FRP Tank Market is Projected to grow at a CAGR of 4.73% from 2016 to 2021
“FRP Tank market projected to register a CAGR of 4.73% during the forecast period”
The market for FRP tank is projected to reach a market size of USD 2.32 billion by 2021, at a CAGR of 4.73% between 2016 and 2021. The major driver stimulating the FRP tank market is high demand for lightweight and superior properties of composites and the increasing demand for FRP tanks for heavy vehicles in North America and Europe. Lack of product awareness and issues related to high cost of composites are the major growth restraints for FRP tank market.
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“Water & waste water is the fastest-growing application in the FRP tank market, in terms of value.”
Composite tanks offer lightweight and superior property solutions against highly corrosive fluids and harsh environment conditions at various temperatures, pressures, and adverse weather and soil conditions. These properties are some of the drivers boosting the growth of the FRP tank market. FRP tanks help to minimize corrosion and underground leakage unlike the metallic alloy tanks.
“Asia-Pacific is the fastest-growing market of FRP Tank.”
Asia-Pacific is expected to be the fastest-growing market for FRP tank in the next five years. The main factor that contributed to its growth is the increasing urbanization and industrialization coupled with rising disposable income of the population. This has resulted in high demand for consumer goods and services such as power, construction, processed foods, and sanitation (water & waste water treatment), which are the applications of FRP tanks. Thus, these growing application industries would significantly boost the FRP tank market in the Asia-Pacific region.
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High cost of composites and lack of product awareness are restraining the growth of the FRP tank market.
This study has been validated through primaries conducted with various industry experts, globally.
These primary sources have been divided into following three categories:
• By company size- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40%
• By designation- C Level- 30%, Director Level- 25%, and Others- 45%
• By region- North America- 30%, Europe- 25%, Asia-Pacific- 30%, the Middle East & Africa- 10%, and Latin America- 5%.
The report provides comprehensive analysis of companies listed below:
• ZCL Composites (Canada)
• Enduro Composites (U.S.)
• LF Manufacturing (U.S.)
• Denali Inc. (U.S.)
• EPP Composites (India)
• Hexagon Composite Engineering Sdn Bhd (Malaysia)
• Composite Technology Development, Inc. (U.S.)
• Luxfer Group (U.K.)
• Hexagon Composites ASA (Norway)
• Faber Industries (Italy)
Related Report:
Global FRP Tanks Market Analysis 2012-2017 and Forecast 2018-2023
The global FRP Tanks market will reach Million USD in 2017 and CAGR xx% 2011-2017. The report begins from overview of Industry Chain structure, and describes industry environment, then analyses market size and forecast of FRP Tanks by product, region and application, in addition, this report introduces market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
Product Type Coverage (Market Size & Forecast, Major Company of Product Type etc.): The Reaction FRP Tank The Agitation FRP Tank Other
Company Coverage (Sales Revenue, Price, Gross Margin, Main Products etc.): Augusta Fiberglass Design Tanks Belco Belding Tank Palmer of Texas FRP Manufacturing (2010) Inc. Edwards Fiberglass Innovative Tech Trics Equipments Ronak Industries Fiberglass Tank & Pipe Institute Edwards FRP Tank & Repair BSF FRP INDUSTRIES Ventura Fibre Arvind Anticor Limited ZCL Composites Containment Solutions Hengrun Group
Read More: https://watchersofmarkets.com/products/global-frp-tanks-market-analysis-2012-2017-and-forecast-2018-2023
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