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Fiber Reinforced Plastic (FRP) Tank Market Detailed Analysis and Demand | 2024
Global Fiber Reinforced Plastic (FRP) Tank Market: Overview
Fiber reinforced plastic is a generic term applied to wide forms of composite material consisting of reinforced fibers thermosetting resins and materials such as pigments and fillers. Fiber reinforced plastic provides unrivalled combination of properties such as retention of dimensional stability across a wide range of temperatures, good electrical insulating properties, chemical resistance, high level of stiffness, higher strength-to-weight ratio, and light weight.
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Fiber reinforced plastic are increasingly used in a number of applications such as building and construction, marine industry, transportation, and chemical plants and pipes. Growing demand for energy, increasing demand for oil and gas storage application of fiber reinforced plastic, and a notable growth in the chemical plants worldwide is expected to bolster the demand for global fiber reinforced plastic tank over the forecast period.
Global Fiber Reinforced Plastic (FRP) Tank Market: Segmentation
The market for fiber reinforced plastic tank has been segmented on the basis of the application and geography to provide a holistic view of the overall market. On the basis of the application, the market for fiber reinforced plastic tank can be segmented as aquaculture, agriculture, chemical, pulp and paper, petroleum, septic, and wastewater. The market on the basis of application in chemical industry can be segmented as brine, chlor-alkali manufacturers, electroplating, food processing, fertilizer, refining and vinegar. The regional segmentation will be done such as North America, Europe, Asia Pacific, and Rest of the World.
Global Fiber Reinforced Plastic (FRP) Tank Market: Drivers and Restraints
The market for the fiber reinforced plastic tank is expected to grow significantly during the forecast period. The high corrosion resistance property of fiber reinforced plastic tank and total life cycle cost benefit are expected to be the key drivers of growth in the global fiber reinforced plastic tank market in near future. Additionally, gaining momentum in replacing old storage tanks, significantly increasing demand from retail fuel stations, looming fresh water storage application of fiber reinforced plastic tank, increasing application of fiber reinforced plastic tank for rainwater storage, and growing number of desalination plants are expected to augment the growth in global fiber reinforced plastic tank market. However, the higher upfront cost of fiber reinforced plastic tank against the competitive material tanks and low replacement rate of existing tanks in various applications (chemical, septic, petroleum), can hamper the growth in the global fiber reinforced plastic market.
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Global Fiber Reinforced Plastic (FRP) Tank Market: Geographical Dynamics
North America, especially the U.S, is expected to account for the maximum demand of fiber reinforced plastic tank in the near future. The market is expected to show higher growth on account of factors such as increased number of applications of fiber reinforced plastic tank in pulp and paper, wastewater, and petroleum. The market for the chemical application of fiber reinforced plastic tank is expected to be driven by an increase in the consumption of vinyl ester and epoxy resins.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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Thermoset Resin Market Size, Revenue, Status and Forecast 2024
The global composite industry has been expanding significantly in terms of production, technological advancements, and developments. Thermoset resin plays a vital role in the composite industry. Thermoset resins are used extensively in the manufacture of composites; these resins are employed in the fabrication of products for end-use industries such as aerospace, automotive, sporting goods, construction, electronics, and wind energy. The thermoset resin market can be segmented into six resin types: polyester resin, epoxy resin, vinyl ester resin, phenolic, polyurethane, and high temperature resins (such as cyanate ester).
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Thermoset resins exhibit characteristics such as mechanical strength, corrosion resistance, and low weight. These resins are used widely in various applications. Thermoset resins form long polymer chains and can be easily customized as per the requirements of end products. Thermoset resins offer many advantages. These include balance of numerous properties such as mechanical & chemical stability and dimensional stability; low cost; and easy processing, and handling. The vinyl ester resin segment accounts for significant share of the thermoset resin market. Vinyl ester resins are less susceptible to damage caused by hydrolysis. Therefore, these resins are used in the manufacture of corrosion-resistant containers such as fiberglass tanks and FRP pipes. Vinyl ester resins are also employed in grating applications.
The epoxy resin segment also holds key share of the thermoset resin market. Epoxy resins are used in various applications; for instance, they are employed in coatings, adhesives & composite materials, and fiberglass reinforcements. Epoxy coating dries quickly; hence, it provides a strong and durable protective coating with excellent abrasion resistance. It can also be applied for corrosion protection of steel pipes and fittings, which are employed in the hydrocarbon industry. Phenolic resins emit less amount of smoke and have lower toxicity levels as compared to other thermoset resins.
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Phenolic thermoset resins are primarily used in the manufacture of aircraft interiors and galley walls. These resins are also employed in other commercial markets that require flame resistant and low smoke properties.
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
Contact
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Website: http://www.transparencymarketresearch.com
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