Global FRP Tank Market Segments 2024, Forecast To 2033
5 Mar, 2024
The FRP tank market has witnessed robust growth, growing from $2.35 billion in 2023 to $2.49 billion in 2024 with a 5.9% CAGR. Growth in the historic period is attributed to corrosion resistance needs, regulatory compliance, cost-effectiveness, expansion of chemical processing industries, water and wastewater treatment, and urbanization. Looking ahead, the market is expected to see strong growth, reaching $3.13 billion in 2028 with a 5.9% CAGR. Drivers include the expansion of desalination plants, government investments in infrastructure, stringent environmental regulations, focus on chemical resistance, and awareness of long-term cost benefits. Major trends encompass customization and tailored solutions, innovation in resin technologies, customization and design flexibility, advancements in manufacturing processes, maintenance-free and long lifespan, and the integration of smart technologies.
Global FRP Tank Market Key Driver
The FRP tank market is poised for growth with the rising demand for oil and gas storage systems. Oil and gas storage, crucial for various stages of the refining process, utilizes FRP tanks. The Council of the European Union notes an 88% average filling of member states' gas storage tanks in December 2022. The demand for oil and gas storage systems contributes to the expansion of the FRP tank market.
Get A Free Sample Of The Global FRP Tank Market ReportGlobal FRP Tank Market Segments
The frp tank market covered in this report is segmented –
1) By Resin Type: Polyester, Epoxy, Other Resin Types
2) By Fiber Type: Carbon Fiber, Fiberglass
3) By Application: Water/wastewater, Septic, Pulp and Paper, Chemical, Petroleum, Agriculture and Aquaculture, Other Applications
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacific was the largest region in the FRP tank market in 2023 and is expected to be the fastest-growing region in the FRP tank market during the forecast period. The regions covered in the frp tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major FRP Tank Industry Players
Shawcor Ltd.; Enduro Composites Inc.; LF Manufacturing Inc.; Amiantit Fiberglass Industries Limited; Future Pipe Industries LLC; Composite Technology Development Inc.; Luxfer Group Limited; Hexagon Composites ASA; EPP Composites Pvt Ltd.; SELIP s.p.a.; ZCL Composites; Fiber Tech Composite Private Limited; Ashland Inc.; Huntsman Corporation; Augusta Fiberglass Coatings Inc.; BEPeterson Inc.; Belco Manufacturing Company Inc.; Belding Tank Technologies Inc.; Design Tanks LLC; Diamond Fiberglass LLC; Ershigs Inc.; Fiber Glass Systems LLC; Hamilton Kent LLC; Harwal Group of Companies; Palmer of Texas; Perry Fiberglass Products Inc.; Plas-Tanks Industries Inc.; Precision Tank & Equipment Co.; Red Ewald Inc.; Snyder Industries LLC; Xerxes Corporation; GRP Water Tanks LLC; Megha Pro Tech Systems Pvt Ltd.
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AIOps FRP Tank Market Overview
An FRP tank is a composite product made of fiberglass-reinforced plastic, comprised of a polymer matrix and fiber reinforcement. These are used for storing any gas or fluid that is not corrosive to FRP.
FRP Tank Global Market Report 2023 provides data on the global frp tank market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The frp tank market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.