The worldwide market for glass fiber reinforced plastic water tanks showed significant strength in 2020 and is projected to maintain a steady growth rate in revenue throughout the forecast period. The increasing use of these tanks across industrial, residential, and commercial sectors, along with their growing popularity for storing rainwater, stands out as key drivers behind the global market's revenue surge.
The demand for glass fiber reinforced plastic water tanks is fueled by their advantageous characteristics, including easy installation, minimal upkeep, excellent durability and reliability, and minimal heat transfer to stored water. These tanks boast high resistance to corrosion, anti-rust properties, and an extended lifespan. Their preference over steel tanks is due to their lightweight nature, facilitating easy transportation. Furthermore, the rising adoption of these tanks in various industries such as water treatment plants, wastewater treatment facilities, and electroplating industries for water storage and industrial processes is contributing significantly to the market's expansion.
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Competitive Landscape:
Belco, Ventura Fiber, Kshama Agro Industries, BSF FRP Industries, FRP Manufacturing, Dakle, Balaji Fibre Glass, Augusta Fiberglass (AFC), Blending Tank, and SSK Fibre are some key players operating in the global glass fiber reinforced plastic water tank market.
Major companies in the global market are adopting various strategies such as mergers and acquisitions, partnerships, joint ventures, and collaborations to maintain their position in the market and enhance product portfolio and offerings.
Driving Factors of Glass Fiber Reinforced Plastic Water Tank Market
The market for glass fiber reinforced plastic (GRP) water tanks is influenced by several key factors:
- Durability and Longevity: GRP tanks are known for their durability and long lifespan, making them attractive to consumers looking for a reliable and lasting water storage solution.
- Corrosion Resistance: GRP tanks are highly resistant to corrosion, making them suitable for storing water without the risk of degradation or contamination.
- Lightweight and Easy Installation: Compared to traditional materials like steel or concrete, GRP tanks are lighter in weight, making transportation and installation more manageable and cost-effective.
- Design Flexibility: Manufacturers can create GRP tanks in various shapes and sizes to suit different requirements, offering flexibility in design and customization.
- Low Maintenance Requirements: GRP tanks generally require minimal maintenance, reducing long-term operational costs for users.
- Increasing Water Storage Needs: With growing urbanization and industrialization, the demand for efficient and reliable water storage solutions has been rising, contributing to the expansion of the GRP tank market.
- Stringent Regulations and Standards: Compliance with regulations related to water storage and safety standards bolsters the market as GRP tanks often meet or exceed these requirements.
- Environmental Considerations: The eco-friendly nature of GRP tanks, being recyclable and having a lower carbon footprint compared to other materials, aligns with increasing environmental consciousness, impacting consumer choices.
- Technological Advancements: Ongoing advancements in manufacturing processes and materials continue to enhance the quality, strength, and cost-effectiveness of GRP tanks, further driving market growth.
- Regional Factors: Economic development, infrastructure projects, and specific regional needs and preferences also influence the demand for GRP water tanks in different parts of the world.
These factors collectively contribute to the growth and expansion of the glass fiber reinforced plastic water tank market, catering to the diverse needs of various industries and consumers worldwide.
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For the purpose of this report, Reports and Data has segmented the global glass fiber reinforced plastic water tank market based on, product, application, and region:
Product Outlook (Revenue, USD Billion; 2018 – 2028)
- Vertical Tank
- Composite Tank
- FRP Transportation Tank
- Horizontal Tank
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Commercial
- Residential
- Industrial
Region Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
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