Fiberglass Tanks Market
Fiberglass Tanks Market (Resin Type: Polyester, Vinyl Ester, and Others; Usage: Water, Oil & Gas, Chemicals, and Wastewater; and Sales & Service: Tank Sales and Service) - U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
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Rising Applications in Numerous End-use Industries Aid in Market Growth
Fiberglass tanks are fiberglass reinforced plastic (FRP). The tanks are augmented with fiberglass, similar to the way that rebar reinforces concrete. Fiberglass tanks and fiberglass piping contain glass fiber reinforcement installed in a cured thermosetting resin; hence, the term fiberglass reinforced plastic (FRP) describes the fiberglass material system. This composite structure contains additives such as pigments and dyes. The fiberglass tanks can be produced by selecting the precise combination of resin, glass fibers, additives, and design. Moreover, the fabricator can create a product that suffices the machine designer’s performance criterion. Moreover, the fiberglass tanks are upgraded to make them suitable for each type of water and wastewater application. The U.S. has been witnessing an increase in the demand for water applications due to its low oxidation probability and ease of installation. This is boosting the U.S. fiberglass tanks market.
Glass fibers are designed for numerous purposes, some of which are for applications in acid, alkali, or other chemical settings. The mechanical durability of a fiberglass product depends on the amount, type, and combination of glass fiber reinforcement within the material system, and rises proportionally with the amount of glass fiber reinforcement. The U.S. fiberglass tanks market is expected to witness a surge in demand with the increasing use in various commercial and industrial applications, including chemical, water & wastewater, food & beverages, mining & metals, power, energy, and high-purity applications.
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COVID-19 Impacts Supply of Raw Materials Required for Production
The COVID-19 pandemic has severely impacted almost every industry due to strict government regulations on supply chain and production. Fiberglass tanks, being one of the fastest-growing categories in the tanks segment, are witnessing a massive slump in the demand in all the fiberglass tanks market segments across regions. Several regions, including North America and Europe are witnessing a decline in demand and production, as major producers are operating at a lower capacities. Nevertheless, businesses are planning on scaling up operations and production after carefully assessing the course of the COVID-19 pandemic in the near term.
The composite materials industry has witnessed extreme challenges at the start of the COVID-19 pandemic. Lockdown restrictions in place and border restrictions imposed by numerous countries to contain the spread of the novel coronavirus resulted in supply chain disruptions and logistics problems. In addition, many manufacturing facilities were also closed. All these aspects resulted in an adverse effect on the growth of the U.S. fiber tanks market. However, rapid vaccination drives and increased vaccine production may restore the U.S. fiber tanks market growth by the end of 2021. Several manufacturers are preparing to increase their production to overcome the recent loss. This is expected to propel the global fiberglass tanks market in the U.S. in the near future.
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Endurance, Strength of Fiberglass Tanks in Numerous Settings Fuel Demand
Fiberglass tanks are easily available to be used in various applications. The FRP coating procedure is performed on its outer surface, which is a high-performing epoxy resin with polyethylene (PE) or ABS seamless one-piece liner. These FRP act as a two-layer shield that assists in developing a defense against corrosion. In addition, fiberglass tanks come in many sizes ranging from small to large-sized ones. Moreover, the fiberglass tanks are built for high corrosion-resistant ability. The resistance for corrosion from weather and temperature extends toward the resistance from the chemicals used in the industries. Furthermore, the fiberglass tank shells are manufactured from epoxy resins, which make them rustproof. All these factors are contributing toward the growth of the U.S. fiberglass tanks market during the forecast period. The fiberglass tanks market in the U.S. is expected to cross US$ 600 Mn by 2031, at a CAGR of ~5% during the forecast period of 2021 to 2031.
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Fiberglass tanks are increasingly being used in liquid storage applications and for several end-use purposes due to their high strength-to-weight ratio and resistance to corrosion. Manufacturers are focusing on flexibility, ease of installation, and capacity to withstand heat and harsh weather conditions to make fiberglass tanks an ideal choice for chemicals, wastewater, and fuels. However, the high cost of manufacturing fiberglass tanks is hampering the growth of the fiberglass tanks market in the U.S. Nevertheless, with increasing production rate and growing demand, manufacturers are planning to produce cost-effective products for small- and mid-scale industries, which is likely to drive the U.S. fiberglass tanks market during the forecast period.
U.S. Fiberglass Tanks Market: Overview
- Fiberglass tanks are suitable for every type of water and wastewater applications. Demand for fiberglass tanks is increasing in water applications in the U.S. due to their properties such as low oxidation probability and ease of installation. This is estimated to fuel the fiberglass tanks market in the U.S. during the forecast period.
- Usage of fiberglass tanks is increasing in water/wastewater and oil & gas applications, owing to their high strength-to-water ratio and resistance to rust and corrosion. Ease of installation, durability, and alternative products for fuel storage are further propelling the demand for fiberglass tanks in the U.S. Fiberglass tanks are specifically designed for these and numerous other demanding applications and product requirements. Fiberglass oil tanks are gaining popularity for oil storage.
