Fiber Reinforced Plastic (FRP) Tank Market Set for Rapid Growth And Trend, by 2024

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Global Fiber Reinforced Plastic (FRP) Tank Market: Overview

Fiber reinforced plastic is a generic term applied to wide forms of composite material consisting of reinforced fibers thermosetting resins and materials such as pigments and fillers. Fiber reinforced plastic provides unrivalled combination of properties such as retention of dimensional stability across a wide range of temperatures, good electrical insulating properties, chemical resistance, high level of stiffness, higher strength-to-weight ratio, and light weight.

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Fiber reinforced plastic are increasingly used in a number of applications such as building and construction, marine industry, transportation, and chemical plants and pipes. Growing demand for energy, increasing demand for oil and gas storage application of fiber reinforced plastic, and a notable growth in the chemical plants worldwide is expected to bolster the demand for global fiber reinforced plastic tank over the forecast period.

Global Fiber Reinforced Plastic (FRP) Tank Market: Segmentation

The market for fiber reinforced plastic tank has been segmented on the basis of the application and geography to provide a holistic view of the overall market. On the basis of the application, the market for fiber reinforced plastic tank can be segmented as aquaculture, agriculture, chemical, pulp and paper, petroleum, septic, and wastewater. The market on the basis of application in chemical industry can be segmented as brine, chlor-alkali manufacturers, electroplating, food processing, fertilizer, refining and vinegar. The regional segmentation will be done such as North America, Europe, Asia Pacific, and Rest of the World.

Global Fiber Reinforced Plastic (FRP) Tank Market: Drivers and Restraints

The market for the fiber reinforced plastic tank is expected to grow significantly during the forecast period. The high corrosion resistance property of fiber reinforced plastic tank and total life cycle cost benefit are expected to be the key drivers of growth in the global fiber reinforced plastic tank market in near future. Additionally, gaining momentum in replacing old storage tanks, significantly increasing demand from retail fuel stations, looming fresh water storage application of fiber reinforced plastic tank, increasing application of fiber reinforced plastic tank for rainwater storage, and growing number of desalination plants are expected to augment the growth in global fiber reinforced plastic tank market. However, the higher upfront cost of fiber reinforced plastic tank against the competitive material tanks and low replacement rate of existing tanks in various applications (chemical, septic, petroleum), can hamper the growth in the global fiber reinforced plastic market.

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Global Fiber Reinforced Plastic (FRP) Tank Market: Geographical Dynamics

North America, especially the U.S, is expected to account for the maximum demand of fiber reinforced plastic tank in the near future. The market is expected to show higher growth on account of factors such as increased number of applications of fiber reinforced plastic tank in pulp and paper, wastewater, and petroleum. The market for the chemical application of fiber reinforced plastic tank is expected to be driven by an increase in the consumption of vinyl ester and epoxy resins.

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