FRP Pipe & Tank Market Research Report
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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