Increase in demand across various industries ranging from waste water & desalination projects to oil & gas is fueling the U.S. fiberglass tanks market size. Resistance to corrosion, longer life, and lightweight properties of fiber tanks over traditional materials such as steel and concrete are driving market progress. Demand is also influenced by the push for more environment-friendly solutions.
Fiberglass tanks provide a sustainable alternative due to low maintenance, easily adapting to the rise in regulatory pressure for green infrastructure. Advances in resin technology are further enhancing FRP tank performance, making them more versatile to varying climatic conditions and storage requirements.
Investment in infrastructure and industrial projects are increasing across the U.S. Manufacturers of fiberglass tanks are also deploying fresh capital in expanding current plant capacity and establishing new operations in other provinces.
Fiberglass Reinforced Plastic (FRP) tanks are made of lightweight, rust-resistant fiber-reinforced plastic. Fiberglass is a weather-resistant and durable material.
Products with high chemical resistance are also available in the market, and they are known for their high performance as tanks for storage. They are also used for storing radioactive isotopes and other materials generated at nuclear power plants.
Products with rigid radioactive foam or polystyrene foam laminated between FRP tanks are sold as tanks with excellent heat retention and insulation properties. Over the past four years, volume growth remained stagnant due to moderate demand in the market.
Steady recovery from the pandemic, complemented by government initiatives for facility modernization with respect to water and wastewater treatment, underlines the positive outlook of the market. Manufacturers such as Granby Industries, Xerxes Corporation, and National Oilwell Varco play key roles in propagating the overall U.S. fiberglass tanks market growth.
| Attribute | Detail |
|---|---|
| Drivers |
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Increase in demand for fiberglass tanks in water/wastewater and oil & gas industries is expected to boost market statistics during the forecast period. Aging infrastructure and significant capital investment are some of the major drivers of the fiberglass tank market in North America.
Rise in demand for more reliable, flexible, and low maintenance fiberglass tanks is driving the U.S. fiberglass tanks market revenue. Major retail fuel marketers as well as many small marketers in North America are shifting to non-corrosive fiberglass tanks in order to avoid internal and external corrosion.
Another trend adding to the substitution of aging single wall tanks and growth of double-wall U.S. fiberglass tanks market in the commercial marketplace is the impact of private insurance to meet the necessary regulatory requirements for tank owners’ financial vulnerability.
Federal law requires that tank owners prove that they have sufficient financial resources to cover site cleanup, environmental damage, and third-party compensation in the event of product release into the environment.
Insurance companies are hesitant to renew policies for aging tanks, and those that do frequently charge high expense rate, making it cost restrictive for many tank owners.
Rise in demand for U.S. Fiberglass Tanks Market in the water/wastewater industry is ascribed to disadvantages of traditional tank materials such as corrosion, aging, and wear loss.
The water/wastewater industry in the U.S. is expected to expand during the forecast years, owing to a strong economy and positive market fundamentals for liquid storage, along with an increase in water treatment.
U.S. fiberglass tanks market offer several benefits over steel tanks. Fiberglass tanks that have been specifically constructed for different industrial applications are known for their outstanding durability.
Compared to steel tanks, fiberglass tanks possess various benefits such as corrosion resistance, durability, flexibility, high strength-to-weight ratio, and lower impact on the environment. The U.S. fiberglass tanks industry is highly competitive, where end-users demand corrosion resistant products for their end-products.
Manufacturers operating in the market are developing high quality and affordable products in order to cater to this demand. This factor is also responsible for product innovation, which increases the demand for and sale of fiberglass tanks.
Furthermore, end-users prefer durable products so that overall spending on storage is reduced, which simultaneously boosts the U.S. fiberglass tanks market share.
U.S. fiberglass tanks market are suitable for various types of oils, gas, water & wastewater, chemicals, and fluids. The anti-aging performance of fiberglass tanks outperform steel tanks.
The factors mentioned above coupled with private insurance availability to meet regulatory requirements for fiberglass tank manufacturers are likely to drive the demand for fiberglass tanks across North America during the forecast period.
The U.S. fiberglass tanks market segmentation based on resin type includes polyester, vinyl ester, epoxy, and other. Vinyl ester is fast emerging as the major resin type in the market because of its superior performance characteristics as compared to polyester and epoxy resins.
This resin is known for good temperature resistance and chemical resistance, thereby providing more durability and life than other resins. This makes them especially suitable in demanding applications such as chemical processing, oil and gas, and wastewater treatment.
