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FRP Tank Global Market Report 2024 - By Size, Share, Growth And Report, Forecast To 2033
FRP Tank Market
As per the report, the frp tank market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The frp tank market size is expected to see strong growth in the next few years. It will grow to $3.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
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Surge In Demand For Oil And Gas Storage Drives Growth Of Frp Tank Market
The rising demand for oil and gas storage systems is expected to propel the growth of FRP tanks going forward. Oil and gas storage refers to tanks or terminals used to store generated oil and gas above or below ground. FRP tanks are used in the oil and gas industry to bulk-contain fluids at various stages of the refining process. These tanks are frequently used to kept products for only a short period of time before being shipped for further processing. For instance, according to the Council of the European Union, a Belgium-based government administration, the average percentage of member states' gas storage tanks that were filled in December 2022 was 88%. The majority of EU members have gas storage facilities on their soil. Two-thirds of the EU's overall storage capacity is made up of five nations: Germany, Italy, France, the Netherlands, and Austria. Therefore, the rising demand for oil and gas storage systems is driving the growth of the FRP tank market.
Product Innovation In The Frp Tank Market
Product innovation is a key trend gaining popularity in the FRP tank market. Major companies operating in the FRP tank market are focused on developing innovative products to strengthen their position in the market. For instance, in August 2023, OPW, a US-based company that provides precision-engineered solutions for the safe, efficient, and environmentally sensitive production, storage, handling, and transport of clean cryogenic and industrial gases and liquids, unveiled TSE Tank Sump and its use of the Sheet-Molded Compound (SMC) manufacturing process, ensuring top-notch quality, quick delivery, and great value. Ideal for fuel retailers seeking an uncomplicated secondary container, the TSE Tank Sump boasts consistently thick and smooth walls for a secure, watertight seal. Its smooth sides enhance bonding to entry fittings, preventing leaks and resisting deflection. With two mounting designs (collar-ring and solid-bottom) and available seal kits, installation and maintenance are made easy, providing retail-fueling operators with a hassle-free and reliable storage solution.
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
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Major companies operating in the frp tank market report are 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. .
Contents of the report:
1. Executive Summary
2. FRP Tank Market Report Structure
3. FRP Tank Market Trends And Strategies
4. FRP Tank Market - Macro Economic Scenario
5. FRP Tank Market Size And Growth
…..
27. FRP Tank Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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