Fiber Reinforced Plastic (FRP) Tank Market Forecasts to 2030 – Global Analysis By Type (Vertical Tanks, Horizontal Tanks, Dual-Laminate Tanks, Field-Erected Tanks and Other Types), Resin Type, Application, End User and By Geography

Fiber Reinforced Plastic (FRP) Tank Market Forecasts to 2030 – Global Analysis By Type (Vertical Tanks, Horizontal Tanks, Dual-Laminate Tanks, Field-Erected Tanks and Other Types), Resin Type, Application, End User and By Geography

According to Stratistics MRC, the Global Fiber Reinforced Plastic (FRP) Tank Market is growing at a CAGR of 7.9% during the forecast period. Fiber Reinforced Plastic (FRP) tanks are storage containers constructed from composite materials comprising a polymer matrix reinforced with fibers, typically glass. These tanks are known for their high strength-to-weight ratio, corrosion resistance, and durability. The fibers provide structural strength, while the plastic matrix protects against chemical and environmental damage. FRP tanks are used in various industries, including chemical processing, wastewater treatment, and food and beverage production, due to their ability to withstand harsh chemicals and extreme temperatures.

According to trading economics, a US-based legitimate and widely used financial website that provides its users with accurate information, industrial production in the United States climbed by 0.2% annually in April 2023.

Market Dynamics:

Driver:

Increasing demand for lightweight materials

Industries are seeking to improve efficiency, reduce transportation costs, and enhance performance, thus FRP tanks are becoming increasingly attractive due to their superior strength-to-weight ratio compared to traditional materials like steel and concrete. Moreover lightweight FRP tanks are easier and cheaper to transport and install, making them ideal for remote or difficult-to-access locations. Thus, their corrosion resistance and durability lower maintenance costs and extend service life, further appealing to sectors like chemical processing, wastewater treatment, and oil and gas which drives the growth of the market.

Restraint:

Higher upfront cost

Traditional materials like steel and concrete, FRP tanks have a higher initial investment, which can be a deterrent for budget-conscious buyers and smaller enterprises. This cost premium is attributed to the advanced manufacturing processes and high-quality raw materials required for FRP production. As a result, potential customers may opt for less expensive alternatives despite the long-term benefits of FRP tanks, such as reduced maintenance and longer lifespan. The higher upfront cost can also limit the adoption of FRP tanks in price-sensitive markets or projects with stringent budget constraints.

Opportunity:

Superior properties of fiber reinforced plastic composites

Reinforced plastic composites offer exceptional strength-to-weight ratios, corrosion resistance, and durability, outperforming traditional materials like steel and concrete. These properties make FRP tanks highly suitable for storing aggressive chemicals, wastewater, and other corrosive substances, reducing the risk of leaks and contamination. Further the lightweight nature of FRP composites facilitates easier transportation and installation, leading to lower logistics and labor costs thus propelling the market growth.

Threat:

Susceptibility to UV damage

Prolonged exposure to ultraviolet (UV) radiation can degrade the resin matrix of FRP tanks, leading to surface cracking, discoloration, and a reduction in structural integrity over time. This vulnerability necessitates additional protective measures, such as UV-resistant coatings or coverings, which increase the overall cost and complexity of installation and maintenance. Further for industries requiring outdoor storage, the potential for UV-induced deterioration may deter investment in FRP tanks hampering the market growth.

Covid-19 Impact:

Lockdowns and restrictions led to reduced industrial activities and demand fluctuations, particularly in sectors like construction and chemical processing. However, the increased focus on healthcare and sanitation heightened demand for water and wastewater treatment solutions, positively influencing the FRP tank market. As economies recover and industries resume operations, the market is expected to rebound, driven by the need for durable, corrosion-resistant storage solutions in critical infrastructure projects.

The vertical tanks segment is expected to be the largest during the forecast period

The vertical tanks is expected to be the largest during the forecast period because their design allows for efficient use of space, making them ideal for locations with limited footprints. This space-saving advantage is particularly beneficial in urban and industrial settings where land availability and cost are critical considerations. Vertical FRP tanks are also easier to install and maintain compared to horizontal tanks, reducing labor costs and downtime boosting the market.

The polyester segment is expected to have the highest CAGR during the forecast period

The polyester segment is expected to have the highest CAGR during the forecast period due to their cost-effectiveness and ease of use. Polyester-based FRP tanks offer a balance of performance and affordability, making them a popular choice across various industries. Their excellent mechanical properties and resistance to many chemicals enhance the durability and reliability of FRP tanks. However, polyester resins are more susceptible to UV degradation compared to other resins like vinyl ester, which can lead to concerns about long-term performance in outdoor or harsh environments.

Region with largest share:

North America is projected to hold the largest market share during the forecast period because the region's strong industrial base, including sectors such as chemical processing, water treatment, and oil and gas, drives demand for FRP tanks. These tanks are valued for their durability, corrosion resistance, and lightweight properties, which are crucial in handling aggressive chemicals and harsh environmental conditions. Further in North America, increased focus on infrastructure modernization, environmental regulations, and sustainability initiatives is further boosting the market.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period owing to the booming industrial sector, including chemicals, water treatment, and oil and gas, is a major driver of FRP tank demand. Additionally FRP tanks are favoured in Asia Pacific for their corrosion resistance, lightweight properties, and cost-effectiveness, particularly in environments with high humidity and chemical exposure. Thus the region's focus on improving water and wastewater management systems also boosts demand for FRP tanks.

Key players in the market

Some of the key players in Fiber Reinforced Plastic (FRP) Tank market include Denali Incorporated, Shawcor, Belding Tank Technologies Inc, Suyash Industries, FRP Manufacturing Inc, Synalloy, Red Ewald, LF Manufacturing, Plasticon Composites, Reparex Fabricated Systems RPX Composites, Hebei Zhongyi FRP Co. Ltd, Enduro Composites Inc. , LF Manufacturing Inc., Huntsman Corporation , Augusta Fiberglass Coatings Inc., Belco Manufacturing Company Inc.

Key Developments:

In July 2024, Huntsman secures bluesign® APPROVED status for IROGRAN® TPU products. The materials in question are part of Huntsman’s IROGRAN® film and sheet portfolio, and can be used to enhance the production, performance, and comfort of stitchless, seamless garments including underwear, sportswear, and outdoor and waterproof clothing.

In April 2024, Huntsman launches new SHOKLESS™ polyurethane systems to help protect electric vehicle batteries. The new range also includes products that can be used as a moldable encapsulant in battery modules or packs.

Types Covered:
• Vertical Tanks
• Horizontal Tanks
• Dual-Laminate Tanks
• Field-Erected Tanks
• Other Types

Resin Types Covered:
• Polyester
• Vinyl Ester
• Epoxy
• Other Resin Types

Applications Covered:
• Water & Wastewater Treatment
• Chemicals
• Oil & Gas
• Pulp & Paper
• Power Generation
• Other Applications

End Users Covered:
• Municipalities
• Commercial
• Residential
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements