FRP Pipe & Tank Market Size, Impacted by COVID-19, to Reach US$ 8.0 Billion in 2026, Says Stratview Research

2022-05-19 09:46:38 By : Mr. lucky Ren

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DETROIT , Oct. 14, 2020 /PRNewswire/ -- Stratview Research announces the launch of a new research report on FRP Pipe & Tank Market by Type (FRP Pipe and FRP Tank), by Application Type (Oil & Gas, Chemical/Industrial, Water/Wastewater, and Marine & Offshore), by Resin Type (Polyester, Vinyl Ester, and Epoxy), by Manufacturing Process Type (Filament Winding, Centrifugal Casting, Hand Lay-up, Spray Lay-up, and Others), and by Region (North America , Europe , Asia-Pacific , the Middle East , and RoW), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's FRP pipe & tank market realities and future market possibilities for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for FRP pipes & tanks at the global-, regional-, as well as country-level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.

FRP Pipe & Tank Market: Highlights from the Report

FRP (fiberglass-reinforced plastic) pipe & tanks are fabricated using resins such as polyester, vinyl ester, and epoxy reinforced majorly with glass fiber. FRP pipe & tanks are gradually replacing traditional materials, such as concrete, iron, and plastics because they offer a gamut of advantages over these materials such as lightweight, durability, excellent corrosion resistance, chemical resistance, high level of stiffness, freedom of design, and low maintenance & installation cost. FRP tanks are being installed underground as well as aboveground. Underground FRP tanks are used to store petroleum products such as gasoline, diesel fuel, motor oil, kerosene, methanol blends, oxygenated motor fuels, etc. Aboveground tanks are used to store acids, caustics, and other types of solvents. FRP pipes are used to transfer corrosive or other materials in corrosive environments.

The pandemic is ruthlessly affecting the business environments of major markets. FRP is the fastest-growing category in the total pipes & tanks family but could not escape from its impact and is witnessing massive decline in demand in all the market segments across regions. Some regions, particularly, North America and Europe , are witnessing greater declines than Asia-Pacific . Amidst the ongoing crisis, the companies are operating at a lower capacity and will scale up its operation after carefully assessing the course of COVID-19 in the near term.

In order to assess the impact of the pandemic in the FRP pipes & tanks market with high veracity, Stratview Research conducted a large number of primary interviews across the FRP market value chain as well as studied the impacts and recoveries on FRP pipe demand in previous downturns. Based on interviews and study of previous downturns, Stratview Research believes that the FRP pipe & tank market is likely to record a V-shaped recovery, with recovery taking place from 2021 onwards, ultimately pushing the market to cross the unprecedented figure of US$ 8.0 billion in 2026.

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FRP Pipe to maintain its unassailable lead in the market

FRP pipe is estimated to maintain its huge dominance in the market in the coming five years. FRP pipe is also estimated to rebound at a healthy pace in the post-pandemic market scenario. FRP tanks also account for a considerable share of the market. There has been an increasing penetration of FRP in both, pipes as well as tanks, over the years.

Chemical/Industrial to Remain the Most Dominant Application Type

Based on the application type, chemical/industrial is likely to remain the most dominant application type in the market during the forecast period. In this segment, FRP pipe & tanks are gradually becoming the choice of product in a series of applications including petrochemical & refineries, power & desalination plants, fuel handling, storage tanks, etc. Vinyl ester and polyester resins are preferably used in the chemical/industrial application as both resins possess high level of chemical resistance even in the most aggressive environments.

The oil & gas industry segment is also expected to register impressive growth in the post-pandemic market scenario. FRP pipe & tanks are becoming popular for a wide range of applications such as flow gathering, water injection, downhole tubing, well casing, and transmission line.

Polyester Remains the Choice of Resin Systems

Based on the resin type, polyester is likely to remain the most dominant resin type in the market during the forecast period. Polyester resin offers a multitude of advantages including excellent corrosion and chemical resistance and moderate strength at a lower cost; hence, is considered a perennial choice for low-pressure applications. Glass fiber-reinforced epoxy pipes (GRE pipes) have high chemical and corrosion resistance as well as excellent mechanical, physical, and thermal properties. GRE pipes are capable to handle high pressure & temperature and resist corrosion caused by H2S and saltwater, which makes them a preferred choice in oil & gas and marine/offshore applications.

Filament Winding is the Most Dominant Manufacturing Process Type

Based on the manufacturing process type, the market is classified as filament winding, centrifugal casting, hand lay-up, spray lay-up, and others. The filament winding process is likely to remain the most dominant manufacturing process in the market by 2026. Filament winding is the preferred process for the fabrication of FRP pipes, whereas spray lay-up is the dominant process for fabricating FRP tanks. Filament winding process allows continuous fiber reinforcement in the circumferential direction of pipe where the principal stress applies, resulting in high performing product development at a lower cost. Spray lay-up is the extension of the hand lay-up method where a spray gun is used to spray pressurized resin and chopped fiber on a mold. It is much faster than hand lay-up.

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Asia-Pacific to Maintain its Leading Position

All regions are expected to mark a huge decline in 2020 in the wake of the COVID-19. Asia-Pacific is expected to manage its lead in the global market in the foreseeable future. Also, the region is likely to heal up with the fastest pace in the post-pandemic market scenario. China , India , Malaysia , and Japan are the major markets for FRP pipes & tanks. China is estimated to maintain its huge dominance in the global marketplace in the years to come.

Key players in the market are Amiantit Fiberglass Industries Limited, Amiblu Holding GmbH, Farassan Man. & Ind. Company, Future Pipe Industries, Hengrun Group Co. Ltd., Kurimoto Ltd., Lianyungang Zhongfu Lianzhong Composites Group Co., Ltd., National Oilwell Varco, Sekisui Chemicals, WIG Wietersdorfer Holding GmbH, and ZCL Composites Inc.

Some of the Recent Key Strategic Alliances in the market:

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

This report studies the FRP pipe & tank market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:

FRP Pipe & Tank Market, By Type

FRP Pipe & Tank Market, By Application Type

FRP Pipe & Tank Market, By Resin Type

FRP Pipe & Tank Market, By Manufacturing Process Type

FRP Pipe & Tank Market, By Region

Stratview Research has several high value market reports in the advanced materials industry. Please refer to the following link to browse through our reports:

Other related reports from Stratview Research: FRP Water/Wastewater Pipe Market by Application Type (Water Transmission & Distribution, Sewer & Storm Water , Drainage, and Others), by Resin Type (Polyester Pipes, Vinyl Ester Pipes, and Epoxy Pipes), by Diameter Type (Small (<18"), Medium (18"-60"), and Large (>60")), by Manufacturing Process Type (Filament Winding, Centrifugal Casting, Hand Lay-up, Spray Lay-up, and Others), and by Region (North America , Europe , Asia-Pacific , the Middle East , and RoW), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026. Oil & Gas FRP Pipe Market by Application Type (Flow Lines, Transmission Lines, Downhole Tubing and Well Casing, and Others), by Pipe Diameter Type (<10", 10"-18", and >24"), by Pressure Type (<300PSI, 300-1200PSI, and >1200PSI), by Resin System Type (Epoxy [Aliphatic Amine, Aromatic Amine, and Anhydride] and Other Resins), by Manufacturing Process Type (Filament Winding, Centrifugal Casting, and Others), and by Region (North America , Europe , Asia-Pacific , The Middle East , and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

About Stratview Research Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies. Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. 

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