Fiberglass Storage Tank Market To Exhibit A Remarkable Growth Of USD 3.61 Billion By 2029, At A 4.8% CAGR | ZCL Composites, Enduro Composites, LF Manufacturing, Denali Inc - X Herald

The careful efforts of professional forecasters, skilled analysts, and intelligent researchers have resulted in the creation of the fiberglass storage tank Market research study. Companies can better understand the different types of consumers, consumer demands and preferences, perspectives on the product, purchasing intentions, reactions to individual products that are already on the market. Thanks to the detailed and current information provided in this report. By dealing with a wide range of market analyses, product definition, market segmentation, important developments, and the current vendor landscape through 2029, the Fiberglass Storage Tank Market Report offers a complete overview of the market.

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Historical Market Size (2022): USD 2.29 billion in 2022

Forecast CAGR (2023-2029): 4.8%

Forecast Market Size (2029): USD 3.61 billion by 2029

Also, the vendor landscape and competitive scenarios of the Fiberglass Storage Tank market are broadly analysed to help market players gain competitive advantage over their competitors. Readers are provided with detailed analysis of important competitive trends of the Fiberglass Storage Tank market. Market players can use the analysis to prepare themselves for any future challenges well in advance. They will also be able to identify opportunities to attain a position of strength in the Fiberglass Storage Tank market. Furthermore, the analysis will help them to effectively channelize their strategies, strengths, and resources to gain maximum advantage in the market.

In April 2022, Hexagon Composites, a world-leading designer and manufacturer of clean fuel solutions for commercial vehicles, signed an agreement to acquire a 40% stake in Cryoshelter GmbH, an Austria-based company specialized in the development of cryogenic tank technology for liquid (renewable) natural gas (LNG) and liquid hydrogen (LH2). Through this acquisition, the company broaden its product portfolio.

Growth Drivers

• Properties such as endurance and strength of FRP tank is expected to fuel the market growth

The market for FRP tanks is primarily driven by the increase in the storage of oil by various public and private entities. Different solid wastes are present in oil and gas in varying amounts, with differing densities, particle sizes, and degrees of hardness. Tanks are harmed by these particles. The nature of the wastes they used to transport caused traditional steel tanks to corrode and fracture easily. FRP tanks are now being used in place of metal tanks in sewage systems. Thus, driving the global FRP tank market growth during the forecast period.

Restraints

• Volatility in the raw material prices is projected to hamper the market during the forecast period

Over the past 18 months, the majority of industries have had adverse effects worldwide. This can be ascribed to the enormous disruptions that various precautionary lockdowns and other limitations that were imposed by governing agencies around the world caused in their respective production and supply-chain operations. The same holds for the market for FRP tanks globally. Additionally, consumer demand has now decreased as people have been more intent on cutting down non-essential expenses from their budgets as the general economic condition of the majority of people has been adversely impacted by this outbreak. Throughout the forecast period, the aforementioned factors are anticipated to negatively impact the worldwide FRP Tank market's revenue trajectory. The global FRP Tank market, however, is anticipated to rebound in line with the lifting of these enforced lockdowns by the relevant governmental bodies.

The main research methodology applied here by the research team is data triangulation, which includes data mining, analysis of the impact of data variables on the market, and primary (industry experts) validation. This report helps to gather information about all the above factors by providing actionable market insights and comprehensive analysis. The Fiberglass Storage Tank market report mainly focuses on important aspects of the market which include historical data, current market trends, environment, technological innovations, upcoming technologies, and technological advancement in the industry among others.

Leading market players in the Fiberglass Storage Tank market is focusing on strategies such as expansion, new product launches, and acquisitions to gain large market share and enhance their global presence in the target market. Some Key Competitors of the Fiberglass Storage Tank market is ZCL Composites, Enduro Composites, LF Manufacturing, Denali Inc., EPP Composites, Hexagon Composite Engineering Sdn Bhd, Composite Technology Development, Inc., Faber Industries, Luxfer Group and others.

Fiberglass Storage Tank Market By Resin Type, 2023-2029, (USD Million)

• Polyester
• Epoxy
• Others

Fiberglass Storage Tank Market By Application, 2023-2029, (USD Million)

• Commercial
• Residential
• Municipal
• Industrial

Fiberglass Storage Tank Market By End User, 2023-2029, (USD Million)

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

• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
• South America (Colombia, Brazil, Argentina, Rest of South America)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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• Business description : a detailed description of company operations and business departments.
• Company strategy: The analyst's summary of the company's business strategy.
• SWOT analysis : Detailed analysis of the company's strengths, weaknesses, opportunities, and threats.
• Company History : The progress of major events related to the company.
• Main products and services : A list of the company's main products, services, and brands.
• Main competitors : A list of the company's main competitors.
• Important locations and subsidiaries : The company's main locations and subsidiaries' list and contact information.
• Detailed financial ratios of the past five years : The latest financial ratios come from the annual financial statements issued by companies with a history of five years.

▶ GTM (Go-to-Market) strategy

▶ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer)

▶ Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, QMI quadrant, and other significant analysis, as well as development status

▶ Recent market developments and it's futuristic growth opportunities

▶ Customized regional/country reports as per request

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