The FRP tank market is expected to grow at 4.6% CAGR from 2022 to 2029. It is expected to reach above USD 3.30 Billion by 2029 from USD 2.2 Billion in 2020.
In the composites sector, the tank is regarded as one of the most important applications for polyester, with vinyl ester resins being the material of choice. For the storage of potable water, wastewater, acids, alcohols, petroleum, and other corrosive chemicals, FRP tanks are being built either underground or aboveground. These tanks are more corrosion resistant, lighter, and structurally stronger than conventional steel and concrete tanks, which also require more frequent maintenance. They are also less expensive to produce. FRP tanks are steadily replacing conventional steel and concrete tanks due to their corrosion resistance, which is greatly influenced by the amount and type of resin used in the laminate. When mounted on pre-existing structures like scrubbers or rooftops, such as those that already exist, such as FRP tanks, which weigh around one-seventh as much as steel for the same strength, they have an advantage in terms of cost and convenience of installation.
The market for dual laminate fiberglass reinforced plastics (FRP) tanks is anticipated to increase at a significant rate during the forecast period since these tanks are safer and more cost-effective since they require less labour, less freight, smaller cranes, and less time to install or erect. Another factor that is projected to fuel the expansion of the fiberglass reinforced plastics (FRP) dual laminate tank market is the fact that the material used to produce FRP tanks is corrosion resistant and easy to repair if they are damaged. However, the fact that fiberglass tanks and constructions are susceptible to degradation from prolonged exposure to sunlight is also anticipated to restrain the market's expansion for dual laminate tanks made of fiberglass reinforced polymers (FRP) over the forecast period.
The increase in the storage of oil by various public and private bodies is the main factor driving the market for FRP tanks. Various solid wastes with varied densities, particle sizes, and degrees of hardness are found in oil and gas in varying proportions. These particles are harmful to tanks. Traditional steel tanks were prone to corroding and breaking due to the nature of the wastes they transported. Metal tanks in sewage systems are progressively being replaced by FRP tanks. Consequently, this is fueling the expansion of the global FRP tank market throughout the next years.
During the epidemic, a lot of companies were forced to shift their attention and resources to solving urgent health and safety issues. Reduced investments in new initiatives and infrastructure, particularly the setting up or enlarging of FRP tank systems, were the result of this change in priorities. The market for FRP tanks is anticipated to recover as conditions improve and economic activity gradually picks up. As projects resume, the need for FRP tanks is set to increase. Reliable storage solutions are still needed in sectors including chemical processing and water treatment.
| ATTRIBUTE | DETAILS |
| Study period | 2020-2029 |
| Base year | 2021 |
| Estimated year | 2022 |
| Forecasted year | 2022-2029 |
| Historical period | 2018-2020 |
| Unit | Value (USD Billion) (Thousand Units) |
| Segmentation | By Fiber Type, By Resin Type, By Application, By Region |
| By Fiber Type |
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| By Resin Type
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| By Application
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| By Region
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The FRP tank market is expected to grow at 4.6% CAGR from 2022 to 2029. It is expected to reach above USD 3.30 Billion by 2029 from USD 2.2 Billion in 2020.
Asia Pacific held more than 43% of the FRP tank market revenue share in 2021 and will witness expansion in the forecast period.
FRP tanks are becoming more commonly accepted in the Asia Pacific region as a superior storage choice to traditional materials like steel or concrete. The industries are aware of the benefits of FRP tanks, including their durability, corrosion resistance, and ease of installation. As a result, the demand for FRP tanks in the region has increased even more.
The market research report covers the analysis of market players. Key companies profiled in the report include SHAWCOR, Enduro, LF Manufacturing, Amiantit Fiberglass Industries Limited, Future Pipe Industries, Composite Technology Development Inc., Luxfer Group, Hexagon Composites ASA, EPP Composites Pvt Ltd., and SELIP s.p.a.
