Global FRP Tank Market : Global Market Estimation, Dynamics, Trends, Competitor Analysis 2016-2021 and Forecast 2022-2028

Description

FRP Tanks market is estimated to be valued USD 2,221.3 million in 2021 and poised to grow at significant CAGR of 4.7% over 2022-2028, to reach USD 2,883.8 million by 2028. Fiber-reinforced plastic (FRP) is a composite material made 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 due to the fact that 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 a contamination in the environment. Polyester Resins market is estimated to be valued USD 1,289.2 Million in 2021 and poised to grow at significant CAGR of 4.5% over 2022-2027, to reach USD 1,653.0 Million by 2027. 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 & waste water hold the market revenue share 26.1% and it is estimated to grow with a CAGR 5.2% from 2022-2027.