FRP Tank Market Projected to Reach $3.3 Billion with 6.2% CAGR by 2029
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The Business Research Company’s FRP Tank Global Market Report 2025 - Market Size, Trends, And Global Forecast 2025-2034
LONDON, GREATER LONDON, UNITED KINGDOM, November 28, 2025 /EINPresswire.com/ -- Get 20% Off All Global Market Reports With Code ONLINE20 – Stay Ahead Of Trade Shifts, Macroeconomic Trends, And Industry Disruptors
What Is The Expected Cagr For The FRP Tank Market Through 2025?
Over the past few years, the frp tank market size has consistently increased. It is projected to rise from $2.47 billion in 2024 to $2.59 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.9%. The previous growth can be attributed to several factors such as the requirement for corrosion resistance, government regulations adherence, cost efficiency, the growth of chemical processing industries, water and wastewater management, urbanization, and population expansion.
The market size for frp tanks is projected to witness significant growth in the forthcoming years, reaching $3.3 billion in 2029 with a compound annual growth rate (CAGR) of 6.2%. The predicted growth during the forecast period can be ascribed to the proliferation of desalination plants, government expenditures on infrastructure, strict environmental rules, emphasis on chemical resistance, and knowledge of long-lasting cost advantages. Key trends during this projected period involve customization and personalized solutions, advancements in resin technologies, customization, and flexibility in design, improvements in manufacturing procedures, longevity with no maintenance requirement, and the incorporation of intelligent technologies.
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What Are The Key Factors Driving Growth In The FRP Tank Market?
The growth of the FRP tank market is projected to be fueled by an increase in demand for oil and gas storage systems. Storage systems for oil and gas typically refer to the tanks or terminals utilized for the above or below ground storage of produced oil and gas. FRP tanks have widespread application in the oil and gas industry for the containment of fluids during different refining phases. These tanks often store products for a brief duration before forwarding them for further processing. For instance, data provided by the Energy Information Administration in June 2023, a statistical and analytical agency based out of the US, anticipates that the global oil demand will experience a 6% surge from 2022 to 2028, reaching 105.7 million barrels daily. Additionally, global upstart investment in oil and gas investigation, extraction, and production is predicted to rise 11% annually, setting a new record of USD 528 billion in 2023. Consequently, the escalating demand for oil and gas storage systems is contributing to the burgeoning growth of the FRP tank market.
What Are The Top Players Operating In The FRP Tank Market?
Major players in the FRP Tank include:
• Shawcor Ltd.
• Enduro Composites Inc.
• LF Manufacturing Inc.
• Amiantit Fiberglass Industries Limited
• Future Pipe Industries LLC
• Luxfer Group Limited
• Hexagon Composites ASA
• EPP Composites Pvt Ltd.
• SELIP s.p.a.
• ZCL Composites
What Are The Major Trends That Will Shape The FRP Tank Market In The Future?
Product innovation is increasingly becoming a significant trend in the FRP tank market. Major players in the market are focusing on the development of novel products to consolidate their market standing. OPW, a US-based company specializing in providing precision-engineered solutions for the safe, efficient, and environmentally-friendly production, storage, handling, and transportation of clean cryogenic and industrial gases and liquids, made headlines in August 2023 when they launched TSE Tank Sump. The product, made through the Sheet-Molded Compound (SMC) manufacturing process, ensures high quality, quick delivery and excellent value. Designed primarily for fuel retailers in need of a straightforward secondary container, the TSE Tank Sump features consistently thick and smooth walls for a secure, watertight seal. Its smooth sides enhance adhesion to entry fittings, preventing leakage and resisting deflection. The product, with two unique mounting designs (collar-ring and solid-bottom), coupled with available seal kits, simplifies installation and maintenance, offers retail fueling operators a worry-free and reliable storage solution.
Comprehensive Segment-Wise Insights Into The FRP Tank Market
The frp tank market covered in this report is segmented –
1) By Resin Type: Polyester, Epoxy, Other Resin Types
2) By Fiber Type: Carbon Fiber, Fiberglass
3) By Application: Water Or wastewater, Septic, Pulp And Paper, Chemical, Petroleum, Agriculture And Aquaculture, Other Applications
Subsegments:
1) By Polyester: Unsaturated Polyester, Orthophthalic Polyester, Isophthalic Polyester
2) By Epoxy: Bisphenol A Epoxy, Novolac Epoxy, Glycidyl Epoxy
3) By Other Resin Types: Vinyl Ester, Phenolic, Polyurethane
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Global FRP Tank Market - Regional Insights
In 2024, Asia-Pacific led in the FRP tank market and it is projected to be the region with the quickest growth during the forecast period. The regions analyzed in the FRP tank market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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