- Fiberglass is known for its very low embodied energy - the energy needed to manufacture a fiberglass tank from the raw material. Glass is manufactured using sand, which is an abundant, natural, non-depleting resource. Fiberglass is a highly sustainable solution. Fiberglass tanks are globally acknowledged and recognized, as demand for ecological sustainable products continues to rise. Fiberglass tanks are gaining more attention as LEED (Leadership in Energy and Environmental Design program) recognized or certifiable environmentally sustainable building materials.
Key Growth Drivers of U.S. Fiberglass Tanks Market
- Fiberglass tanks 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 fiberglass tanks market in the U.S. is highly competitive, as demand for corrosion resistant products is high among end users in the country. Manufacturers operating in the fiberglass market in the U.S. are developing high quality and affordable products in order to cater to the rising demand for fiberglass tanks in the country. This is leading to 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.
- Fiberglass tanks are suitable for various types of oils, gas, and wastewater fluids. The anti-aging performance of fiberglass tanks outperforms that of 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 the U.S. during the forecast period.
Key Challenges of U.S. Fiberglass Tanks Market
- Fiberglass tanks are expensive compared to other tanks and are subject to price fluctuations depending on prices of raw materials. Major players operating in the fiberglass tanks market in the U.S. have patented technologies for developing fiberglass tanks. This acts as a barrier to the entry of new manufacturers in the global fiberglass tank market. Fiberglass tanks possess excellent properties; however, their high cost is likely to restrain the fiberglass tanks market in the U.S. during the forecast period.
- Fiberglass tanks need an additional coating due to ultraviolet sensitive surface. This increases the overall production cost of fiberglass tanks, thus hampering the fiberglass tanks market in the U.S.
- Volatility in prices of raw materials is expected to pose a challenge to fiberglass tank producers over the next few years. Furthermore, easy availability of favorable substitutes, such as polyethylene storage tanks, is likely to hinder the fiberglass tanks market in the U.S. during the forecast period.
Lucrative Opportunities for Players in U.S. Fiberglass Tanks Market
- Increase in penetration of fiberglass tanks in existing applications is expected to create lucrative opportunities for market players during the forecast period
- Fiberglass tanks are extensively used in water and wastewater applications. Hydrocarbon resin offers strong corrosion resistance property. There is no effect of oxygen present in liquids on fiberglass. Fiberglass tanks are very durable. The cost of maintenance is also low.
- Fiberglass tanks are easy to install, lightweight, and maintenance-free. Therefore, demand for fiberglass storage tanks is estimated to increase in the U.S. over the next few years vis-à-vis that for storage tanks made of protected steel, stainless steel, concrete, or exotic materials.
Leading Players in U.S. Fiberglass Tanks Market
- Major manufacturers of fiberglass tanks are
- National Oilwell Varco
- Xerxes Corporation
- LF manufacturing Inc.
- Granby Industries
- RED EWALD
- Manufacturers of fiberglass tanks are adopting various organic and inorganic growth strategies such as mergers & acquisition, new product launches, strategic collaborations, expansion, and joint ventures to expand their product portfolio and business operations.
U.S. Fiberglass Tanks Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the fiberglass tanks market in the U.S. to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for the growth of the fiberglass tanks market in the U.S. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the fiberglass tanks market in the U.S. is likely to expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the fiberglass tanks market in the U.S. that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the oil & gas industry with respect to the fiberglass tanks market in the U.S. during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the fiberglass tanks market in the U.S. and estimates statistics related to growth of the market in terms of volume (tons) and value (US$ Mn).
This study covers a detailed segmentation of the fiberglass tanks market in the U.S., along with key information and a competition landscape. The report mentions company profiles of key players operating in the fiberglass tanks market in the U.S., wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on U.S. Fiberglass Tanks Market
The report provides detailed information about the fiberglass tanks market in the U.S. on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the fiberglass tanks market in the U.S. that would help them design successful strategies and make target-driven decisions.
- Which resin type segment is expected to generate maximum revenue in the fiberglass tanks market in the U.S. during forecast period?
- Which usage segment of the fiberglass tanks market in the U.S. would emerge as a leading revenue generator during the forecast period?
- Which sales & service segment of the fiberglass tanks market in the U.S. would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the fiberglass tanks market in the U.S. between 2021 and 2031?
- What are winning imperatives of frontrunners in the fiberglass tanks market in the U.S.?
Research Methodology – U.S. Fiberglass Tanks Market
The research methodology adopted by analysts for compiling the report on the fiberglass tanks market in the U.S. is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the fiberglass tanks market in the U.S.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the fiberglass tanks market in the U.S.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the fiberglass tanks market in the U.S.
U.S. Fiberglass Tanks Market – Segmentation
TMR’s research study segments the fiberglass tanks market in the U.S. in terms of resin type, usage, sales & service, and state. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the fiberglass tanks market in the U.S.
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