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The Global FRP Tank Market was valued at US$ 2.08 Billion in the year 2020 and anticipated to grow USD 3.34 Billion by 2027 at CAGR of 7% over the forecast period 2021-2027 due to increase in waste water treatment plants, chemical industries, oil and gas industries. FRP tanks are tanks or vessels made up of fiberglass-reinforced plastics which is a modern composite material. This material is highly corrosive resistant and leak proof. Moreover, there are many more advantages of these tanks like light weight, high physical strength, easy maintenance and less down time with good insulating qualities and they have wide range of applications in different industries for storage of chemicals or any other corrosive material, these are the major factors that are driving the growth of the global Market over the forecast timeframe. This report studies global FRP tank market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analysed global FRP tank market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Due to the lightweight and excellent qualities of composites, low maintenance, and long product life, FRP tanks are becoming increasingly important in water and waste water, chemicals, and oil and gas applications. The years covered in this study for calculating the market size of FRP tanks. The principal material for their facility is storage tanks. In many manufacturing and industrial sectors, FRP tanks are rapidly replacing traditional materials, and this acceptance is propelling the global market for FRP tanks. For the automobile industry, FRP tanks provide a reliable solution at a reasonable cost, and many companies are migrating to this low-cost alternative.
