FRP Tank Market Size to Surpass USD 3.30 Billion by 2029, growing at a CAGR 4.6% | Exactitude Consultancy

FRP Tank Market

FRP tank market growth is being driven by rising demand for corrosion-resistant storage solutions.

LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 20, 2023 /EINPresswire.com/ -- The FRP tank market is expected to grow at 4.6% CAGR from 2023 to 2029. It is expected to reach above USD 3.30 Billion by 2029 from USD 2.2 Billion in 2022.

Fiber Reinforced Plastic (FRP) tanks are commonly used in various industries for storing liquids and chemicals. These tanks are known for their corrosion resistance, durability, and lightweight nature. The FRP tank market is influenced by several factors, including industrial growth, regulations, and technological advancements. The market for dual laminate fibreglass reinforced plastics (FRP) tanks is expected to grow significantly during the forecast period because these tanks are safer and more cost-effective to install or erect because they require less labour, less freight, smaller cranes, and less time. Another factor expected to drive the growth of the fibreglass reinforced plastics (FRP) dual laminate tank market is the fact that the material used to manufacture FRP tanks is corrosion resistant and simple to repair if damaged. However, the fact that fibreglass tanks and constructions are susceptible to degradation from prolonged sunlight exposure is expected to limit market growth for dual laminate tanks made of fibreglass reinforced polymers (FRP) over the forecast period.

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Recent Developments:

• On May 2022, Future Pipe Industries delivered to the General Petroleum Company (GPC) who successfully operated its first phase of a Gas Pipeline in the Abu Senan area, located in the Western Desert in Egypt. The new gas pipeline is executed using Glass Reinforced Epoxy (GRE) pipe brand Flowstrong. Their pipe connected many exploration areas within the gas plant.

• On February 2023, Hexagon Agility, a world-leading provider of renewable and compressed natural gas (RNG/CNG) transportation solutions, announced that Trayecto, the largest cargo trucking company in Mexico, has ordered additional KenMex compressed natural gas (CNG) powered trucks with Hexagon Agility’s best-in-class ProCab^® 175 diesel gallon equivalent (DGE) and ProRail^® 30 DGE fuel systems.

The greatest revenue share in 2022 over 43% was accounted for by Asia Pacific.

Governments in the Asia Pacific area have been concentrating on sustainability efforts and environmental restrictions. As a result, laws governing the handling and storage of chemicals as well as the purification of water and wastewater are now more stringent. Due to its resistance to corrosion and capacity for the secure storage of hazardous materials, FRP tanks have emerged as the material of choice for enterprises seeking to abide by environmental standards.

Key Factors That May Impact the FRP Tank Market:

• Industrial Growth:

The demand for FRP tanks is closely tied to industrial growth, especially in industries such as chemicals, water and wastewater treatment, oil and gas, and agriculture. Economic conditions that drive industrial expansion can positively impact the FRP tank market.

• Environmental Regulations:

Stringent environmental regulations regarding the storage and handling of hazardous materials may drive the adoption of FRP tanks, as they are corrosion-resistant and can be designed to meet specific safety standards.

• Technological Advancements:

Innovations in FRP tank manufacturing processes and materials can impact the market. Improved design, fabrication techniques, and the development of advanced composites may enhance the performance and durability of FRP tanks.

• Infrastructure Development:

Infrastructure projects, particularly in the water and wastewater sector, influence the demand for storage solutions. As countries invest in water treatment facilities and storage systems, the FRP tank market may experience growth.

• Cost Competitiveness:

The cost competitiveness of FRP tanks compared to alternative materials like steel or concrete can be a significant factor. If advancements in manufacturing processes lead to cost reductions, it may positively impact the market.

FRP Tank Market Technological Trends

• Advanced Composite Materials:

Ongoing research and development focus on the use of advanced composite materials, including high-performance resins and fibers, to enhance the strength, durability, and corrosion resistance of FRP tanks.

• Automation in Manufacturing:

The integration of automation technologies in the manufacturing processes of FRP tanks, such as robotic manufacturing and computer-aided design (CAD) systems, helps improve efficiency and precision.

