FRP Tank Market to experience an impressive growth of 6.2% during 2020-2025
January 28, 2020
FRP Tank Market is likely to witness an impressive CAGR of 6.2% during the forecast period. The mounting demand for lightweight composites and the rising call of FRP tanks for heavyweight vehicles, majorly in the regions of North America and Europe, are the major drivers that are driving the global FRP tank market.
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FRP Tank Market Segment Insights:
By Fiber Type:
Based on the fiber type, the market is segmented as glass fiber composites and carbon fiber composites. The glass fiber composites segment accounts for the larger share of the market, in terms of both value and volume. The growth is attributed to the increasing claim in usage in sectors, such as oil & gas, chemicals, pulp & paper, and water & waste water.
By Resin Type:
Based on the resin type, the market is segmented as polyester resin, epoxy resin, and others. The epoxy resin segment is estimated to witness faster growth in the coming five years. The growth is owing to its prime characteristics such as excellent mechanical and thermal properties, confrontation to corrosive liquids, good functionality at elevated temperatures, remarkable electrical insulation, and exceptional adhesion strength to various diversities of reinforcements.
By Application Type:
Based on the application type, the market is segmented as water & waste water, chemicals, oil & gas, pulp & paper, power, and others. The water & waste water segment captured a sizeable slice of the market, by value and volume, in 2018. FRP tanks provide wide-ranging resolutions against extremely eroding fluids and severe environmental circumstances at different pressures, temperatures, and hostile weather and soil environments, which fuel their application majorly in the water & waste water segment.
By Region:
In terms of regions, Asia-Pacific is expected to be the fastest-growing market for FRP tanks in the coming five years. China and India are the growth engines of the region. The market is driven by rapid urbanization along with industrialization and the growing disposable income of the populace in the region. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.
Key Players:
Some of the major players in the FRP tank market are ZCL Composites, Inc., Luxfer Holdings PLC, Denali Incorporated, Enduro Composites Inc., Faber Industries SPA, EPP Composites Pvt. Ltd., Hexagon Composites ASA, LF Manufacturing Inc., Composite Technology Development Inc., and Hexagon Composite Engineering Sdn Bhd.
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- Attractive market segments and associated growth opportunities
- Emerging trends
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- Key success factors
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