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FRP Tank Market: Market Size, Trends and Growth Analysis
Trends, opportunities, and forecast in FRP tank market to 2026 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).
New York, March 10, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "FRP Tank Market: Market Size, Trends and Growth Analysis" - https://www.reportlinker.com/p06244231/?utm_source=GNW
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 declined in 2020 due to the global economic recession led by COVID-19. However, the market will witness recovery in the year 2021, and it is expected to reach an estimated $3.3 million by 2026 with a CAGR of 4.8% from 2021 to 2026. 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.
Emerging trends, which have a direct impact on the dynamics of the FRP tank industry, includes dual purpose application FRP tanks, heating oil tanks, and multi compartment tanks.
The study includes trends and forecast for the global FRP tank market by application, resin type, and region as follows:
By Application [Value $M and Volume (M lbs) shipment analysis from 2015 to 2026]:
• Water/wastewater
• Septic
• Pulp and paper
• Chemical
• Petroleum
• Agriculture and aquaculture
• Others
By Resin Type [Value $M and Volume (M lbs) shipment analysis from 2015 to 2026]:
• Polyester Composites
• Vinyl Ester Composites and Others
By Region [Value $M and Volume (M lbs) shipment analysis from 2015 to 2026]:
• North America
• Europe
• Asia Pacific
• Rest of the world
In this market, polyester composites and vinyl ester composites are the resins used in the global FRP tank market. The analyst forecasts that polyester composites is expected to remain the largest market by value and volume, mainly driven by its increasing use in various end use industry.
Within the global FRP tank market, petroleum will remain the largest application by value and volume due increasing number of retail fuel stations and also due to various properties like heat resistance, chemical resistance, fire resistance, corrosion resistance and it is also expected to witness highest growth over the forecast period.
Asia Pacific (APAC) is expected to remain the largest region by value and volume due to increasing energy demand, demand from retail fuel stations, increasing number of desalination plants, looming fresh water shortage, conservation of rainwater, and gaining momentum in replacing old existing tanks. Europe is expected to witness the highest growth over the forecast period.
Some of the global FRP tank manufacturers profiled in this report include Hengrun, ZCL Composites, Containment Solutions, Orenco Systems, and Belco Manufacturing.
Features of the Global FRP Tank Market
• Market Size Estimates: Global FRP tank market size estimation in terms of value ($M) shipment and volume (M lbs).
• Trend And Forecast Analysis: Global FRP tank market trends (2015-2020) and forecast (2021-2026) by various segments and regions.
• Segmentation Analysis:Global FRP tank market size by various segments, such as application, resin type, and regions in terms of value and volume.
• Regional Analysis: Global FRP tank market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different application, resin type, and regions for the global FRP tank market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the global FRP tank market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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 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 global FRP tank market?
Q.5 What are the business risks and threats to the global FRP tank market?
Q.6 What are emerging trends in this global FRP tank market and the reasons behind them?
Q.7 What are some changing demands of customers in the global FRP tank market?
Q.8 What are the new developments in the global FRP tank market? Which companies are leading these developments?
Q.9 Who are the major players in the global FRP tank 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 the global FRP tank market, 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 did take place in the last five years in the global FRP tank market?
Read the full report: https://www.reportlinker.com/p06244231/?utm_source=GNW
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