In the Asia Pacific region, FRP tanks are becoming more widely recognized as a superior storage option to conventional materials like steel or concrete. The advantages of FRP tanks, such as their corrosion resistance, durability, and simplicity of installation, have been acknowledged by the industries. The market for FRP tanks in the area has grown even more as a result of this.
FRP tank market is segmented based on fiber type, resin type, application, and region.
Based on fiber type, a significant portion of the market was made up of fiberglass. type of fibre used in the creation of FRP tanks. Fiberglass is the material of choice for reinforcement in FRP tanks due to its many benefits. The overall strength and structural integrity of FRP tanks are boosted by the high tensile strength and stiffness of fiberglass fibres. FRP tanks can endure internal pressure and external loads thanks to these characteristics, resulting in dependable performance and longevity. Due to fiberglass fibres naturally resist corrosion, they are a good fit for applications where FRP tanks must store corrosive materials. The durability and dependability of FRP tanks are increased since fiberglass fibres do not rust or deteriorate when exposed to corrosive environments, unlike metal reinforcements.
Based on resin type, a significant portion of the market was made up of polyester. Numerous benefits of polyester resin make it popular for use in the construction of FRP tanks. Compared to other resin kinds, such epoxy resin, polyester resin is very inexpensive. Polyester resin is a desirable option for producers due to its lower cost, particularly in applications where high chemical resistance or remarkable mechanical qualities are not necessary. Polyester resin is appropriate for a variety of industrial applications due to it offers strong chemical resistance to a wide range of substances. It is resistant to exposure to acids, alkalis, and a variety of other corrosive materials frequently kept in FRP tanks. Polyester resin nevertheless provides adequate resistance in many situations, although not being as chemically resistant as epoxy resin.
Based on application, a significant portion of the market was made up of water & wastewater. The need for infrastructure for water supply and wastewater treatment has been gradually rising as a result of urbanization and the growing world population. In these applications, FRP tanks are frequently used to store treated water, chemicals, and sludge as well as to carry out various treatment procedures like filtration, sedimentation, and disinfection. Due to the presence of salts, chemicals, and other caustic elements, water and wastewater conditions can be very corrosive. FRP tanks are the best choice for long-term water and wastewater treatment and storage due to their exceptional corrosion resistance. FRP tanks do not rust or decay, in contrast to conventional materials like steel or concrete.
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The market research report covers the analysis of market players. Key companies profiled in the report include SHAWCOR, Enduro, LF Manufacturing, Amiantit Fiberglass Industries Limited, Future Pipe Industries, Composite Technology Development Inc., Luxfer Group, Hexagon Composites ASA, EPP Composites Pvt Ltd., and SELIP s.p.a.
Recent Development:
On May 2022, Future Pipe Industries delivered to the General Petroleum Company (GPC) who successfully operated its first phase of a Gas Pipeline in the Abu Senan area, located in the Western Desert in Egypt. The new gas pipeline is executed using Glass Reinforced Epoxy (GRE) pipe brand Flowstrong. Their pipe connected many exploration areas within the gas plant.
On February 2023, Hexagon Agility, a world-leading provider of renewable and compressed natural gas (RNG/CNG) transportation solutions, announced that Trayecto, the largest cargo trucking company in Mexico, has ordered additional KenMex compressed natural gas (CNG) powered trucks with Hexagon Agility’s best-in-class ProCab® 175 diesel gallon equivalent (DGE) and ProRail® 30 DGE fuel systems.
The FRP tank market by region includes North America, Asia-Pacific (APAC), Europe, South America, And Middle East & Africa (MEA).
The greatest revenue share in 2021 over 43% was accounted for by Asia Pacific. Governments in the Asia Pacific area have been concentrating on sustainability efforts and environmental restrictions. As a result, laws governing the handling and storage of chemicals as well as the purification of water and wastewater are now more stringent. Due to its resistance to corrosion and capacity for the secure storage of hazardous materials, FRP tanks have emerged as the material of choice for enterprises seeking to abide by environmental standards.
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