January 5th,2023/Industry News Global/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the FRP Tank Market.
FRP Tank Marketreport studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making formulation based on the opportunities present in the market.
The market for FRP tank is subjected to gradually recovering from 2021 onwards and registering an overall long-term CAGR of 4.6% during 2021-2026.
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Segment Analysis
Water/Wastewater to be the Most Dominant Application Type
Based on the application type, the market is segmented as oil & gas, fuel, industrial, and water/wastewater. Water/wastewater application is likely to remain the most dominant application in the market during the forecast period, whereas chemical/industrial to be the fastest-growing application over the same period. In water/wastewater applications, FRP tanks are used for a multitude of applications including 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 tank. In industrial, FRP tanks are increasingly preferred in chemical storage, chemical processing, and pulp & paper applications.
Underground is the Most Dominant Installation Type
Based on the installation type, the market is classified as underground and aboveground. The underground tank is likely to remain the most dominant segment in the FRP tank market during the forecast period. The demand for underground FRP tanks is increasing because they are ideal for gasoline, AV-gas, motor oil, kerosene, diesel fuel, alcohol-gasoline blend motor fuels, ethanol-blend motor fuels, methanol blends, oxygenated motor fuels, and water & septic. Aboveground FRP tanks are used for storing acids, caustics, solvents, and corrosive fluids in the chemical and petroleum industries.
Spray Lay-up is the Most Dominant Manufacturing Process Type
Based on the manufacturing process type, the market is classified as filament winding, hand layup/rotating mandrels, spray lay-up, and others. The spray lay-up process is likely to remain the most dominant process, whereas filament winding to gain market share during the forecast period. The FRP tanks made up of the filament winding process are capable to withstand with harshest environments and can be utilized in many applications. Spray lay-up is the extension of the hand lay-up method where a spray gun is used to spray pressurized resin and chopped fiber on a mold. It is much faster than hand lay-up.
Asia-Pacific will maintain its leading position
In terms of region, Asia-Pacific is projected to remain the largest market for FRP tanks market during the forecast period. China is not only the largest market in Asia-Pacific but also in the world, owing to the presence of several mid- to small-sized FRP tank manufacturers coupled with increasing preference of FRP tanks over their counterparts. After recording a massive decline in 2020, Asia-Pacific is likely to heal up with the fastest pace in the post-pandemic market scenario. The Asia-Pacific’s FRP tank market is relatively fragmented with the presence of a large number of players, such as Hengrun Group Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., Hao Hua Zhongyi GFRP Co. Ltd., Beijing Composite Materials Co. Ltd., and Hebei Chengda FRP Co. Ltd.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The FRP Tank Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
About Stratview Research
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