Fiberglass Tanks Market Development, Key Opportunity, Application and Forecast to 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.