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Frp Tank Market Report
FRP Tank Market Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026
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.
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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.
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.
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.
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.
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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.
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Research Scope |
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Trend & Forecast Period |
2015-2026 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Forecast |
4.6% CAGR during 2021-26 |
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Countries/Subregions Covered |
The USA, Canada, Mexico, France, Germany, the UK, Russia, China, Malaysia, India, Brazil, Argentina and others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The FRP tank market is segmented into the following categories.
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The supply chain of this market comprises raw material suppliers, FRP tank manufacturers, distributors, and end-users.
The key players in the market are-
Some of the Key Strategic Alliances in the market:
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.
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:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
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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.
Water/wastewater application is expected to remain dominant in the FRP tank market in the coming years.
The underground tank is expected to remain dominant in the FRP rank market during the next five years.
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