According to a new market report published by Lucintel, the future of the FRP (Fiber Reinforced Plastic) tank market looks promising with opportunities in water/wastewater, septic, pulp and paper, chemical, petroleum, and agriculture/aquaculture applications. The global FRP tank market is expected to reach an estimated $4.7 billion by 2027 with a CAGR of 4.6% from 2021 to 2027. The major growth drivers for this market are growing demand for oil and gas storage systems, and expansion of chemical plants, rapid urbanization and infrastructure development in developing countries.
Browse 75 market data tables and 109 figures spread through 192 pages and in-depth TOC on “Global FRP Tank Market"
In this market, polyester composites and vinyl ester composites are the resins used in the global FRP tank market. Lucintel forecasts that polyester composites FRP tank will remain the largest segment over the forecast period due to its increasing use in various end use industries.
Within the FRP tank market, petroleum segment will remain the largest application and is also expected to witness the highest growth over the forecast period due to due increasing number of retail fuel stations and also due to various properties like heat resistance, chemical resistance, fire resistance, corrosion resistance.
Asia Pacific is expected to remain the largest region over the forecast period to increasing energy demand, demand from retail fuel stations, increasing number of desalination plants, looming fresh water shortage, conservation of rainwater, and gaining momentum in replacing old existing tanks. Europe is expected to witness the highest growth over the forecast period.
Emerging trends, which have a direct impact on the dynamics of the industry, include dual purpose application FRP tanks, heating oil tanks, and multi compartment tanks. Hengrun, ZCL Composites, Containment Solutions, Orenco, and Belco Manufacturing are among the major FRP tank manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global FRP tank market by application, resin type, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the Global FRP Tank Market 2022-2027: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global FRP tank market by application, resin type, and region as follows:
By Application [Value ($B) and Volume (M lbs) shipment analysis for 2016 – 2027]:
•Water/wastewater
•Septic
•Pulp and paper
•Chemical
•Petroleum
•Agriculture and aquaculture
•Others
By Resin Type [Value ($B) and Volume (M lbs) shipment analysis for 2016 – 2027]:
•Polyester Composites
•Vinyl Ester Composites and Others
By Region [Value ($B) and Volume (M lbs) shipment analysis for 2016 – 2027]:
•North America
•Europe
•Asia Pacific
•The Rest of the World
This 192-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/frp-tank-market.aspx or write us at helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high growth opportunities for the global FRP tank market by application (water/wastewater, septic, pulp and paper, chemical, petroleum, agriculture, aquaculture, and others), resin type (polyester composites, vinyl ester composites and other), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?