Irving, Texas (PRWEB) January 28, 2013
The North American fiber reinforced plastic (FRP) tank market experienced significant growth in 2010 and 2011 after the sluggish economic environment of 2008-2009. The market is expected to grow to $806 million in 2017 with a CAGR of 3.8% over the next five years. Western Canada has been the top region in terms of total FRP tank production mainly due to the presence of large manufacturing units in the region.
Lucintel, a leading global management consulting and market research firm, conducted a competitive analysis on this market and presents its findings in “Opportunities for FRP Tank in North America 2012-2017: Market Size, Market Share, and Forecast Analysis.” This report considers North American fiber reinforced plastic (FRP) tanks for a variety of markets including petroleum, chemical, water/wastewater, septic, pulp and paper, agriculture, and aquaculture.
As the study indicates, FRP tank demand is growing rapidly due to increasing penetration of FRP tanks in markets such as those mentioned above. Increased demand for lightweight, recyclable, environment friendly, and efficient products that have advantages of corrosion resistance is driving the FRP tank market. In addition, customers desire FRP tanks’ high strength-to-weight ratio, low maintenance, and longer life cycle than other, traditional materials such as concrete and steel. Composite materials consumption in the North American FRP tank market is expected to reach 278.7 million pounds in 2017.
Lucintel’s construction market report indicates that the penetration of FRP tanks in various applications is expected to experience an upward trend because of better material properties and lifecycle costs. Brand loyalty is anticipated to largely disappear as industry fundamentals move toward a low-cost-to-serve model. Therefore, it is more important than ever that material suppliers strive to improve the customer experience.
For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at +1-972-636-5056 or via email at helpdesk (at) lucintel (dot) com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed,market insight, and cost efficiency. To learn more, visit http://www.lucintel.com.
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