October 04, 2022 07:00 ET | Source: Facts & Factors Facts & Factors
NEW YORK, US, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “FRP Tank Market Size, Share, Growth Analysis Report By Resin Type (Polyester, Epoxy, and Others), By Fiber Type (Carbon Fiber, and Fiberglass), By Application (Chemicals, Water & Wastewater, Oil & Gas, Pulp & Paper, Power, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database. Engine Insulation Liner
“According to the latest research study, the demand of global FRP Tank Market size & share was valued at approximately USD 2.3 Billion in 2021. The market is expected to grow above a CAGR of 4.5% and is anticipated to reach over USD 3.1 Billion by 2028.”
The report analyses the FRP Tank market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global FRP Tank market.
FRP Storage Tank is a type of FRP product, which is primarily a label category of composite material made using resin as an adhesive and fiberglass as a reinforcing agent using a microcomputer-controlled machine. Corrosion-resistant, extremely durable, portable, and long-lasting are all characteristics of FRP storage tanks. They may be flexibly designed and used in a variety of industries, including chemical, environmental protection, food, pharmaceuticals, and others, owing to their flexible design and robust manufacturability. The majority of the carbon steel and stainless steel market segments are being gradually replaced by it in the industry.
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Properties such as endurance and strength of FRP tank is expected to fuel the market growth
The market for FRP tanks is primarily driven by the increase in the storage of oil by various public and private entities. Different solid wastes are present in oil and gas in varying amounts, with differing densities, particle sizes, and degrees of hardness. Tanks are harmed by these particles. The nature of the wastes they used to transport caused traditional steel tanks to corrode and fracture easily. FRP tanks are now being used in place of metal tanks in sewage systems. Thus, driving the global FRP tank market growth during the forecast period.
Volatility in the raw material prices is projected to hamper the market during the forecast period
Over the past 18 months, the majority of industries have had adverse effects worldwide. This can be ascribed to the enormous disruptions that various precautionary lockdowns and other limitations that were imposed by governing agencies around the world caused in their respective production and supply-chain operations. The same holds for the market for FRP tanks globally. Additionally, consumer demand has now decreased as people have been more intent on cutting down non-essential expenses from their budgets as the general economic condition of the majority of people has been adversely impacted by this outbreak. Throughout the forecast period, the aforementioned factors are anticipated to negatively impact the worldwide FRP Tank market's revenue trajectory. The global FRP Tank market, however, is anticipated to rebound in line with the lifting of these enforced lockdowns by the relevant governmental bodies.
Key questions answered in this report:
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FRP Tank Market: COVID-19 Impact Analysis
The COVID-19 pandemic had a negative impact on the growth of the Fiber Reinforced Plastics (FRP) tank market in 2020 as a result of the closure of manufacturing facilities and the subsequent limitations on logistics and transportation that were caused by the pandemic. The supply of FRP tanks was impacted negatively as a result of disruptions in the supply chain. In order for manufacturers to comply with local and national regulations for the protection of employees against the SARS-CoV-2 virus, significant changes were made to the procedures that manufacturers use. The majority of large-scale manufacturers either temporarily scale back their operations or find ways to keep production going despite having fewer workers.
In addition, the lack of demand for these tanks from end-use industries such as oil and gas, chemicals, and others had a negative impact on the expansion of the market. For example, the International Energy Agency (IEA) forecasts that the global demand for energy will drop by 4% in the year 2020. This would be the largest percentage drop since World War II and the highest absolute drop ever. During the time of COVID-19, this had a detrimental effect on the market for FRP tanks.
Key Insights from Primary Research
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FRP Tank Market: Segmentation Analysis
The global FRP tank market is segmented based on resin type, fiber type, application, and region.
The polyester, epoxy, and other segments of the global market are divided based on the type of resin. During the projection period, the polyester segment is anticipated to maintain its dominance, as it did in 2021. The versatility, strong dimensional stability, and superior mechanical, chemical-resistance, and electrical qualities are all factors in segment growth. For the production of FRP tanks, polyester is a common resin type. On the other hand, the epoxy segment is projected to develop at the highest CAGR. Epoxy resins provide a larger range of qualities than polyester and vinyl ester resins. They simultaneously display all of the following characteristics: very low shrinkage, robust dimensional stability, high-temperature resistance, good fatigue and adherence to reinforcements. They also show exceptional resistance to basic (alkali) conditions and solutions.
Based on fiber type, the global FRP tank market is categorized into carbon fiber and fiberglass. The fiberglass segment was a significant market share in 2021 and is expected to grow during the forecast period. Glass fiber has become more popular recently since it offers high flexibility and is used in many mechanical and electrical industries. They are reasonably priced and provide high strength and recyclability. Furthermore, the materials made from these fibers are recyclable, providing greater space for the industry to expand. Additionally, the expansion of bunkering facilities and the ongoing need for tanks on ships also contribute to the segment's growth.
The global market is divided into chemicals, water & wastewater, oil & gas, pulp & paper, power, and others based on application. The water & wastewater application is anticipated to be the market's most dominating application, while the chemical/industrial application is anticipated to grow at the fastest rate during the forecast period. Septic tanks, municipal wastewater storage, stormwater management systems, wastewater treatment, oil-water separators, grease interceptors, potable water storage, onsite wastewater tanks, industrial wastewater tanks, water conservation tanks, and fire protection tanks are just a few of the water and wastewater applications where FRP tanks are used. In industrial settings, FRP tanks are being used more and more for pulp and paper production, chemical processing, and chemical storage.
The market for FRP tanks may be segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa based on geography. Due to the region's extensive demand from the chemical, power, and water & wastewater treatment industries for lightweight, non-corrosive storage tanks, Asia Pacific holds a significant market share for FRP tanks globally. Because there are so many end-use industries in the region, China has become one of the top consumers of FRP tanks. India's strong economic growth and increasing urbanization are expected to make it a potential market for FRP tanks globally during the forecast period. India's expanding water and wastewater treatment sector is anticipated to fuel global demand for FRP tanks.
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The report contains qualitative and quantitative research on the global FRP Tank Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global FRP Tank market include:
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The global FRP Tank market is segmented as follows:
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