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Comprehensive FRP Tank Market Forecast 2025-2034: Growth Trends and Strategic Shifts
FRP Tank
FRP Tank Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The growth of the FRP tank market size has been robust in recent times. An upward trend is expected from $2.47 billion in 2024 to $2.62 billion in 2025, signifying a compound annual growth rate (CAGR) of 5.9%. Factors contributing to this development in the historical phase include requirements for corrosion resistance, compliance with regulations, cost efficiency, growth of chemical processing sectors, water and waste treatment, urban expansion, and increased population.
FRP Tank Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated robust growth in the FRP tank market size over the next few years is anticipated to reach $3.37 billion in 2029 with a compound annual growth rate (CAGR) of 6.5%. The projected growth within the forecast period is likely due to the expansion of desalination plants, government infrastructure investments, strict environmental norms, emphasis on chemical resistance, and awareness of lasting cost advantages. The forecast period is expected to see trending in personalized and bespoke solutions, advancements in resin technology, customization options and design adaptability, progression in manufacturing procedures, durability and free maintenance, encompassing smart technologies.
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What Are the Drivers Transforming the FRP Tank Market?
The need for oil and gas storage systems is anticipated to boost the expansion of FRP tanks in the future. These storage systems encompass tanks or terminals used for storing produced oil and gas, either above or below ground. Within the oil and gas sector, FRP tanks are employed to bulk-store fluids at varying stages of refining. These tanks are typically utilized to store products for a brief span before being transported for additional processing. For instance, data from the Energy Information Administration, a US-based federal statistical and analytical agency, suggested in June 2023 that global oil demand is projected to escalate by 6% from 2022 to 2028, reaching 105.7 million barrels daily. Concurrently, global investments in oil and gas exploration, extraction, and production are anticipated to increase by 11% annually, hitting a record USD 528 billion in 2023. Thus, the growing need for oil and gas storage systems is fueling the expansion of the FRP tank market.
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What Long-Term Trends Will Define the Future of the FRP Tank Market?
The rising trend of product innovation is making waves in the FRP tank market. Major market players are concentrating on the development of groundbreaking products to bolster their market position. For example, in August 2023, OPW, an American firm known for its precision-engineered solutions for the safe and eco-friendly production, storage, and transportation of clean cryogenic and industrial gases and liquids, introduced the TSE Tank Sump. It employs the Sheet-Molded Compound (SMC) manufacturing process, guaranteeing superior quality, rapid delivery, and excellent value. Perfect for fuel retailers looking for a simple secondary container, the TSE Tank Sump features walls that are consistently thick and smooth for a secure, watertight seal. Its smooth sides improve adherence to entry fittings, avoiding leaks and standing up to deflection. With two mounting options (collar-ring and solid-bottom) and seal kits available, installation and maintenance are simplified, offering retail fueling operators a dependable and convenient storage solution.
Which Segments in the FRP Tank Market Offer the Most Profit Potential?
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 Or wastewater, Septic, Pulp And Paper, Chemical, Petroleum, Agriculture And Aquaculture, Other Applications
Subsegments:
1) By Polyester: Unsaturated Polyester, Orthophthalic Polyester, Isophthalic Polyester
2) By Epoxy: Bisphenol A Epoxy, Novolac Epoxy, Glycidyl Epoxy
3) By Other Resin Types: Vinyl Ester, Phenolic, Polyurethane
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Which Firms Dominate the FRP Tank Market by Market Share and Revenue in 2025?
Major companies operating in the FRP tank market include 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, 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., Snyder Industries LLC, Xerxes Corporation, GRP Water Tanks LLC, Megha Pro Tech Systems Pvt Ltd.
Which Regions Offer the Highest Growth Potential in the FRP Tank Market?
Asia-Pacific was the largest region in the FRP tank market in 2024 and is expected to be the fastest-growing region in the FRP tank market during the forecast period. The regions covered in the FRP tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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