FRP Tank Market Analysis | 2021-2026

Market Insights

The FRP tank market is expected to gradually recover from 2021 onward, registering a long-term CAGR of 4.6% over the period from 2021 to 2026.

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Market Dynamics

FRP Tank stands for Fiberglass Reinforced Plastic Tank, a type of storage tank made from a composite material of fiberglass and a plastic matrix, often thermoset resins such as polyester or epoxy. These tanks are popular due to their excellent strength-to-weight ratio, resistance to corrosion, and durability in harsh environments.

In the composites industry, the tank is considered one of the biggest applications with polyester, and vinyl ester resins the preferred choice. FRP tanks are being installed either underground or aboveground and are used to store potable water, wastewater, acids, alcohols, petroleum, and other corrosive chemicals. These tanks require lower maintenance costs and are more corrosion resistant, lighter in weight, and structurally stronger than traditionally made tanks of steel and concrete. Corrosion resistance is the prime reason behind the continuous replacement of traditional steel and concrete tanks with FRP tanks, which is highly dependent on the resin content and type of resin used in the laminate. FRP tank weighs about one-seventh compared to steel for the same strength, providing an advantage in terms of cost and ease of installation when mounted on existing structures such as scrubbers or rooftop.

Impact of COVID-19 on the FRP Tank Market

The COVID-19 outbreak has devastated the global economic growth with a massive plummet in committed infrastructure investments. There has been a sharp fall (-27%) in the demand for water from industrial and commercial users. The FRP tanks market, a small contributor to the entire infrastructure spending, is subjected to log a mammoth decline in the year 2020, crushing the market to below 2015-level. Also, it is anticipated that the market will log a V-shaped curve similar to previous pandemics, such as SARS (2003) and MERS (2015). However, the curve of the V-shape would be deeper than the ones registered in SARS and MERS with huge short-term repercussions. 

Segment Analysis

By Application Type

"Water/wastewater application is likely to remain the most dominant application in the market during the forecast period"

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. 

By Installation Type

"Underground tank is likely to remain the most dominant segment in the FRP tank market during the forecast period"

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.

By Manufacturing process type

"Spray lay-up process is likely to remain the most dominant process, whereas filament winding to gain market share during the forecast period"

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.

Regional Analysis

"Asia-Pacific is projected to remain the largest market for FRP tanks market during the forecast period"

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

North America is also estimated to generate a sizeable demand for FRP tanks in the years to come. The region’s market is highly consolidated with the presence of major players with ZCL Composites and NOV Fiberglass Systems (Denali Incorporated) owning most of the market shares. It is anticipated that the region’s market remains consolidated in the coming five years.

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Key Players

The supply chain of this market comprises raw material suppliers, FRP tank manufacturers, distributors, and end-users.

The following are the key players in the FRP Tank Market  (arranged alphabetically)

• Amiantit Fiberglass Industries Limited
• Future Pipe Industries
• Hengrun Group Co. Ltd.
• Hebei Chengda FRP Co. Ltd.
• LF Manufacturing
• Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd.
• National Oilwell Varco (Denali Incorporated)
• ZCL Composites Inc

Some of the Key Strategic Alliances in the market:

• In 2019, Nation Oilwell Varco (NOV) acquired Denali Incorporated. With this acquisition, the company also acquired the Denali Incorporated brands including Belco, Ershigs, Fabricated Plastics, Fibra, and Plasti-Fab.
• In 2019, Shawcor Ltd. acquired ZCL Composites Inc. This acquisition broadened Shawcor’s use of advanced composites technology and leverage material science expertize to provide customers with superior systems for their conveyance and storage needs.

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s FRP tank market and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a 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.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The FRP tank market is segmented into the following categories:

By Application Type 

• Oil & Gas
• Fuel
• Industrial 
• Water/Wastewater 
• Others

By Resin Type 

• Polyester
• Vinyl Ester
• Others

By Manufacturing Process Type 

• Filament Winding
• Hand Layup
• Spray Layup
• Others

By Installation Type 

• Underground Tank 
• Aboveground Tank

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the resin types or by application type

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, Region presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].