With industries increasingly looking for dependable and economical storage solutions, vinyl ester continues to be the preferred choice for fiberglass tanks, cementing its lead as the premier resin type.
| Attribute | Detail |
|---|---|
| Leading Industry | Oil & Gas accounted for 72.5% Share of the U.S. Fiberglass Tanks Market |
According to the U.S. fiberglass tanks market report, historically, fiberglass tanks have been used in the petroleum industry to safely store motor fuels and other hazardous and flammable liquids.
This trend is consistent because old tanks are about to reach their end of life and most manufacturers aim to replace them with more efficient fiberglass tanks in the U.S. Thus, although the overall fossil fuel exploration and refining market may account for 2% growth rate, FRP tanks in oil & gas is anticipated to register 6.9% growth rate during the forecast period.
Another prominent segment is water & waste water treatment, which is anticipated to grow at 7.0% and likely to prosper in the western coast of the U.S. due to various waste water and desalination projects underway.
As per the U.S. fiberglass tanks market report, is highly consolidated, with a few large-scale players contributing to the growth of the industry. Xerxes Corporation leads with a 14.3% market share, followed by National Oilwell Varco at 6.7%.
Other major players include LF Manufacturing, which has a 4.8% market share, Palmer Manufacturing & Tank Inc. with 4.2% share, and Red Ewald with 4.0% share. Augusta Fiberglass contributed 2.5% and Granby Industries 2.4%.
Some of the major players include Fiberglass Tank Solutions, D&T Fiberglass, and Future Pipe Industries. This structure implies that a small number of large companies dominate the industry and account for a large market share. There exist huge scope for innovations and growth with major opportunities for smaller companies to provide better design and engineering solutions.
Each of these players has been profiled in the U.S. fiberglass tanks market research report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
| Attribute | Detail |
|---|---|
| Market Size Value in 2023 | US$ 618.9 Mn |
| Market Forecast Value in 2034 | US$ 1.3 Bn |
| Growth Rate (CAGR) | 6.8% |
| Forecast Period | 2024-2034 |
| Historical Data Available for | 2020-2023 |
| Quantitative Units | US$ Mn/Bn for Value and Kilo Tons for Volume |
| Market Analysis | It includes cross-segment analysis at the global as well as regional level. Furthermore, the qualitative analysis includes drivers, restraints, market opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
| Competition Landscape |
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| Format | Electronic (PDF) + Excel |
| Market Segmentation |
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| Country Covered |
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| Companies Profiled |
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| Customization Scope | Available upon request |
| Pricing | Available upon request |
It was valued at US$ 618.9 Mn in 2023
It is expected to grow at a CAGR of 6.8% from 2024 to 2034
Surge in demand for fiberglass tanks in water/wastewater and oil & gas industries, major benefits over steel tanks, and industry focus on corrosion resistance
Based on resin type, the vinyl ester segment dominated in 2023
Oil & gas was the most lucrative in 2023
Xerxes Corporation, National Oilwell Varco (NOV), LF Manufacturing, Palmer Manufacturing & Tank Inc., Red Ewald, Augusta Fiberglass, Granby Industries, Design Tanks, GSC Tanks, Endurance Composites, LLC, Canwest Tank & Ecological Systems Ltd., and BARSKI INDUSTRIES LTD
1. Executive Summary
1.1. U.S. Market Outlook
1.2. Demand Side Trends
1.3. Key Facts and Figures
1.4. Trends Impacting Market
1.5. TMR’s Growth Opportunity Wheel
2. Market Overview
2.1. Market Segmentation
2.2. Key Developments
2.3. Market Definitions
2.4. Key Market Trends
