FRP Tank Global Market Report 2024

The FRP tank market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The historical growth observed can be attributed to several factors, including the imperative need for corrosion-resistant solutions, adherence to regulatory standards, cost-effective alternatives, the expansion of chemical processing industries, increased focus on water and wastewater treatment solutions, as well as the consequential impact of urbanization and population growth.

The FRP tank market size is expected to see strong growth in the next few years. It will grow to $3.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. Anticipated growth in the upcoming period is expected to stem from various factors, notably the expansion of desalination plants, increased governmental investments in infrastructure projects, the enforcement of strict environmental regulations, heightened emphasis on chemical resistance, and a growing awareness of the long-term cost benefits associated with these solutions. Major trends forecasted in this period encompass the demand for customized and tailored solutions, ongoing innovation in resin technologies, a focus on design flexibility and customization, advancements in manufacturing processes aimed at achieving maintenance-free and long-lasting solutions, and the integration of smart technologies within these systems.

The increasing demand for oil and gas storage systems is poised to drive the growth of FRP tanks in the future. Oil and gas storage involves the use of tanks or terminals to store generated oil and gas, both above and below ground. In the oil and gas industry, FRP tanks are employed to bulk-contain fluids at various stages of the refining process, often holding products for a brief period before further processing or shipment. For example, data from the Council of the European Union in December 2022 revealed that, on average, 88% of gas storage tanks in member states were filled. The majority of EU members possess gas storage facilities, with five nations - Germany, Italy, France, the Netherlands, and Austria - contributing to two-thirds of the overall storage capacity. Consequently, the rising demand for oil and gas storage systems is a key driver for the growth of the FRP tank market.

The anticipated growth in fiberglass-reinforced plastic (FRP) tanks is expected to be propelled by rapid industrialization. Industrialization, characterized by the transition from agrarian and handicraft-based economies to those dominated by industry and mechanized production, leads to an increased demand for storage solutions across various sectors, including chemicals, petrochemicals, water and wastewater treatment, and oil and gas. FRP tanks serve as effective storage vessels for a diverse range of liquids, chemicals, and industrial fluids. For instance, as reported by Trading Economics in 2022, industrial production in the United States saw an annual climb of 0.2% in April 2023. Therefore, the rapid pace of industrialization is anticipated to drive the growth of the FRP tank market.

Product innovation emerges as a significant trend in the FRP tank market, with major companies actively developing innovative solutions to bolster their market positions. In August 2023, OPW, a US-based company specializing in precision-engineered solutions for the safe handling, storage, and transport of cryogenic and industrial gases and liquids, introduced the TSE Tank Sump. Utilizing the Sheet-Molded Compound (SMC) manufacturing process, this innovative product ensures high quality, rapid delivery, and excellent value. Designed for fuel retailers seeking a straightforward secondary container, the TSE Tank Sump features consistently thick and smooth walls, providing a secure and watertight seal. Its smooth sides enhance bonding to entry fittings, preventing leaks and resisting deflection. With two mounting designs (collar-ring and solid-bottom) and available seal kits, installation and maintenance are simplified, offering retail-fueling operators a hassle-free and reliable storage solution.

In March 2023, Shawcor, a Canadian energy services company specializing in products and services for the pipeline and pipe services segment of the energy industry, successfully acquired the assets of Triton Stormwater Solutions for an undisclosed amount. This strategic move enhances Shawcor's capabilities by incorporating Triton Stormwater Solutions' technology portfolio. The acquisition enables Shawcor to expand its offerings, providing a comprehensive solution for stormwater management based on composite materials. Triton Stormwater Solutions, based in the United States, is recognized for delivering underground FRP (Fiberglass Reinforced Plastic) tanks designed for the management of liquid fuel and water.

In April 2022, Hexagon Composites, a Norwegian provider of sustainable fuel alternatives for commercial vehicles, secured a 40% stake in Cryoshelter GmbH through an undisclosed investment. This acquisition marks a significant expansion of Hexagon Composites' product portfolio, unlocking novel opportunities for technological advancements. Cryoshelter GmbH, headquartered in Austria, specializes in the development of cryogenic tank technology tailored for liquid (renewable) natural gas (LNG) and liquid hydrogen (LH2). This strategic partnership positions Hexagon Composites to further contribute to the development and innovation in sustainable fuel solutions for commercial vehicles.

Major companies operating in the frp tank market report are Shawcor Ltd., Enduro Composites Inc., LF Manufacturing Inc., Amiantit Fiberglass Industries Limited, Future Pipe Industries LLC, Composite Technology Development Inc., Luxfer Group Limited, Hexagon Composites ASA, EPP Composites Pvt Ltd., SELIP s.p.a., ZCL Composites, Fiber Tech Composite Private Limited, Ashland Inc., Huntsman Corporation, Augusta Fiberglass Coatings Inc., BEPeterson Inc., Belco Manufacturing Company Inc., Belding Tank Technologies Inc., Design Tanks LLC, Diamond Fiberglass LLC, Ershigs Inc., Fiber Glass Systems LLC, Hamilton Kent LLC, Harwal Group of Companies, Palmer of Texas, Perry Fiberglass Products Inc., Plas-Tanks Industries Inc., Precision Tank & Equipment Co., Red Ewald Inc., Snyder Industries LLC, Xerxes Corporation, GRP Water Tanks LLC, Megha Pro Tech Systems Pvt Ltd.

Asia-Pacific was the largest region in the FRP tank market in 2023 and is expected to be the fastest-growing region in the FRP tank market during the forecast period. The regions covered in the frp tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the frp tank market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary resin types employed in FRP tanks encompass polyester, epoxy, and others. Polyester serves as a high-performance material in FRP tanks, offering the flexibility to customize the tank's capacity based on required water volume and available space. Various fiber types, including carbon fiber and fiberglass, are utilized in the manufacturing of these tanks, catering to diverse applications such as water/wastewater management, septic systems, pulp and paper industry, chemical handling, petroleum storage, agricultural uses, aquaculture, and more.

The FRP tank market research report is one of a series of new reports that provides FRP tank market statistics, including FRP tank industry global market size, regional shares, competitors with an FRP tank market share, detailed FRP tank market segments, market trends and opportunities, and any further data you may need to thrive in the FRP tank industry. This FRP tank market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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