FRP Tank Market

FRP Tank Market Size (2023-2028)

FRP Tank Market was calculated to be 2.23 billion USD in 2022, and it is foreseen to grow at a CAGR of 4.7% during the outlook period of 2023-2028

Drivers and Restraints of the FRP Tank Market:

The sanitation (water and wastewater) industry is one of the biggest industries around the world. Many big players in sanitation and water activities are based in North America, Europe, and Asia. They use storage tanks as the primary material for their warehouse. FRP tank is quickly replacing traditional materials in many manufacturing and industrial sectors and thus this adoption is driving the FRP tanks market throughout the world. FRP tank provides a robust solution at a relatively cheap cost for the automotive industry and thus many of them are switching to this low-cost alternative. Alloys of Aluminium and glass fiber materials are also used for making various equipment in manufacturing. Increasing usage of lightweight materials in the power generation industry is also a driving factor for the global FRP tank market.

In Europe, the high demand for FRP tanks is because of the growing water and wastewater applications. The increasing need for pure drinking water is playing a crucial role in the expansion of the global FRP tank business.

Challenges in the FRP Tank Market:

The stringent government norms are acting as major limitations to the global FRP tank market. Also, the lack of awareness of the benefits of these tanks in several developing nations is also resulting in decreased revenue. Moreover, the concerns related to its impact on the human body are further touted to impact this industry negatively in the future.

FRP TANK MARKET REPORT COVERAGE:

FRP tank market has been segmented into the following categories:

On the basis of Resin Type:

• Polyester

• Epoxy

On the basis of Fiber Reinforcement:

• Glass Fiber

• Carbon Fiber

On the basis of Application:

• Water and Wastewater

• Chemicals

• Oils & gas

• Pulp and Paper

• Power

The epoxy resin segment accounts for the major share of the market in 2019. The growth in this segment is because of the increasing use of epoxy resins in tanks as a result of the growing trade i.e., import and export of goods across the globe and increase in the bunkering facilities. These factors are also considered the main reason to support the demand for FRP tanks during the forecast period.

The Water and wastewater industry also uses these tanks at a significant rate, making it a significant application segment around the world. The growing demand for treating wastewater in several developing nations is supposed to spike the growth in this segment in the future.

The use of glass fiber has increased in recent years as they provide excellent flexibility and are used in several mechanical and electrical industries. They offer superior strength and recyclability at a relatively low cost. In addition to this, the materials made from these fibers are also recyclable thus giving more opportunities for the industry to grow. The glass fiber segment accounted for the largest share of the market by late 2019 and it is expected to see significant growth during the foreseen period of 2020 to 2025. The growth in this segment is due to its increasing bunkering facilities, and an incessant demand for tanks on ships.

On the basis of Region:

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

The Asia Pacific is forecasted to be the fastest-growing market for FRP tanks in the next five years (2020 to 2025). The factor that has contributed to the growth in this area is the increasing urbanization and industrialization combined with the rising affluence of people. This has resulted in high demand of consumer goods and services that include the following: power, construction, processed foods, and water & wastewater treatment, which are the prominent applications of FRP tanks. Therefore, these growing application industries are likely to significantly boost sales in the FRP tank market in the Asia Pacific region.

The second-largest market is North America, where advanced sanitation activities such as rock bed composites, and wetlands have increased, and this has caused a high demand for the FRP tanks.

Key Market Players:

1. ZCL Composites

2. Enduro Composites

3. LF Manufacturing

4. Denali Inc.

5. EPP Composites

Impact of COVID-19 on the Global FRP tank Market

Coronavirus has had a morose impact on various production markets across Europe, North America, and Asia. It has negatively affected the sales in the FRP tanks market, owing to the strict lockdown conditions that resulted in the temporary closure of several manufacturing units and sales channels. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disturbed financial flows, and declining morale among production line workers, which forced end-user industries to operate at reduced capacities. This has led to a reduction in demand for epoxy and glass fibers. The FRP tank market is expected to recover from 2021 onwards. The FRP tanks witnessed a diminutive growth during this period as the market was primarily driven by the need for further storage.