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunities
2.6. U.S. Fiberglass Tanks Market Analysis and Forecast, 2024-2034
2.6.1. U.S. Fiberglass Tanks Market Volume (Kilo Tons)
2.6.2. U.S. Fiberglass Tanks Market Revenue (US$ Mn)
2.7. Porter’s Five Forces Analysis
2.8. Regulatory Landscape
2.9. Value Chain Analysis
2.9.1. List of Raw Resin Type Providers
2.9.2. List of Manufacturers
2.9.3. List of Dealer/Distributors
2.9.4. List of Potential Customers
2.10. Product Specification Analysis
2.11. Production Process Overview
2.12. Cost Structure Analysis
3. COVID-19 Impact Analysis
3.1. Impact on Supply Chain of Fiberglass Tanks
3.2. Impact on Demand for Fiberglass Tanks - Pre & Post Crisis
4. Impact of Current Geopolitical Scenario on Market
5. Production Output Analysis (Kilo Tons)
6. Price Trend Analysis and Forecast (US$/Unit), 2020-2034
6.1. Price Comparison Analysis by Type
6.2. Price Comparison Analysis by Region
7. U.S. Fiberglass Tanks Market Analysis and Forecast, by Type, 2024-2034
7.1. Introduction and Definitions
7.2. U.S. Fiberglass Tanks Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Type, 2024-2034
7.2.1. Horizontal Tanks
7.2.2. Vertical Tanks
7.2.3. Rectangular Tanks
7.2.4. Cone Bottom Tanks
7.2.5. Open Top Tanks
7.2.6. Others
7.3. U.S. Fiberglass Tanks Market Attractiveness, by Type
8. U.S. Fiberglass Tanks Market Analysis and Forecast, by Resin Type, 2024-2034
8.1. Introduction and Definitions
8.2. U.S. Fiberglass Tanks Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Resin Type, 2024-2034
8.2.1. Polyester
8.2.2. Vinyl Ester
8.2.3. Epoxy
8.2.4. Other
8.3. U.S. Fiberglass Tanks Market Attractiveness, by Resin Type
9. U.S. Fiberglass Tanks Market Analysis and Forecast, by Capacity, 2024-2034
9.1. Introduction and Definitions
9.2. U.S. Fiberglass Tanks Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Capacity, 2024-2034
9.2.1. Up to 1,000 Gallons
9.2.2. 1,000 - 10,000 Gallons
9.2.3. 10,000 - 20,000 Gallons
9.2.4. Above 20,000 Gallons
9.3. U.S. Fiberglass Tanks Market Attractiveness, by Capacity
10. U.S. Fiberglass Tanks Market Analysis and Forecast, by Application, 2024-2034
10.1. Introduction and Definitions
10.2. U.S. Fiberglass Tanks Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application, 2024-2034
10.2.1. Water
10.2.2. Waste Water
10.2.3. Chemicals
10.2.4. Oils and Gasoline
10.2.5. Fertilizers
10.2.6. Others
10.3. U.S. Fiberglass Tanks Market Attractiveness, by Application
11. U.S. Fiberglass Tanks Market Analysis and Forecast, by End-use, 2024-2034
11.1. Introduction and Definitions
11.2. U.S. Fiberglass Tanks Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2024-2034
11.2.1. Chemical Processing
11.2.2. Water & Wastewater Treatment
11.2.3. Oil & Gas
11.2.4. Food & Beverage
11.2.5. Agriculture
11.2.6. Pharmaceutical
11.2.7. Marine
11.2.8. Pulp & Paper
11.2.9. Other
11.3. U.S. Fiberglass Tanks Market Attractiveness, by End-use
12. Competition Landscape
12.1. Market Players - Competition Matrix (by Tier and Size of Companies)
12.2. Market Share Analysis, 2023
12.3. Market Footprint Analysis
12.3.1. By Type
12.3.2. By Application
12.4. Company Profiles
12.4.1. Xerxes Corporation
12.4.1.1. Company Revenue
12.4.1.2. Business Overview
12.4.1.3. Product Segments
12.4.1.4. Geographic Footprint
12.4.1.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.1.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.2. National Oilwell Varco (NOV)
12.4.2.1. Company Revenue
12.4.2.2. Business Overview
12.4.2.3. Product Segments
12.4.2.4. Geographic Footprint
12.4.2.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.2.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.3. LF Manufacturing
12.4.3.1. Company Revenue
12.4.3.2. Business Overview
12.4.3.3. Product Segments
12.4.3.4. Geographic Footprint
12.4.3.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.3.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.4. Palmer Manufacturing & Tank Inc.
