Market Overview
The Global FRP Tank Market is expected to grow at a CAGR 4.4% during the forecasting period 2024-2031.
FRP (fiber reinforced polymer) tanks are being installed either underground or aboveground and are used to store potable water, wastewater, acids, alcohols, petroleum, and other corrosive chemicals. These tanks require lower maintenance costs and are more corrosion resistant, lighter in weight, and structurally stronger than traditionally made tanks of steel and concrete. The properties of the FRP tank are highly dependent on the resin content and type of resin used in the laminate. The prime factor for the replacement of traditional steel and concrete tanks with FRP tanks is high corrosion resistance properties.
Market Summary
| Metrics | Details |
| Market CAGR | 4.4% |
| Segments Covered | By Application Type, By Installation, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | Asia Pacific |
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Market Growth and Trends
The rapid industrialization and urbanization across the globe are expected to drive market growth during the forecast period. The power and manufacturing industries across the globe require a large amount of water to ensure efficient operation. Power plants, for instance, require water for steam generation, ash handling, flue gas desulfurization systems, and cooling purposes. Thus, Increasing wastewater discharge from various industries such as chemical, pulp & paper, oil & gas, food & beverage, and mining, and increasing demand for fresh water is driving the need for the development and installation of wastewater treatment plants. Thus, this will drive the demand for FRP tanks during the forecast period.
Replacement of metal or concrete by FRP tanks
FRP tanks are widely used in chemical and petrochemical industries to assist in reducing underground leakage and corrosion problems. FRP tank is replacing metal or concrete tanks and providing a solution to leakage and corrosion problems, which may foster market growth in the future. The composite tanks are generally used in wastewater storage and portable water storage. Increasing investment in the development and installation of the wastewater treatment plant for both domestic as well as industrial applications will augment the product demand during the forecast period. However, lack of product awareness and the high cost of composites is expected to hamper the growth of the global FRP tank market.
Rising demand for oil & gas storage systems
The growth of the oil & gas industry owing to increasing petroleum demand from various industries is expected to drive the market growth. Rising demand for oil and gas storage systems and expansion of chemical plants are likely to boost the global FRP tanks market. The anisotropic nature (different physical properties in different directions) of FRP makes it a strain-absorber because its fibers can be reinforced and aligned in multiple ways during production. FRP is often used competitively with aluminum, due to advantages in cost, weight, and similar physical properties.
COVID-19 Impact Analysis on Market
COVID-19 affected the global economy in many forms, such as directly affecting demand and production, supply chain distraction, and financial impact. COVID-19 pandemic has highly affected the global FRP tank market due to a fall in the demand for water from industrial and commercial users. The FRP tanks market, a small contributor to the entire infrastructure spending, has declined in the year 2020.
Market Segmentation Analysis
Based on the Application Type, the global FRP tank market has been classified as oil & gas, chemicals, water/wastewater, and others.
Increasing Investment In Development Of Water/Wastewater Treatment Plants To Augment The Market Growth
Among application type segments, water/wastewater application dominated the market in 2019 and is likely to remain the dominant application segment in the market during the forecast period. Increasing demand for freshwater owing to increasing population, industrialization and urbanization is driving investment for the development of water/ wastewater treatment plants, driving the product demand. The growth of the market is attributed to the usage of FRP tanks for a multitude of applications including septic tanks, stormwater management systems, wastewater treatment, municipal wastewater storage, oil interceptors, grease interceptors, potable water storage, oil-water separators, water conservation tanks, fire protection tanks, onsite wastewater tanks, and industrial wastewater tank.
Based on the Installation, the global FRP Tank Market has been classified as underground and aboveground.
High Demand From Oil & Gas Industry To Drive The Growth Of Underground Segment
Among installation types, the underground tank is likely to remain the most dominant segment in the FRP tank market during the forecast period due to its increasing demand as they are ideal for gasoline, AV-gas, motor oil, kerosene, diesel fuel, alcohol-gasoline blend motor fuels, ethanol-blend motor fuels, and others. Increasing investment in oil & gas exploration activities and the development of oil & gas storage systems to meet the growing demand from the end-use industry will drive the growth of the FRP tank market during the forecast period.
Based on the Regions, the Global FRP Tank Market has been classified as North America, Europe, Asia-Pacific, South America, and MEA.
Market Geographical Share
Based on geography, the study analyzes the Global FRP Tank Market in the global market, including Europe, Asia Pacific, North America, South America, and the Middle East & Africa.
Asia-Pacific leads the global FRP Tank Market throughout the forecast period
The Asia Pacific region is projected to remain the largest market for FRP tanks during the forecast period led by China and India. The market growth in the region is primarily attributed to the presence of a large number of players. Furthermore, increasing foreign investment in various industry verticals such as chemical & petrochemical industries is expected to support the growth of the FRP tank market in the Asia Pacific. The FRP tank market faced significant headwinds due to the outbreak of the COVID-19 pandemic resulting in a massive decline in sales in 2020. However, the region is likely to heal up with the fast pace in the post-pandemic market scenario favored by increasing private investment and favorable government measures to support the recovery and growth of the market.
Companies and Competitive Landscape
Global FRP Tank Market is highly competitive, due to certain major players. The key players in the Global FRP Tank Market which are contributing to the growth of the global market include Amiantit Fiberglass Industries Limited, Future Pipe Industries, LF Manufacturing, National Oilwell Varco (Denali Incorporated), ZCL Composites Inc., Hengrun Group Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., Hebei Chengda FRP Co. Ltd., Composite Technology Development, Inc., and EPP Composites.
ZCL Composites
Overview: ZCL Composites operates as a subsidiary of Shawcor and is one of the leading manufacturers of environmentally friendly fiberglass reinforced plastic underground storage tanks for the fuel, water, wastewater, and oil and gas markets in North America. It was founded in 1987.
Product Portfolio: ZCL Composites offers composite linepipe and composite tanks under its portfolio.
Why Purchase the Report?
- Visualize the global FRP Tank Market segmentation composition by application type, installation, and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the Global FRP Tank Market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of Global FRP Tank Market - level 2 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The Global FRP Tank Market report would provide access to an approx. 48 market data table, 43 figures, and 180 pages.
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
