FRP Tank Market Size, Share, Growth, Trends, and Global Industry Analysis: By Material Type (Polyester, Epoxy, Vinyl Ester Others), By Fiber Reinforcement (Glass Fibre, Carbon Fibre), By End User Industry (Water and Wastewater Treatment, Chemicals, Oil & Gas, Pulp & Paper, Power Others) and Region Forecast 2019-2030  

Frp Tank Market size was valued at US$ 2,221.3 million in 2023 and is poised to grow at a significant CAGR of 4.7% from 2024-2030. Fiber-reinforced plastic (FRP) is a composite material composed of polymers that are strengthened with fibers. It's often utilized in industries like aerospace, construction, and marine to develop structures that need more force resistance to avoid deformation. It is possible to make fiberglass tanks totally "watertight." This is because FRP tank manufacturers may design fiberglass tanks without any connections through which liquid materials could leak.

Fiberglass tanks can provide a completely secure storage solution. This means that items stored in fiberglass tanks are less likely to get polluted while inside the tank, and are also less likely to seep out and become contaminated in the environment. The Polyester Resins market is estimated to be valued at US$ 1,289.2 Million in 2022 and poised to grow at a significant CAGR of 4.5% over 2023-2029, to reach US$ 1,653.0 Million by 2029. Polyester Resins are thermoset polyesters.  They're adaptable, have good dimensional stability, and have excellent mechanical, chemical, and electrical properties. The need for the market is being driven by the expanding urban population and the expansion of the composite industry. By application segment, water & wastewater hold the market revenue share of 26.1% and it is estimated to grow with a CAGR 5.2% from 2023-2029.  

Key Developments

• In January 2019, ZCL Composites Inc., a leading manufacturer of environmentally friendly FRP underground storage tanks for fuel, water, wastewater, and oil & gas, agreed to be acquired by Shawcor Ltd., a global energy services company. Shawcor will pay $10.00 per share in cash to purchase all issued and outstanding common shares of ZCL under this acquisition agreement, which is structured as a court-approved plan of arrangement.
• In October 2021, HECS, a 25-year leader in water and wastewater treatment in India, launched an updated range of Compact FRP Sewage Treatment Plants, known as Ultima and Ultima+. HECS, an environmental management organization with a national presence, has completed over 700 sewage treatment projects both domestically and overseas. The organization has earned a solid name in the industry for its unique approach to product development and technological breakthroughs.