• Blog
  • Frp Tank Market Report

    Frp Tank Market Report

    Frp Tank Market Report
    Report code - SRAM286 Published On : Oct,2020 No. of Pages: 255
    Get Free Sample |
    Play Audio
    Listen
    FRP Tank Market Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026
    See more...

    Impact of COVID-19 on Frp Tank Market

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

    See more...

    Impact of COVID-19 on Frp Tank Market

    Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy 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.

    FRP Tank 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.

     

    FRP Tank Market Share Analysis

    FRP-Tank-Market-Dominant-Segments

    Wish to get a free sample? Register Here

    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

    Know which region offers best growth opportunities. Register Here

    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 key players in the market are-

    • 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.

    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.

     

    Research Methodology

    For calculating the market size, our analysts follow either 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 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 multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, 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.

     

    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, 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, 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, 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, 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, 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)

    FRP-Tank-Market-Segmentation

    Want to know the most attractive market segments? Register Here

    Report Features

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s global 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 global-, 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.

    The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

     

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the resin types or by application type

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, Region presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    General Frequently Asked Questions (FAQs)

    FRP tanks are 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.

    FRP Tank Market is likely to witness an impressive CAGR of 4.4% during the forecast period.

    In terms of regions, Asia-Pacific is expected to be the fastest-growing market for FRP tanks in the coming five years.

    The key players in the market are 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., and Hebei Chengda FRP Co. Ltd.

    •   

      Why are We Class Apart?

      Advanced Materials Offer Next Growth Wave

      We Specialize in Composites & other Materials Market Research

      >60% of the First Buyers Come Back to Us

      >95% Client Satisfaction Ratio, the Industry's Highest

      Clients Across the Value Chain

      Track the Latest Trends in Advanced Materials

      Know High Growth Opportunities