FRP (FIBERGLASSREINFORCED PLASTIC) TANKS MARKET OVERVIEW
Definition: FRP tanks are composite storage solutions combining glass fiber strength with plastic durability, offering resistance to corrosion and harsh chemicals.
Applications: Widely used in industries such as chemical processing, oil & gas, wastewater treatment, and food storage due to their durability and chemical resistance.
MARKET SIZE AND GROWTH
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2023 VALUATION:
ESTIMATED AT USD 2.74 BILLION
2024 PROJECTION: EXPECTED TO REACH
USD 2.88 BILLION
2030 FORECAST: ANTICIPATED TO GROW TO USD 3.93 BILLION, WITH A CAGR OF 5.29% FROM 2024 TO 2030.
MARKET SEGMENTATION
By Type
Resin Type:
Epoxy: Known for strong adhesion and chemical resistance.
Polyester: Offers cost-effectiveness and versatility.
Fiber Type:
Carbon Fiber: Provides high strength-toweight ratio.
Fiberglass: Commonly used due to its balance of strength and affordability.
By Application
Chemical Industry: For safe storage of corrosive substances.
Oil & Gas: Utilized in fuel storage and transport.
Water & Wastewater Treatment: Employed in processing and storage systems.
Food Industry: Used for hygienic storage solutions.
REGIONAL ANALYSIS
Study focuses on evaluating the market landscape, consumer trends, and competition pertinent to the new product.
ASIA-PACIFIC
Rapid growth driven by industrialization and demand in sectors like oil & gas and water treatment
MIDDLE EAST & AFRICA
Significant applications in the oil & gas sector, with expanding market presence
NORTH AMERICA
Market size estimated at USD 689.78
million in 2023, with a CAGR of 5.49% projected through 2032.
EUROPE
Robust market presence with applications in pharmaceuticals and food industry storage solutions
SOUTH & CENTRAL AMERICA
Growth observed in chemical storage and wastewater treatment applications
KEY PLAYERS
Karmod
