Global FRP Tank Market - 2020-2027
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 FRP tank is 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.
Global FRP Tank Market size was worth US$ XX billion in 2019 and further expected to reach US $ XX billion by 2027, with a CAGR of X% during the forecast period (2020-2027).
The rapid industrilization and urbanization across the globe is expected to drive the 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 wasterwater discharge from various industries such as chemical, pulp & paper, oil & gas, food & beverage, and mining, and increasing demand for frish water is driving the need for development and installation of wasterwater treatment plant. 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 tank and is providing a solution to leakage and corrosion problems, which may foster the market growth in future. The composite tanks are generally used in waste water storage and portable water storage. Increasing investment for development and installation of wastewater treatment plant for both domestic as well as industrial application 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 global FRP tank market.
Rising demand for oil & gas storage systems
The growth of oil & gas industry owing to increasing petrolium demand from various industries 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
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 have highly affected the global FRP tank market due to 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.
Based on the Application Type, the global FRP tank market has been classified as- oil & gas, chemicals, water/wastewater and others.
Increasing Investment For Development Of Water/Wastewater Treatment Plants To Augment The Market Growth
Among application type segment, 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 fresh water owing to increasing population, industralization and urbanization is driving investment for development of water/ wastewater treatment plants, the driving the product demand. The growth of the market is attributed to usage of FRP tanks for 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 type, 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 development of oil & gas storage systems to meet the growting demand from end use industry will drive the growth of FRP tank market dusring the forecast period.
Based on the Regions, the Global FRP Tank Market has been classifie as- North America, Europe, Asia-Pacific, South America and MEA.
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 industries verticals such as chemical & petrochemical industries is expected to support the growth of FRP tank market in Asia Pacific. The FRP tank market faced significant headwinds due to the outbreak of COVID-19 pandemic resulting in a massive decline of 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.
Global FRP Tank Market is highly competitive, due to certain major players. The key players in 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.
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 and wastewater and oil and gas markets in North America. It was founded on 1987.
Product Portfolio: ZCL Composites offers composite linepipe and composite tanks under its portfolio.
The Global FRP Tank Market report would provide access to an approx. 48 market data table, 43 figures and 270 pages.
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