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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.

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.

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

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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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Frp Pipes Tanks Market

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