The report on the FRP Tank Market published by Stratview Research covers in depth details associated with the FRP Tank Market.
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The FRP Tank Market is likely to witness a CAGR of 8.8% during the forecast period. The prime factors that are driving the FRP Tank Market is its superior thermal conductivity property leading to its wide usage in a wide array of industries.
The following are the key players in the FRP Tank Market:
Amiantit Fiberglass Industries Limited
Future Pipe Industries
National Oilwell Varco (Denali Incorporated)
ZCL Composites Inc.
Hengrun Group Co. Ltd.
Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd.
Hebei Chengda FRP Co. Ltd.
Growth drivers and Market Value:
This report, from Stratview Research, studies the FRP Tank Market value and growth drivers over the trend period of 2022-27. According to the report -
The COVID-19 outbreak has devastated the global economic growth with a massive plummet in committed infrastructure investments. There has been a sharp fall (-27%) in the demand for water from industrial and commercial users. The FRP tanks market, a small contributor to the entire infrastructure spending, is subjected to log a mammoth decline in the year 2020, crushing the market to below 2015-level. Also, it is anticipated that the market will log a V-shaped curve similar to previous pandemics, such as SARS (2003) and MERS (2015). However, the curve of the V-shape would be deeper than the ones registered in SARS and MERS with huge short-term repercussions. The market for FRP tank is subjected to gradually recover from 2021 onwards and to register an overall long-term CAGR of 4.6% during 2021-2026.
Based on Dominant Application Type:
Based on the application type, the market is segmented as oil & gas, fuel, industrial, and water/wastewater. Water/wastewater application is likely to remain the most dominant application in the market during the forecast period, whereas chemical/industrial to be the fastest-growing application over the same period. In water/wastewater applications, FRP tanks are used for a multitude of applications including septic tanks, municipal wastewater storage, stormwater management systems, wastewater treatment, oil interceptors, grease interceptors, potable water storage, oil-water separators, water conservation tanks, fire protection tanks, onsite wastewater tanks, and industrial wastewater tank. In industrial, FRP tanks are increasingly preferred in chemical storage, chemical processing, and pulp & paper applications.
Based on Region:
Asia-Pacific is projected to remain the largest market for FRP tanks market during the forecast period. China is not only the largest market in Asia-Pacific but also in the world, owing to the presence of several mid- to small-sized FRP tank manufacturers coupled with increasing preference of FRP tanks over their counterparts. After recording a massive decline in 2021, Asia-Pacific is likely to heal up with the fastest pace in the post-pandemic market scenario. The Asia-Pacific’s FRP tank market is relatively fragmented with the presence of a large number of players, such as Hengrun Group Co. Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., Hao Hua Zhongyi GFRP Co. Ltd., Beijing Composite Materials Co. Ltd., and Hebei Chengda FRP Co. Ltd.
Critical Questions Answered in the Report
- What are the key trends in the FRP Tank Market?
- How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on FRP Tank Market?
- What are the key strategies adopted by the major vendors to lead in the FRP Tank Market?
- What is the market share of the top vendors?
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