FRP Pipes & Tanks Market: Overview
FRP (fiber-reinforced plastic) is a material that is used for construction of chemical plant equipment such as tanks and vessels. Usage of FRP pipes and tanks is rising due to their corrosion resistance properties. Also, they are replacing costlier metals that are mostly used in tanks with corrosive environment. FRP pipes and tanks come in a wide range of sizes and designs along with numerous accessories and monitoring options to meet a variety of site and regulatory requirements in both underground and aboveground installations. FRP pipes and tanks are made of fiberglass, which implies that they are inherently resistant to corrosion. FRP pipes and tanks have a lower cost of ownership than steel and concrete tanks, which corrode over the time and require maintenance.
FRP Pipes & Tanks Market: Drivers & Restraints
The rise in the storage of oil by various government and private organizations is a key driver of the FRP pipes & tanks market. Oil and gas contain various solid wastes in different concentrations and with different densities, particle sizes, and hardness. These particles damage tanks from inside. Traditional tanks made of steel used to get corroded quickly and break due to the nature of wastes they used to carry. Metal tanks in sewage systems are now being replaced by FRP tanks. This factor drives the global FRP pipes & tanks market.
FRP Pipes & Tanks Market: Key Segments
Based on application, the global FRP pipes & tanks market has been segmented into wastewater treatment, chemical, oil & gas, pulp & paper, power generation, mining & metals, and others. Use of FRP pipes and tanks is becoming significant, due to light weight and superior properties of materials, low maintenance, and long product life. Corrosion resistance properties of FRP and easy inspect-ability of FRP equipment make it the material of choice for replacement of rubber-lined steel tanks used in the processing of phosphoric acid.
FRP Pipes & Tanks Market: Regional Outlook
Based on geography, the global FRP pipes & tanks market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific accounts for a leading share of the global FRP pipes & tanks market, due to high demand for lightweight and non-corrosive storage tanks from chemical, power, and water & wastewater treatment industries in the region.
China has become one of the largest consumers of FRP tanks due to strong presence of end-use industries in the region. India is estimated to be a promising global FRP pipes & tanks market during the forecast period, due to strong economic growth and rapid urbanization in the country. Growth of the water & wastewater treatment industry in India is expected to drive the global FRP pipes & tanks market in the country in the next few years. North America is a rapidly expanding global FRP pipes & tanks market. New product launches, joint ventures, and expansions are key growth strategies adopted by major players operating in the global FRP pipes & tanks market in the region. Manufacturing companies and end-product manufacturers in North America invest significantly in advancements and modifications in technology to meet the rising demand for FRP pipes and tanks in end-user industries in the region. North America is followed by Europe.
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FRP Pipes & Tanks Market: Key Players
Key players operating in the global FRP pipes & tanks market are ZCL Composites Inc., Plasticon Composites, and Augusta Fiber Glass. Companies are primarily focused on mergers and acquisitions to expand their footprint in the global market. For example, in January 2019, Enduro Composites Inc., a global leader in the design and manufacture of nonmetallic fiberglass composites solutions, sold assets of its product line of pipes and tanks located in Pearland, Texas (the U.S.) to Endurance Composites, LLC.