth
There is growing awareness among people about water pollution as well as water management across the globe hence, a number of projects related to this began by the governments from different countries and started using FRP tanks for storing waste water. Furthermore, the wide use of FRP tanks in paper and pulp industry is also projected to drive the market growth over the forecast period 2021-2027.
Impact of COVID-19 FRP Tank Market:
In addition, the report discusses the implications of COVID-19, including the industry’s initial response and strategies for ensuring business continuity in the coming years.
Asia-Pacific Dominating the Global FRP Tank Market among Other Regions
Asia Pacific became the larger market revenue share obtainer in the market witnessing considerable CAGR. There are a number of factors that accelerate the market growth in this region such as growing count of desalinations plants, increasing replacement of old existing tanks, looming freshwater shortage, increasing demand from retail fuel stations, conservation of rainwater, huge demand for energy and growing demand for non-corrosive and lightweight storage tanks from industries like power, chemical and water & waste water industries. FRP tank market in North America is anticipated to witness considerable rate due to the presence of chemical industries in the region.
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Competitive Assessment:
There are a number of prominent industry players working in the Global FRP Tank Market and some of them are ZCL Composites (Canada), Enduro Composites (U.S.), LF Manufacturing (U.S.), Edwards Fiberglass (U.S), Denali Inc. (U.S.), EPP Composites (India), Hexagon Composite Engineering Sdn Bhd (Malaysia), Composite Technology Development, Inc. (U.S.), Luxfer Group (U.K.) and Hexagon Composites ASA (Norway).
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