PUNE, India, October 12, 2016 /PRNewswire/ --
The report "FRP Tank Market by Resin Type (Polyester and Epoxy), Fiber Type (Carbon and Glass), Application (Water & Waste Water Treatment, Chemical, Oil & Gas, Pulp & Paper, and Power) - Global Forecast to 2021", published by MarketsandMarkets, the market was worth USD 1.76 Billion in 2015, and is projected to reach USD 2.32 Billion by 2021 at a CAGR of 4.73% between 2016 and 2021.
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The market for FRP tank is driven by the increasing demand for lightweight and non-corrosive storage tanks in water treatment, chemical, and oil & gas applications. Lower maintenance of FRP tanks also helps in lowering the overall operating cost of storing and transporting water and other chemicals.
Glass fibers comprise a major share in the FRP tank market, in terms of value
Glass fiber is the leading type of fiber used for various FRP tanks applications such as chemicals, oil & gas, water & waste water, pulp & paper, and so on. This is because of its lower cost and superior properties such as strength, flexibility, durability, stability, lightweight, as well as resistance to heat, temperature, and moisture. Less complexity and lower maintenance cost in manufacturing of glass fiber-based FRP tanks contributed to the dominance of these tanks.
Water and Waste Water is the largest application market for FRP tank, in terms of volume
FRP tanks generally use glass fiber reinforced polymers and offer complete solutions against highly corrosive fluids and harsh environment conditions at various temperatures, pressures, and adverse weather and soil conditions. Composite tanks are used in portable water storage and waste water storage. Wastewater contains faeces, urine, and other solid waste in different concentrations having different densities, particle size, and hardness; these particles damage the tanks from within. Traditional tanks made up of steel used to corrode quickly and break due to the nature of waste they carried. Metal tanks in the sewage system are now being replaced by the FRP tanks.
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Asia-Pacific accounts for a major share of the FRP tank market
Asia-Pacific accounts for the largest market of FRP tank, globally, due to the high demand of lightweight and non-corrosive storage tanks from the chemical, power, and water & waste water applications. China has become one of the single-largest consumers of FRP tanks in various applications due to the large presence of end-use industries of FRP tank in the region. India is also estimated to be one of the promising markets of FRP tank due to its strong economic growth and rapid urbanization. Growth of water and waste water treatment industry in India is expected to drive the FRP Tank Market in the country.
Some of the key global players prevailing in the FRP tank market are Enduro Composites (U.S.), ZCL Composites (Canada), Luxfer holdings (U.K.), and Hexagon Composite Engineering Sdn Bhd (Malaysia). These players have adopted various organic and inorganic developmental strategies in the past five years.
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