Global Underground Fiberglass Tank Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Underground Fiberglass Tank Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

The Underground Fiberglass Tank is a fiberglass reinforced storage tank installed underground for the storage of drinking water, wastewater, acids, alcohol, petroleum and other corrosive chemicals. The tanks require lower maintenance costs and are more corrosion resistant, lighter in weight and stronger in construction than traditional steel and concrete tanks.

Market Overview:

The latest research study on the global Underground Fiberglass Tank market finds that the global Underground Fiberglass Tank market reached a value of USD 796.78 million in 2022. It’s expected that the market will achieve USD 1110.99 million by 2028, exhibiting a CAGR of 5.7% during the forecast period.

Competitive advantage in the alternatives market

For the same storage capacity, a fiberglass tank weighs about a quarter of the weight of a steel tank. Fiberglass tanks are resistant to corrosion and have high durability and long life. Conversely, steel tanks experience premature steel tank failure, which tends to allow foreign matter to enter the backfill, damage the coating, clog the tank with hard objects, and cause improper backfill and poor compaction. Unlike steel tanks, fiberglass tanks eliminate premature steel tank failure. In addition, fiberglass tanks are easy to install, light in weight, and low in maintenance costs, giving them a competitive advantage over other types of alternatives. Therefore, when the replacement cycle for other types of underground storage tanks comes, fiberglass tanks with greater advantages will be a better choice.

Strict regulatory environment

Leakage from underground storage tanks is a challenge that manufacturers must face. The leakage of underground storage tanks can easily cause serious environmental problems, and even threaten personal and property safety, especially underground fuel storage tanks. Leaks from underground fuel storage tanks pose a significant threat to public health and natural resources. The greatest potential hazard of a UST spill is that its contents (petroleum or other hazardous substances) can seep into the soil and contaminate groundwater, one of the main sources of human drinking water. Therefore, any tanks whose leaks can lead to contamination are subject to strict supervision. For example, the American Petroleum Institute's API 650 standard outlines minimum requirements for the design, fabrication, installation, and inspection of welded storage tanks for the oil and gas industry. Even some townships and municipalities in the country have regulations governing the removal and installation of USTs. Strict industry standards and strict regulations are among the restraining factors for the growth of the underground fiberglass tank market.

Region Overview:

In 2021, the share of the Underground Fiberglass Tank market in North America stood at 38.32%.

Company Overview:

Shawcor Ltd is one of the major players operating in the Underground Fiberglass Tank market, holding a share of 14.8% in 2022.

Shawcor Ltd

Shawcor develops advanced technology solutions that help customers deliver long-term operating performance of long-life energy and infrastructure assets for applications in energy, water, industrial and automotive markets.

National Oilwell Varco

National Oilwell Varco is an American multinational corporation headquartered in Houston, Texas. It is a global supplier of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services for the upstream oil and gas industry. The company operates in more than 500 locations on six continents.

Segmentation Overview:

As for product types, the Single Wall Underground Fiberglass Tank segment held the largest market share in 2021.

Application Overview:

The market's largest segment by application is the segment Firefighting Business, with a market share of 52.15% in 2021.

Key Companies in the global Underground Fiberglass Tank market covered in Chapter 3:

FRP Manufacturing
Tank Solutions
Nationwide Tank and Pipe
National Oilwell Varco
Yike Composite Materials Co., Ltd.
Granby Industries
Zhongfu Lianzhong Composite Group Co., Ltd.
Red Ewald
LF manufacturing Inc.
Shawcor Ltd
Selip S.p.a
Sintex Industries
Geo-Systems USA
Future Pipe Industries (FPI)

In Chapter 4 and Chapter 14.2, on the basis of types, the Underground Fiberglass Tank market from 2018 to 2029 is primarily split into:

Single Wall Underground Fiberglass Tank
Double Wall Underground Fiberglass Tank

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Underground Fiberglass Tank market from 2018 to 2029 covers:

Oil Industry
Firefighting Business
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)