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North American Frp Tank Market | Covid-19 Impact Analysis
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s North American FRP tank market realities and future market possibilities for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for FRP tanks at the regional as well as country-level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
North American FRP Tank Market: Highlights
FRP (fiberglass-reinforced plastic) tank is generally made up of resins such as polyester and vinyl ester reinforced with glass fiber. FRP tanks have a long service life of over 50 years without replacement or maintenance. They have about one-fourth the density of steel, which means in many instances, the tank can be installed manually at a minimal cost. FRP tanks possess excellent anti-corrosion property and can withstand the harsh effects of acids, alkalis, salts, oils, solvents, water, and atmospheric conditions.
Commercial industries and government agencies depend on tanks to store and transport petroleum products, corrosive chemicals, water & wastewater, fertilizers, pesticides, and salts. Over the years, a variety of materials have been used to construct storage tanks such as concrete and steel but they do not provide similar benefits to fiberglass tanks, a tank that is structurally strong, corrosion-resistant, watertight, lightweight, and easy to install.
Impact of COVID-19 on the North American FRP Tank Market
The year 2020 is likely to be extremely challenging for the entire composite materials community. The FRP tank market in North America is no exception and is witnessing a huge decline in the demand amid the pandemic. All the major players are currently operating at a lower capacity, making efforts to align production based on market demand. Based on several primary interviews coupled with the recovery trends of previous downturns, Stratview Research believes that the region’s market may need four years to hit back its pre-COVID market and cross the landmark figure of US$ 0.5 billion by 2026.
North American FRP Tank Market Share Analysis
Fuel is the Most Dominant Application Type
Based on the application type, the market is segmented as oil & gas, fuel, industrial, and water/wastewater. Fuel is likely to remain the most dominant application type in the region’s market in years to come. In fuel, FRP tanks are used in a wide range of capacity from 2,500 liters to 200,000 liters for downstream fuel storage at retail fuel stations, convenience stores, and truckstop operators. Over the past 30 years, there has been an incessant shift from metal tanks to FRP tanks in the fuel applications. The market is highly consolidated with the presence of a few players.
FRP tanks are manufactured by NSF 61-listed materials which are chemical-free and good for potable water storage. In water/wastewater applications, they can be used for a multitude of applications including oil interceptors, municipal wastewater storage, stormwater management systems, grease interceptors, oil-water separators, water conservation tanks, fire protection tanks, onsite wastewater tanks, potable water storage tank, and industrial wastewater tanks.
Vinyl Ester is the Most Dominant Resin Type
Based on the resin type, the market is classified as polyester, vinyl ester, and others. The vinyl ester resin is likely to remain the most dominant resin type in the North American FRP tank market during the forecast period. Vinyl ester resin is widely preferred in FRP tanks due to its superior chemical & corrosion resistance and low permeability. Also, vinyl ester-based single and double-walled FRP tanks are prevalently used as underground storage tanks for chemical and petroleum.
Underground is the Most Dominant Installation Type
Based on the installation type, the market is classified as underground and aboveground. The underground tank is likely to remain the most dominant installation type in the market during the forecast period. The demand for an underground FRP tank is increasing because they are ideal for water & septic, gasoline, AV-gas, motor oil, kerosene, diesel, alcohol-gasoline blend motor fuels, ethanol-blend motor fuels, methanol blends, and oxygenated motor fuels storage applications. Over the years, major FRP tank manufacturers have been efficacious in driving a shift from metal tanks to FRP tanks in the region.
Spray Lay-up is the Most Dominant Manufacturing Process Type
Based on the manufacturing process type, the market is classified as filament winding, hand layup/rotating mandrels, spray lay-up, and others. The spray lay-up process is likely to remain the most dominant manufacturing process in the market during the forecast period. Spray lay-up is the extension of the hand lay-up method where a spray gun is used to spray pressurized resin and chopped fiber on a mold. It is much faster than hand lay-up. All the major North American FRP tank fabricators are heavily relying on filament winding and spray layup processes to fabricate tanks.
The USA will maintain its leading position
All three countries (the USA, Canada, and Mexico) are subjected to register a massive decline in the demand for FRP tanks in the year 2020 in the wake of the pandemic. Despite the huge decline, the USA is estimated to maintain its lead in the market in the coming five years. Continuous rise in the penetration of FRP tanks in various applications, expected recovery in the oil & gas industry, and an expected increase in government spending on infrastructure will resuscitate the demand for FRP tanks in the country. The country has the largest number of manufacturers and users of FRP tanks in the region. Key players operating in the country are ZCL Composites Inc., National Oil Varco, and LF Manufacturing.
The supply chain of this market comprises raw material suppliers, FRP tank manufacturers, distributors, and end-users. The key players in the market are Canwest Tank & Ecological Systems Ltd., Baraki Industries, Endurance Composites, LLC, Granby Industries, LF manufacturing, National Oilwell Varco, Palmer of Texas, Red Ewald, and ZCL Composites Inc. (Shawcor Ltd.). The North American FRP tank market is highly consolidated with major players capturing a larger chunk of the market.
Some of the Key Strategic Alliances in the market:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all three countries and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The North American FRP Tank market is segmented into the following categories.
North American FRP Tank Market, By Application Type
North American FRP Tank Market, By Resin Type
North American FRP Tank Market, By Manufacturing Process Type
North American FRP Tank Market, By Installation Type
North American FRP Tank Market, By Country
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
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