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    Frp Tank Market Report

    Frp Tank Market Report
    Report code - SRAM286 Published On : Oct,2020 No. of Pages: 255
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    FRP Tank Market Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026
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    Impact of COVID-19 on Frp Tank Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Frp Tank Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. 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.

    Market Insights

    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. 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.

    Segments' Analysis

    FRP-Tank-Market-Dominant-Segments

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    Water/Wastewater to be the Most Dominant Application Type

    Based on the 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. 

    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 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.

    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.

    Asia-Pacific will maintain its leading position

    In terms of region, 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.

    FRP-Tank-Market-By-Region

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    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.

     

    Market Scope & Segmentation

    Research Scope

    Trend & Forecast Period

    2015-2026

    Regions Covered

    North America, Europe, Asia-Pacific, Rest of the World

    Forecast

    4.6% CAGR during 2021-26

    Countries/Subregions Covered

    The USA, Canada, Mexico, France, Germany, the UK, Russia, China, Malaysia, India, Brazil, Argentina and others

    Figures & Tables

    >150

    Customization

    Up to 10% customization available free of cost

     

    The FRP tank market is segmented into the following categories.

    FRP Tank Market Size, Share & Forecast, By Application Type

    • Oil & Gas (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Fuel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • Chemical Storage (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • Chemical Processing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
      • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Water/Wastewater (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Rainwater and Stormwater Collection (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Plumbing Engineered Solutions (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Wastewater (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    FRP Tank Market Size, Share & Forecast, By Resin Type

    • Polyester Tanks (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Vinyl Ester Tanks (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Other Tanks (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    FRP Tank Market Size, Share & Forecast, By Manufacturing Process Type

    • Filament Winding (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Hand Layup (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Spray Lay-up (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    FRP Tank Market Size, Share & Forecast, By Installation Type

    • Underground Tanks (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Aboveground Tanks (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    FRP Tank Market Size, Share & Forecast, By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, India, Malaysia, and Rest of Asia-Pacific)
    • The Middle East (Country Analysis: Saudi Arabia, the UAE, Oman, Qatar, and Rest of the Middle East)
    • Rest of the World (Country Analysis: Brazil, Argentina, and Others)