Lucintel Forecasts FRP Tank Market to Reach $3.3 Billion by 2026

According to the recent study the FRP tank market is projected to reach an estimated $3.3 billion by 2026 from $2.4 billion in 2020, at a CAGR of 5.5% from 2020 to 2026. Growth in this market is primarily driven by growing demand for oil and gas storage systems, and expansion of chemical plants, rapid urbanization and infrastructure development in developing countries.

Browse 109 figures / charts and 75 tables in this 192 -page report to understand trends, opportunities and forecast in FRP tank market by application (water/wastewater, septic, pulp and paper, chemical, petroleum, agriculture, aquaculture, and others), resin type (polyester composites, vinyl ester composites and other), and region (North America, Europe, Asia Pacific, and Rest of the World).

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“Polyester composites market is expected to remain the largest segment during the forecast period.”

Based on resin type, the FRP tank market is segmented into polyester composites, vinyl ester composites and other. Lucintel forecasts that the polyester composites market is expected to remain the largest segment by its increasing use in various end use industry.

“Within the FRP tank market, the petroleum segment is expected to remain the largest application.”

Based on application, the petroleum segment is expected to witness the largest coating over the forecast period due increasing number of retail fuel stations and also due to various properties like heat resistance, chemical resistance, fire resistance, corrosion resistance and it is also expected to witness highest growth over the forecast period.

“Asia pacific will dominate the FRP tank market in near future.”

Asia Pacific is expected to be the largest region with the highest growth over the forecast period due to increasing energy demand, demand from retail fuel stations, increasing number of desalination plants, looming fresh water shortage, conservation of rainwater, and gaining momentum in replacing old existing tanks and Europe is expected to witness the highest growth over the forecast period.

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Major players of FRP tank market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Hengrun, ZCL Composites, Containment Solutions, Orenco Systems, and Belco Manufacturing are among the major FRP tank providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/frp-tank-market.aspx or helpdesk@lucintel.com.

About Lucintel

At Lucintel, we offer solutions for you growth through game changer ideas and robust market & unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times. For further information, visit www.lucintel.com.

Contact:
Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
Cell: 303.775.0751

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