The changing dynamics in FRP Tank Market with covid-19 impact assessment
June 08, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the FRP Tank Market.
It was estimated prior to this unanticipated outbreak that the FRP Tank Market was expected to grow at a CAGR of 6.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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FRP Tank is mainly a huge tank that is made up of FRP composites. Glass fiber composites, as well as carbon fiber composites, are used for the construction of FRP Tank.
FRP Tank is used in a number of places for different purposes currently such as water and wastewater, oil & gas, chemicals, powder, pulp & paper, and many others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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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.
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.
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.
In terms of regions, Asia-Pacific is expected to be fast 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.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The FRP Tank Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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