FRP Tanks Market Was Valued at USD 2,221.3 million in 2021

Precision Business Insights published a research report on "FRP Tanks Market By Resin Type (Polyester Resins, Epoxy Resins, Vinyl Resins and Others), By Fiber Type (Glass Fibers, Carbon Fibers and Aramid Fibers), By Application (Water & waste water, Chemicals, Oil & gas, Pulp & paper, Power, Agriculture/Aquaculture and Septic) - Global/Region/Country Forecast to 2028".

FRP Tanks market is estimated to be valued USD 2,221.3 million in 2021 and poised to grow at significant CAGR of 4.7% over 2028-2022, to reach USD 2,883.8 million by 2028.

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Water & Wastewater Dominate the FRP Tanks Market:
Water & wastewater accounted 26.1% market share and it is expected to grow with a CAGR 5.2% from 2022-2027. Water and wastewater tanks accounted for a significant percentage of the FRP tank market in terms of both value and volume. FRP tanks provide total protection against extremely corrosive fluids and hard environmental conditions at a variety of temperatures, pressures, and adverse weather and soil conditions, which is why they're used in the water and wastewater industry. Septic tanks, municipal wastewater storage, stormwater management systems, wastewater treatment, oil interceptors, grease interceptors, potable water storage, oil-water separators, water conservation tanks, fire protection tanks, onsite wastewater tanks, and industrial wastewater tanks are just a few of the applications for FRP tanks.

Asia Pacific leads FRP Tanks Market:
Asia Pacific holds the market share 42.8% in the FRP tanks market during the forecast period and it is expected to continue the growth in the coming years. The increased affluence of individuals, combined with expanding urbanization and industrialization, has contributed to the expansion in this field. This has led in a surge in demand for consumer products and services, such as power, building, processed foods, and water and wastewater treatment, all of which are common uses for FRP tanks. As a result, these expanding application industries are expected to significantly enhance sales in the Asia Pacific market.

China has become one of the leading customers of FRP tanks. Due to the country's strong economic growth and fast urbanization, India is expected to be a potential worldwide market throughout the forecast period. In the coming years, India's water and wastewater treatment industry is predicted to boost the worldwide market in the country.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
FRP Tanks market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region.

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Key player's profiles in the report are ZCL Cmpsites (Canada), Endur Cmpsites (USA), LF Manufacturing (USA), BSF FRP INDUSTRIES (India), Denali Inc. (USA), EPP Cmpsites (India), Luxfer Group (UK), Hexagn Cmpsites ASA (Nrway) and Pentair (USA).

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