• Smart Tank Technologies:

Integration of sensor technologies for real-time monitoring of tank conditions, including levels, temperature, and structural integrity. This data can be used for predictive maintenance and overall system optimization.

• Tank Lining Technologies:

Advances in lining technologies, such as the development of innovative barrier coatings, to provide additional protection against chemical corrosion and to enhance the lifespan of FRP tanks.

• Customization and Modular Design:

The trend towards modular and customizable FRP tank designs, allowing for easier installation and adaptation to specific industrial or commercial requirements.

FRP Tank Market Players

• SHAWCOR
• Enduro
• LF Manufacturing
• Amiantit Fiberglass Industries Limited
• Future Pipe Industries
• Composite Technology Development Inc.
• Luxfer Group
• Hexagon Composites ASA
• EPP Composites Pvt Ltd.
• and SELIP s.p.a

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Key Market Segments: FRP Tank Market

FRP Tank Market by Fiber Type, 2023-2029, (USD Billion), (Thousand Units)

• Carbon Fiber
• Fiberglass

FRP Tank Market by Resin Type, 2023-2029, (USD Billion), (Thousand Units)

• Polyester
• Epoxy
• Others

FRP Tank Market by Application, 2023-2029, (USD Billion), (Thousand Units)

• Chemicals
• Water & Wastewater
• Oil & Gas
• Pulp & Paper
• Power
• Others

Market Dynamics

Drivers:

• Corrosion Resistance: FRP tanks are known for their excellent corrosion resistance, making them suitable for storing corrosive substances in various industries such as chemical processing, water treatment, and oil and gas.

• Lightweight and High Strength: FRP tanks are lightweight compared to traditional materials like steel, yet they offer high strength. This makes them easier to handle during transportation, installation, and maintenance.

• Durability and Longevity: FRP tanks have a long service life and require minimal maintenance. Their durability is a significant driver for industries looking for cost-effective and long-lasting storage solutions.

• Customization and Design Flexibility: FRP tanks can be molded into various shapes and sizes, allowing for customization based on specific requirements. This design flexibility is attractive to industries with unique storage needs.

Restraints:

• High Initial Costs: While FRP tanks offer long-term cost benefits due to their durability and low maintenance, the initial investment can be higher compared to some other materials, which may deter cost-sensitive buyers.

• Limited Temperature Resistance: FRP tanks may not be suitable for extremely high-temperature applications. This limitation can restrict their use in industries where high-temperature resistance is critical.

Opportunities:

• Growing Demand in Water Treatment: The increasing focus on water treatment and conservation presents opportunities for the FRP tank market, as these tanks are widely used for storing water treatment chemicals.

• Expansion in Emerging Markets: As industries in emerging markets continue to grow, there is an opportunity for the FRP tank market to expand its presence in these regions.

Challenges:

• Competition from Alternative Materials: The FRP tank market faces competition from alternative materials such as steel, concrete, and polyethylene. The industry must continually demonstrate the advantages of FRP over these materials.

• Regulatory Compliance: Adherence to stringent regulatory standards and certifications can pose challenges for FRP tank manufacturers. Compliance with industry standards is crucial to ensuring the acceptance of these tanks in various applications.

• Perception and Education: Some industries may still be unfamiliar with the benefits of FRP tanks. Educating potential customers about the advantages of FRP over traditional materials is an ongoing challenge.

Key Question Answered

1. What is the expected growth rate of the FRP tank market over the next 7 years?
2. Who are the major players in the FRP tank market and what is their market share?
3. What are the end-use industries driving demand for market and what is their outlook?
4. What are the opportunities for growth in emerging markets such as Asia-Pacific, Middle East, And Africa?
5. How is the economic environment affecting the FRP tank market, including factors such as interest rates, inflation, and exchange rates?
6. What is the expected impact of government policies and regulations on the FRP tank market?
7. What is the current and forecasted size and growth rate of the global FRP tank market?
8. What are the key drivers of growth in the FRP tank market?
9. Who are the major players in the market and what is their market share?

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