12.4.4.1. Company Revenue
12.4.4.2. Business Overview
12.4.4.3. Product Segments
12.4.4.4. Geographic Footprint
12.4.4.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.4.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.5. Red Ewald
12.4.5.1. Company Revenue
12.4.5.2. Business Overview
12.4.5.3. Product Segments
12.4.5.4. Geographic Footprint
12.4.5.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.5.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.6. Augusta Fiberglass
12.4.6.1. Company Revenue
12.4.6.2. Business Overview
12.4.6.3. Product Segments
12.4.6.4. Geographic Footprint
12.4.6.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.6.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.7. Granby Industries
12.4.7.1. Company Revenue
12.4.7.2. Business Overview
12.4.7.3. Product Segments
12.4.7.4. Geographic Footprint
12.4.7.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.7.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.8. Design Tanks
12.4.8.1. Company Revenue
12.4.8.2. Business Overview
12.4.8.3. Product Segments
12.4.8.4. Geographic Footprint
12.4.8.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.8.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.9. GSC Tanks
12.4.9.1. Company Revenue
12.4.9.2. Business Overview
12.4.9.3. Product Segments
12.4.9.4. Geographic Footprint
12.4.9.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.9.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.10. Endurance Composites, LLC
12.4.10.1. Company Revenue
12.4.10.2. Business Overview
12.4.10.3. Product Segments
12.4.10.4. Geographic Footprint
12.4.10.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.10.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.11. Canwest Tank & Ecological Systems Ltd.
12.4.11.1. Company Revenue
12.4.11.2. Business Overview
12.4.11.3. Product Segments
12.4.11.4. Geographic Footprint
12.4.11.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.11.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.12. BARSKI INDUSTRIES LTD
12.4.12.1. Company Revenue
12.4.12.2. Business Overview
12.4.12.3. Product Segments
12.4.12.4. Geographic Footprint
12.4.12.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.12.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
12.4.13. Others
12.4.13.1. Company Revenue
12.4.13.2. Business Overview
12.4.13.3. Product Segments
12.4.13.4. Geographic Footprint
12.4.13.5. Production Capacity /Plant Details, etc. (*As Applicable)
12.4.13.6. Strategic Partnership, Capacity Expansion, New Product Innovation, etc.
13. Primary Research: Key Insights
14. Appendix
List of Tables
Table 01: U.S. Fiberglass Tanks Market Volume (Kilo Tons) Forecast, by Type, 2024-2034
Table 02: U.S. Fiberglass Tanks Market Value (US$ Mn) Forecast, by Type, 2024-2034
Table 03: U.S. Fiberglass Tanks Market Volume (Kilo Tons) Forecast, by Resin Type, 2024-2034
Table 04: U.S. Fiberglass Tanks Market Value (US$ Mn) Forecast, by Resin Type, 2024-2034
Table 05: U.S. Fiberglass Tanks Market Volume (Kilo Tons) Forecast, by Capacity 2024-2034
Table 06: U.S. Fiberglass Tanks Market Value (US$ Mn) Forecast, by Capacity 2024-2034
Table 07: U.S. Fiberglass Tanks Market Volume (Kilo Tons) Forecast, by Application, 2024-2034
Table 08: U.S. Fiberglass Tanks Market Value (US$ Mn) Forecast, by Application, 2024-2034
Table 09: U.S. Fiberglass Tanks Market Volume (Kilo Tons) Forecast, by End-use, 2024-2034
Table 10: U.S. Fiberglass Tanks Market Value (US$ Mn) Forecast, by End-use, 2024-2034
Table 11: U.S. Fiberglass Tanks Market Volume (Kilo Tons) Forecast, by Region, 2024-2034
Table 12: U.S. Fiberglass Tanks Market Value (US$ Mn) Forecast, by Region, 2024-2034
List of Figures
Figure 01: U.S. Fiberglass Tanks Market Volume Share Analysis, by Type, 2023, 2027, and 2034
Figure 02: U.S. Fiberglass Tanks Market Attractiveness, by Type
Figure 03: U.S. Fiberglass Tanks Market Volume Share Analysis, by Resin Type, 2023, 2027, and 2034
Figure 04: U.S. Fiberglass Tanks Market Attractiveness, by Resin Type
Figure 05: U.S. Fiberglass Tanks Market Volume Share Analysis, by Capacity, 2023, 2027, and 2034
Figure 06: U.S. Fiberglass Tanks Market Attractiveness, by Capacity
Figure 07: U.S. Fiberglass Tanks Market Volume Share Analysis, by Application, 2023, 2027, and 2034
Figure 08: U.S. Fiberglass Tanks Market Attractiveness, by Application
Figure 09: U.S. Fiberglass Tanks Market Volume Share Analysis, by End-use, 2023, 2027, and 2034
Figure 10: U.S. Fiberglass Tanks Market Attractiveness, by End-use
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