Fiberglass Storage Tanks Market: Overview

  • Fiberglass storage tanks contain glass fiber reinforcement embedded in cured thermosetting resin. These tanks exhibit high-temperature, high-pressure, anti-corrosive characteristics.
  • Fiberglass storage tank sizes range from 285 gallons to 50,000 gallons in capacity, 4 feet to 12 feet in diameter, and 6.5 feet to 73 feet in length.
  • Types of fiberglass storage tanks include brine maker tanks, mixing tanks, solar tanks, sectionalized tanks, double-wall tanks, rectangular tanks, air scrubber tanks, liquid fertilizer tanks, caustic tanks, water tanks, greywater tanks, bleach tanks, acid tanks, and ethylene glycol tanks. 

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High Demand for Fiberglass Aboveground Storage Tanks to Boost Fiberglass Storage Tanks Market

  • In terms of type, the fiberglass storage tanks market can be segmented into aboveground tanks and underground tanks. The aboveground tanks segment is estimated to hold major share of the global fiberglass storage tanks market in the near future.
  • Composite materials such as fiberglass exhibit high corrosion resistance and high anti-rust properties. Conventional long-term water storage tanks are prone to rust and corrosion; therefore, demand for aboveground water storage tanks in residential and municipal applications is anticipated to increase in the near future.
  • Fiberglass storage tanks are widely used in harsh corrosive environments for storing corrosive contents. Rise in demand for aboveground storage tanks in chemical, petroleum and wastewater industries owing to the high corrosion resistance properties is projected to boost the market in the near future.
  • High corrosion resistance, less weight, less installation costs, high structural reliability, and low price are driving the popularity of fiberglass aboveground storage tanks among residential and industrial users.

Increase in Popularity of Fiberglass Storage Tanks over Steel and Concrete Tanks

  • Weight of fiberglass storage tanks is approximately quarter the weight of steel tanks for equivalent storage capacity
  • Fiberglass storage tanks are not susceptible to corrosion and possess high endurance strength with long lifespan
  • Steel storage tanks undergo premature steel tank failures that tend to allow foreign objects enter the backfill, damage coatings, block tanks with hard objects, and create improper backfill and poor compaction. Unlike steel storage tanks, fiberglass storage tanks eliminate the premature steel tank failures.
  • Fiberglass storage tanks are easy to install, light weight, and maintenance free; therefore, demand for fiberglass storage tanks is estimated to increase in the next few years vis-à-vis that for storage tanks made of protected steel, stainless steel, concrete, or exotic materials
  • In the oil & gas industry, fiberglass storage tanks are widely used for storage of gasoline, jet fuel, AV-gas, motor oil, kerosene, diesel fuel, alcohol-gasoline blend motor fuels, diesel exhaust fluid (DEF), ethanol-blend motor fuels, methanol blends, and oxygenated motor fuels
  • Change in consumer preferences among processing industries from steel and concrete storage tanks to fiberglass storage tanks is projected to increase due to increase in adoption rate of fiberglass storage tanks in the oil & gas industry 

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North America Dominates Global Fiberglass Storage Tanks Market

  • In terms of region, the fiberglass storage tanks market can be divided into five key regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America accounted for substantial share of the global fiberglass storage tanks market in 2018
  • North America is a leading consumer of fiberglass storage tanks, followed by Europe and Asia Pacific. Rise in demand for fiberglass storage tanks for residential and industrial applications in developed economies such as the U.S. and Germany is expected to boost the demand for fiberglass storage tanks in North America during the forecast period. Furthermore, North America is the major producer of fiberglass storage tanks in the world. It is estimated to have an effective distribution network of fiberglass storage tank products to meet the growing needs of industrial customers.
  • The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to the rise in industrialization in countries such as China, India, and those in ASEAN. Rise in popularity of fiberglass storage tanks among consumers in chemical and oil & gas industries is likely to boost the demand for fiberglass storage tanks in Asia Pacific in the next few years. Increase in demand for fiberglass storage tanks in Asia Pacific has encouraged fiberglass storage tanks manufacturers in China to establish new production lines. Furthermore, presence of large and small fiberglass storage tank manufacturers in China and India is projected to boost the production of fiberglass storage tanks in the region.
  • Increase in awareness about fiberglass storage tanks and rise in its utilization rate among residential users are estimated to drive the fiberglass storage tanks market in Asia Pacific. Increase in FDI investment in the oil & gas industry in developing economies of Asia Pacific is also a key factor anticipated to propel the market in the region during the forecast period.
  • Countries in the Middle East such as Saudi Arabia and the UAE are expected to account for significant share of the fiberglass storage tanks market in Middle East & Africa. Rise in upstream, mid-stream, and downstream applications in the oil & gas industry in the Middle East is projected to bolster the demand for fiberglass storage tanks during the forecast period. 

Key Players in Fiberglass Storage Tanks Market

Prominent players operating in the global fiberglass storage tanks market focus on forward integration by acquiring and collaborating with pipe & pipe fittings companies in order to strengthen their customer base. Major players operating in the fiberglass storage tanks market include:

  • Composite Technology Development, Inc.
  • Denali Incorporated
  • Design Tanks
  • Enduro Composites
  • EPP Composites Pvt Ltd.
  • Future Pipe Industries
  • Hexagon Composite Engineering Sdn Bhd
  • KBK Industries, LLC
  • LF Manufacturing
  • Nationwide Tank and Pipe LLCa
  • SELIP s.p.a.
  • Shawcor Ltd. (ZCL Composites) 

Global Fiberglass Storage Tanks Market: Research Scope 

Global Fiberglass Storage Tanks Market, by Type

  • Aboveground Tanks
  • Underground Tanks 

Global Fiberglass Storage Tanks Market, by Application

  • Commercial
  • Residential
  • Municipal
  • Industrial 

Global Fiberglass Storage Tanks Market, by End-use Industry

  • Petroleum
  • Oil & Gas
  • Water & Wastewater
  • Others

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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