Fiberglass Storage Tanks Market Outlook, Competitive Landscape And Forecasts

Fiberglass Storage Tanks Market: Overview

Fiberglass storage tanks contain glass fiber reinforcement embedded in cured thermosetting resin. These tanks exhibit high-temperature, high-pressure, anti-corrosive characteristics.
Fiberglass storage tank sizes range from 285 gallons to 50,000 gallons in capacity, 4 feet to 12 feet in diameter, and 6.5 feet to 73 feet in length.
Types of fiberglass storage tanks include brine maker tanks, mixing tanks, solar tanks, sectionalized tanks, double-wall tanks, rectangular tanks, air scrubber tanks, liquid fertilizer tanks, caustic tanks, water tanks, greywater tanks, bleach tanks, acid tanks, and ethylene glycol tanks.

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High Demand for Fiberglass Aboveground Storage Tanks to Boost Fiberglass Storage Tanks Market

In terms of type, the fiberglass storage tanks market can be segmented into aboveground tanks and underground tanks. The aboveground tanks segment is estimated to hold major share of the global fiberglass storage tanks market in the near future.
Composite materials such as fiberglass exhibit high corrosion resistance and high anti-rust properties. Conventional long-term water storage tanks are prone to rust and corrosion; therefore, demand for aboveground water storage tanks in residential and municipal applications is anticipated to increase in the near future.
Fiberglass storage tanks are widely used in harsh corrosive environments for storing corrosive contents. Rise in demand for aboveground storage tanks in chemical, petroleum and wastewater industries owing to the high corrosion resistance properties is projected to boost the market in the near future.
High corrosion resistance, less weight, less installation costs, high structural reliability, and low price are driving the popularity of fiberglass aboveground storage tanks among residential and industrial users.

Increase in Popularity of Fiberglass Storage Tanks over Steel and Concrete Tanks

Weight of fiberglass storage tanks is approximately quarter the weight of steel tanks for equivalent storage capacity
Fiberglass storage tanks are not susceptible to corrosion and possess high endurance strength with long lifespan
Steel storage tanks undergo premature steel tank failures that tend to allow foreign objects enter the backfill, damage coatings, block tanks with hard objects, and create improper backfill and poor compaction. Unlike steel storage tanks, fiberglass storage tanks eliminate the premature steel tank failures.
Fiberglass storage tanks are easy to install, light weight, and maintenance free; therefore, demand for fiberglass storage tanks is estimated to increase in the next few years vis-à-vis that for storage tanks made of protected steel, stainless steel, concrete, or exotic materials
In the oil & gas industry, fiberglass storage tanks are widely used for storage of gasoline, jet fuel, AV-gas, motor oil, kerosene, diesel fuel, alcohol-gasoline blend motor fuels, diesel exhaust fluid (DEF), ethanol-blend motor fuels, methanol blends, and oxygenated motor fuels
Change in consumer preferences among processing industries from steel and concrete storage tanks to fiberglass storage tanks is projected to increase due to increase in adoption rate of fiberglass storage tanks in the oil & gas industry

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North America Dominates Global Fiberglass Storage Tanks Market

In terms of region, the fiberglass storage tanks market can be divided into five key regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America accounted for substantial share of the global fiberglass storage tanks market in 2018
North America is a leading consumer of fiberglass storage tanks, followed by Europe and Asia Pacific. Rise in demand for fiberglass storage tanks for residential and industrial applications in developed economies such as the U.S. and Germany is expected to boost the demand for fiberglass storage tanks in North America during the forecast period. Furthermore, North America is the major producer of fiberglass storage tanks in the world. It is estimated to have an effective distribution network of fiberglass storage tank products to meet the growing needs of industrial customers.
The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to the rise in industrialization in countries such as China, India, and those in ASEAN. Rise in popularity of fiberglass storage tanks among consumers in chemical and oil & gas industries is likely to boost the demand for fiberglass storage tanks in Asia Pacific in the next few years. Increase in demand for fiberglass storage tanks in Asia Pacific has encouraged fiberglass storage tanks manufacturers in China to establish new production lines. Furthermore, presence of large and small fiberglass storage tank manufacturers in China and India is projected to boost the production of fiberglass storage tanks in the region.
Increase in awareness about fiberglass storage tanks and rise in its utilization rate among residential users are estimated to drive the fiberglass storage tanks market in Asia Pacific. Increase in FDI investment in the oil & gas industry in developing economies of Asia Pacific is also a key factor anticipated to propel the market in the region during the forecast period.
Countries in the Middle East such as Saudi Arabia and the UAE are expected to account for significant share of the fiberglass storage tanks market in Middle East & Africa. Rise in upstream, mid-stream, and downstream applications in the oil & gas industry in the Middle East is projected to bolster the demand for fiberglass storage tanks during the forecast period.

Key Players in Fiberglass Storage Tanks Market

Prominent players operating in the global fiberglass storage tanks market focus on forward integration by acquiring and collaborating with pipe & pipe fittings companies in order to strengthen their customer base. Major players operating in the fiberglass storage tanks market include: