FRP tank is replacing metal or concrete tank and is providing a solution to leakage and corrosion problems, which may foster the market growth in future.

Sarasota, FL -- (SBWire) -- 05/22/2017 --Zion Market Research, the market research group announced the analysis report titled "FRP Tank Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"

Global FRP Tank Market: Overview

FRP stands for fiberglass-reinforced plastics it is also known as glass-reinforced plastics. It is a modern composite material especially used to build chemical plant equipment such as vessels and tanks. Chemical equipment varies in size ranges from less than a meter to 20 meters and they are fabricated by using FRP. Hand lay-up and filament winding processes are used for the manufacturing of the FRP chemical equipment. There are several applications of the FRP tanks that include wood pulp & paper, water & wastewater treatment, metal extraction, processed foods, refining, power, fertilizer, electroplating, air pollution control equipment, and construction. It requires low maintenance cost, lightweight in nature, possesses superior composites properties, and long product life. FRP tanks are entirely made up of composite material because of its corrosion resistant nature.

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Global FRP Tank Market: Growth Factors

FRP tanks assist in reducing underground leakage and corrosion. FRP tank is replacing metal or concrete tank and is providing a solution to leakage and corrosion problems, which may foster the market growth in future. Different FRP tanks application are using glass fiber. The composite tanks are generally used in waste water storage and portable water storage. However, lack of product awareness and the high cost of composites are restraining the global FRP tank market growth.

Global FRP Tank Market: Segmentation

The global FRP tank market is segmented on the basis of application, fiber reinforcement type, resin type, and regions. The application segment is fragmented into pulp & paper, water & wastewater, power, chemicals, oil & gas, and others. The water & wastewater is the leading segment worldwide. Based on fiber reinforcement type, the FRP tank market is categorized as carbon fiber and glass fiber. On the basis of resin type, the market is classified into polyester, epoxy, and others. The geographical segmentation of the global FRP tank market is diversified into North America, Asia-Pacific, Europe, and Rest of the World.

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Global FRP Tank Market: Regional Analysis

Asia-Pacific region is expected to grow at a faster rate for FRP tank in the next few years. Factors that contribute to this growth are rapid urbanization and industrialization, increasing population, and rising disposable income in this region anticipates fueling the market. Rising industrial application in Europe is expected to give rise to the FRP tank market growth. Other major reasons stimulating the FRP tank market in the North American region are superior properties of composites, high demand for the lightweight tank, and rising demand for FRP tanks for heavy vehicles. Rehabilitation of the old infrastructures and recovery of the housing sector in the regions will fuel the market in the coming years. Expansion of the oil & gas and chemical industries coupled with the increasing investment by the end user industries in the Middle East and Africa anticipate contributing for the largest market share.

Global FRP Tank Market: Competitive Players

Major players dominating the global FRP tank market are Faber Industries, EPP Composites, Luxfer Group, ZCL Composites, Composite Technology Development, Inc., and LF Manufacturing. Other market players in the market include Hexagon Composites ASA, Enduro Composites, Hexagon Composite Engineering Sdn Bhd, and Denali Inc.

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Global FRP Tank Market: Regional Segment Analysis

North America(U.S.); Europe(UK, France, Germany); Asia-Pacific(China, Japan, India); Latin America(Brazil); The Middle East and Africa