Market Insights
"The market for FRP tank is subjected to gradually recover from 2021 onwards and to register an overall long-term CAGR of 4.6% during 2021-2026."
Market Dynamics
FRP Tank stands for Fiberglass Reinforced Plastic Tank, a type of storage tank made from a composite material of fiberglass and a plastic matrix, often thermoset resins such as polyester or epoxy. These tanks are popular due to their excellent strength-to-weight ratio, resistance to corrosion, and durability in harsh environments.
In the composites industry, the tank is considered one of the biggest applications with polyester, and vinyl ester resins the preferred choice. FRP 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. Corrosion resistance is the prime reason behind the continuous replacement of traditional steel and concrete tanks with FRP tanks, which is highly dependent on the resin content and type of resin used in the laminate. FRP tank weighs about one-seventh compared to steel for the same strength, providing an advantage in terms of cost and ease of installation when mounted on existing structures such as scrubbers or rooftop.
Impact of COVID-19 on the FRP Tank Market
The COVID-19 outbreak has devastated the global economic growth with a massive plummet in committed infrastructure investments. There has been a sharp fall (-27%) in the demand for water from industrial and commercial users. The FRP tanks market, a small contributor to the entire infrastructure spending, is subjected to log a mammoth decline in the year 2020, crushing the market to below 2015-level. Also, it is anticipated that the market will log a V-shaped curve similar to previous pandemics, such as SARS (2003) and MERS (2015). However, the curve of the V-shape would be deeper than the ones registered in SARS and MERS with huge short-term repercussions.
Segments' Analysis
By Application Type
"Water/Wastewater to be the Most Dominant Application Type"
The market is segmented as oil & gas, fuel, industrial, and water/wastewater. Water/wastewater application is likely to remain the most dominant application in the market during the forecast period, whereas chemical/industrial to be the fastest-growing application over the same period. In water/wastewater applications, FRP tanks are used for a multitude of applications including septic tanks, municipal wastewater storage, stormwater management systems, wastewater treatment, oil interceptors, grease interceptors, potable water storage, oil-water separators, water conservation tanks, fire protection tanks, onsite wastewater tanks, and industrial wastewater tank. In industrial, FRP tanks are increasingly preferred in chemical storage, chemical processing, and pulp & paper applications.
By Installation Type
"Underground is the Most Dominant Installation Type"
The market is classified as underground and aboveground. The underground tank is likely to remain the most dominant segment in the FRP tank market during the forecast period. The demand for underground FRP tanks is increasing because they are ideal for gasoline, AV-gas, motor oil, kerosene, diesel fuel, alcohol-gasoline blend motor fuels, ethanol-blend motor fuels, methanol blends, oxygenated motor fuels, and water & septic. Aboveground FRP tanks are used for storing acids, caustics, solvents, and corrosive fluids in the chemical and petroleum industries.
By Manufacturing process type
"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 process, whereas filament winding to gain market share during the forecast period. The FRP tanks made up of the filament winding process are capable to withstand with harshest environments and can be utilized in many applications. 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.
Regional Analysis
"Asia-Pacific will maintain its leading position"
Asia-Pacific is projected to remain the largest market for FRP tanks market during the forecast period. China is not only the largest market in Asia-Pacific but also in the world, owing to the presence of several mid- to small-sized FRP tank manufacturers coupled with increasing preference of FRP tanks over their counterparts. After recording a massive decline in 2020, Asia-Pacific is likely to heal up with the fastest pace in the post-pandemic market scenario. The Asia-Pacific’s FRP tank market is relatively fragmented with the presence of a large number of players, such as Hengrun Group Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., Hao Hua Zhongyi GFRP Co. Ltd., Beijing Composite Materials Co. Ltd., and Hebei Chengda FRP Co. Ltd
North America is also estimated to generate a sizeable demand for FRP tanks in the years to come. The region’s market is highly consolidated with the presence of major players with ZCL Composites and NOV Fiberglass Systems (Denali Incorporated) owning most of the market shares. It is anticipated that the region’s market remains consolidated in the coming five years.
Key Players
The supply chain of this market comprises raw material suppliers, FRP tank manufacturers, distributors, and end-users.
The following are the key players in the FRP Tank Market (arranged alphabetically)
Some of the Key Strategic Alliances in the market:
- In 2019, Nation Oilwell Varco (NOV) acquired Denali Incorporated. With this acquisition, the company also acquired the Denali Incorporated brands including Belco, Ershigs, Fabricated Plastics, Fibra, and Plasti-Fab.
- In 2019, Shawcor Ltd. acquired ZCL Composites Inc. This acquisition broadened Shawcor’s use of advanced composites technology and leverage material science expertize to provide customers with superior systems for their conveyance and storage needs.
Note: The above list does not necessarily include all the top players in the market.
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Report Features
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What Deliverables Will You Get in this Report?
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Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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in-depth Analysis of the FRP Tank Market
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How lucrative is the future?
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The market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market Segment Analysis and Forecast
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What are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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10% free customization
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Research Methodology
For calculating the market size, our analysts follow either a Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of a 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. We leverage a multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
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- Detailed profiling of additional market players (up to 3 players)
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Market Segmentation
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Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, Region presence, and strategic alliances
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