The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Fiber-Reinforced Plastic (FRP) tank market has witnessed robust growth in recent years, driven by various factors such as corrosion resistance needs, regulatory compliance, and expansion of chemical processing industries. Projections indicate a continuous upward trend in market size, highlighting the significance of FRP tanks in diverse sectors.

Current Market Scenario

• The FRP tank market size surged from $2.35 billion in 2023 to $2.49 billion in 2024, with a CAGR of 5.9%.
• Growth drivers include corrosion resistance, regulatory compliance, and expansion of chemical processing industries.

Future Outlook

• Expected to reach $3.13 billion by 2028, maintaining a 5.9% CAGR.
• Factors contributing to forecasted growth: expansion of desalination plants, government infrastructure investments, and stringent environmental regulations.

Major Trends

• Customization and tailored solutions.
• Innovation in resin technologies.
• Design flexibility and advancements in manufacturing processes.
• Integration of smart technologies for improved functionality and efficiency.

Read The Full FRP Tank Market Report Here:
https://www.thebusinessresearchcompany.com/report/frp-tank-global-market-report

Surge In Demand For Oil And Gas Storage Drives Growth

• FRP tanks play a pivotal role in oil and gas storage systems.
• Rising demand attributed to increased oil and gas exploration activities.
• European Union statistics underscore the significance of gas storage facilities.
• Key players driving market growth include Shawcor Ltd., Enduro Composites Inc., and LF Manufacturing Inc.

Product Innovation In The FRP Tank Market

• Key trend: product innovation to enhance market position.
• Example: OPW introduces TSE Tank Sump utilizing Sheet-Molded Compound (SMC) manufacturing process.
• Features include secure and watertight seal, easy installation, and maintenance.
• Companies prioritizing innovation include Hexagon Composites ASA and Future Pipe Industries LLC.

Hexagon Composites Expands Portfolio With 40% Stake In Cryoshelter Gmbh

• Acquisition of 40% stake in Cryoshelter GmbH to broaden product portfolio.
• Focus on cryogenic tank technology for liquid natural gas (LNG) and liquid hydrogen (LH2).
• Move signifies strategic expansion and technological advancement in FRP tank market.

Market Segmentation The FRP tank market is segmented based on:

1. Resin Type: Polyester, Epoxy, Other Resin Types.
2. Fiber Type: Carbon Fiber, Fiberglass.
3. Application: Water/wastewater, Septic, Pulp and Paper, Chemical, Petroleum, Agriculture and Aquaculture, Other Applications.

Regional Insights

• Asia-Pacific emerged as the largest region in 2023.
• Expected to maintain fastest growth during the forecast period.
• Increasing industrialization and urbanization driving demand in the region.

Conclusion The FRP tank market showcases promising growth prospects, underpinned by technological advancements, product innovation, and expanding application areas. As industries continue to prioritize efficiency, sustainability, and compliance, the demand for FRP tanks is poised to witness sustained growth globally, with Asia-Pacific leading the charge in the coming years. Embracing these trends and leveraging emerging opportunities will be key for stakeholders to maintain a competitive edge in this dynamic market landscape.

Top of Form

Get A Free Sample On The Global FRP Tank Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=9070&type=smp

The FRP Tank Global Market Report 2024  provides an overview of the FRP tank market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The FRP tank market forecast analyzes FRP tank market size, FRP tank market share, leading competitor and their market positions.

Explore Similar Reports From The Business Research Company:
Tank Wagons Global Market Report 2024
ISO Tank Container Global Market Report 2024
Tank Level Monitoring System Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: