FRP Tank Market

Global FRP Tank Market Size (2024 to 2029)

The Global FRP Tank market is expected to grow from USD 2.44 billion in 2024 to USD 3.07 billion in 2029, with a CAGR of 4.7% between 2024 and 2029

MARKET DRIVERS AND RESTRAINTS

The sanitation (water and wastewater) industry is one of the biggest industries around the world.

Many big players in sanitation and water activities are based in North America, Europe, and Asia. They use storage tanks as the primary material for their warehouse. FRP tanks are quickly replacing traditional materials in many manufacturing and industrial sectors and thus this adoption is driving the FRP tanks market throughout the world. FRP tank provides a robust solution at a relatively cheap cost for the automotive industry and thus many of them are switching to this low-cost alternative. Alloys of Aluminium and glass fiber materials are also used for making various equipment in manufacturing. Increasing usage of lightweight materials in the power generation industry is also a driving factor for the global FRP tank market.

In Europe, the high demand for FRP tanks is because of the growing water and wastewater applications. The increasing need for pure drinking water is playing a crucial role in the expansion of the global FRP tank business.

MARKET CHALLENGES

The stringent government norms are acting as major limitations to the global FRP tank market. Also, the lack of awareness of the benefits of these tanks in several developing nations is also resulting in decreased revenue. Moreover, the concerns related to its impact on the human body are further touted to impact this industry negatively in the future.

REPORT COVERAGE

DETAILED SEGMENTATION OF THE GLOBAL FRP TANK MARKET INCLUDED IN THIS REPORT

This research report on the global FRP tank market has been segmented and sub-segmented based on type, product, and region.

Global FRP Tank Market By Resin Type

• Polyester
• Epoxy

Global FRP Tank Market By Fiber Reinforcement

• Glass Fiber
• Carbon Fiber

Global FRP Tank Market By Application

• Water and Wastewater
• Chemicals
• Oils & gas
• Pulp and Paper
• Power

The epoxy resin segment accounts for the major share of the market in 2023.

The growth in this segment is because of the increasing use of epoxy resins in tanks as a result of the growing trade i.e., import and export of goods across the globe and increase in the bunkering facilities. These factors are also considered the main reason to support the demand for FRP tanks during the forecast period.

The Water and wastewater industry also uses these tanks at a significant rate, making it a significant application segment around the world. The growing demand for treating wastewater in several developing nations is supposed to spike the growth in this segment in the future.

The use of glass fiber has increased in recent years as they provide excellent flexibility and are used in several mechanical and electrical industries.

They offer superior strength and recyclability at a relatively low cost. In addition to this, the materials made from these fibers are also recyclable thus giving more opportunities for the industry to grow. The glass fiber segment accounted for the largest share of the market by late 2019 and it is expected to see significant growth during the foreseen period of 2024 to 2029. The growth in this segment is due to its increasing bunkering facilities, and an incessant demand for tanks on ships.

REGIONAL ANALYSIS

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

The Asia Pacific is forecasted to be the fastest-growing market for FRP tanks in the next five years (2024 to 2029).

The factor that has contributed to the growth in this area is the increasing urbanization and industrialization combined with the rising affluence of people. This has resulted in high demand of consumer goods and services that include the following: power, construction, processed foods, and water & wastewater treatment, which are the prominent applications of FRP tanks. Therefore, these growing application industries are likely to significantly boost sales in the FRP tank market in the Asia Pacific region.

The second-largest market is North America, where advanced sanitation activities such as rock bed composites, and wetlands have increased, and this has caused a high demand for the FRP tanks.

KEY PLAYERS IN THE GLOBAL FRP TANK MARKET

ZCL Composites, Enduro Composites, LF Manufacturing, Denali Inc., EPP Composites are some of the notable companies in the global FRP Tank market.