About FRP Tank
FRP stands for fiberglass-reinforced plastics it is also known as glass-reinforced plastics. It is a modern composite material especially used to build chemical plant equipment such as vessels and tanks. FRP Tank market is expected to grow exponentially during the forecast period owing to the increasing industrialization and demand for lightweight tanks. Also the increasing number of chemical and desalination plants boosting the demand of FRP tank.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the FRP Tank market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for FRP Tank market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global FRP Tank market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ashland, Inc. (United States), Teijin Ltd. (Japan), Huntsman Corporation (United States), Glass fiber manufacturers include PPG industries (United States), Hexcel Corporation (U.S.), Jushi Group Co. Ltd. (China), Owens Corning (United States), ZCL Composites (Canada), Volvo AB (Sweden), Enduro Composites (United States), LF Manufacturing (United States), Denali Inc.(United States) and Daimler AG (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are EPP Composites (India), Hexagon Composite Engineering Sdn Bhd (Malaysia)Composite Technology Development, Inc. (United States), Luxfer Group (United Kingdom) and Hexagon Composites ASA (Norway).
Segmentation Overview
AMA Research has segmented the market of Global FRP Tank market by , Application (Water & Waste Water Treatment, Chemical, Oil and Gas, Pulp & Paper and Others) and Region.
On the basis of geography, the market of FRP Tank has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Shape, the sub-segment i.e. Vertical Cylindrical will boost the FRP Tank market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Resin , the sub-segment i.e. Epoxy will boost the FRP Tank market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fiber Reinforcement, the sub-segment i.e. Glass Fiber will boost the FRP Tank market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Use of FRP Tanks in Heavy Vehicles and Availability of Customised FRP Tank
Market Growth Drivers:
Increasing Number of Chemical Plants, Growing Industrialization and Increasing Number of Desalination Plants
Challenges:
Large-Scale Manufacturing
Restraints:
Lack of Awareness and High Cost of the FRP Tank
Opportunities:
Increasing Demand for Lightweight Tanks in Water Treatment, and Oil & Gas Applications and Increasing Demand of FRP Tank Due to Reducing Underground Leakage and Corrosion
Market Leaders and their expansionary development strategies
In Sept 2019, Huntsman Corporation announced that it has completed the previously announced acquisition of the Sasol-Huntsman maleic anhydride joint venture from Sasol.
In May 2020, Franklin Fueling Systems has announced the release of its new and innovative Watertight Fiberglass Tank Sump offering. Designed to provide maximum protection from water intrusion with a simplified installation process, the Watertight Fiberglass Tank Sump delivers easy access to tank top equipment for fast maintenance and servicing.
Key Target Audience
FRP Tank Manufacturers, Traders, Distributors, and Suppliers, Raw Material Suppliers, Industry associations and experts, Research Institutes and Industry associations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.