Press release
FRP Tank Market Poised for Growth: Key Insights, Player Landscape, Expansion Trends, and Growth Forecast
FRP Tank Market
The global FRP tank market is registering robust growth fueled by the rising demand for corrosion resistance, expansion of chemical processing industries, stringent environmental regulations, and innovations in resin technologies.
What Is The Projected Market Size Of The Global FRP Tank Market And Its Growth Rate?
• The market will grow from $2.47 billion in 2024 to $2.62 billion in 2025, achieving a 5.9% CAGR. Growth can be attributed to corrosion resistance needs, regulatory compliance, cost-effectiveness, and more.
• The market is expected to see a rise to $3.37 billion in 2029 at a 6.5% CAGR. The growth is driven by expansion of desalination plants, government investments in infrastructure, and awareness of long-term cost benefits.
What Is Driving The Growth In The FRP Tank Market?
The growing demand for oil and gas storage systems is propelling the growth of the FRP tank market. FRP (Fiber Reinforced Plastic) tanks are commonly used in the oil and gas industry for storing fluids at various stages of the refining process. The global demand for oil is predicted to increase by 6% between 2022 and 2028, reaching 105.7 million barrels per day, which directly favors the FRP tank market.
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Who Are The Key Players Driving FRP Tank Market Growth?
The following key companies contribute significantly to the FRP tank market growth:
• Shawcor Ltd.
• Enduro Composites Inc.
• LF Manufacturing Inc.
• Amiantit Fiberglass Industries Limited
• Future Pipe Industries LLC
• Luxfer Group Limited
• Hexagon Composites ASA
• EPP Composites Pvt Ltd.
• SELIP s.p.a.
• ZCL Composites
What Are The Key Trends In The FRP Tank Market?
Key trends propelling the market growth include:
• Customization and tailored solutions
• Innovation in resin technologies
• Design flexibility
• Advancements in manufacturing processes
• Maintenance-free and long lifespan
• Integration of smart technologies
What Are The Segments Of The Global FRP Tank Market?
The market is segmented by:
• Resin Type: Polyester, Epoxy, Other Resin Types
• Fiber Type: Carbon Fiber, Fiberglass
• Application: Water Or wastewater, Septic, Pulp And Paper, Chemical, Petroleum, Agriculture And Aquaculture, Other Applications
Which Region Leads The FRP Tank Market?
The Asia-Pacific region was the largest market for FRP tanks in 2024 and is expected to continue leading during the forecast period. This growth can be attributed to rapid urbanization, population growth, expansion of chemical processing industries, and increased focus on water and wastewater treatment.
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What Is Covered In The FRP Tank Market Global Market Report?
This report includes:
• Market Size Analysis
• Market Segmentation Analysis
• Key Player Focus
• Growth Trends Analysis
• Market Contribution
• Growth Drivers
• Industry Challenges
• Competitive Developments
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