U.S.Fiberglass Tanks Market: Introduction
The fiberglass tanks market in the U.S. was valued at~US$ 400 Mnin 2020 andis expected to exceed US$ 600 Mnby 2031,expanding at a CAGR of ~5% duringthe forecast period of 2021 to 2031. Fiberglass isa reinforced plastic material composed of glass fibers embedded in a resinmatrix. It is lightweight, strong, and less brittle. Fiberglass has the abilityto be molded into various complex shapes. Fiberglass tanks possess thestructural strength to withstand conditions such as internal pressure orvacuum, hydrostatic loads, seismic loads (including fluid sloshing), windloads, regeneration hydrostatic loads, and even snow loads.
Fiberglasstanks are used in various commercial and industrial applications, includingchemical, water & wastewater, food & beverages, mining & metals,power, energy, and high-purity applications. Fiberglass tanks offer a completesolution for highly corrosive fluids at different temperatures, and adverseweather and soil conditions. FRP (Fiberglass Reinforced Plastics) tanks areprimarily used in water/wastewater and oil & gas applications. In oil &gas, the strength-to-weight ratio of fiberglass outperforms steel, as theformer offers the same strength as steel with greater flexibility and corrosionresistance.
Fiberglasstanks are widely used in liquid storage applications for specific end-usepurposes due to their high strength-to-weight ratio and resistance tocorrosion. Flexibility, ease of installation, and ability to withstand heat andharsh weather conditions make fiberglass tanks an ideal choice for chemicals,wastewater, and fuels.
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KeyDrivers of U.S. Fiberglass Tanks Market
Theincrease in the demand for fiberglass tanks in water/wastewater and oil &gas industries is expected to boost the fiberglass tanks market in the U.S.during the forecast period. Aging infrastructure and significant capitalinvestment are some of the major drivers of the fiberglass tanks market in theU.S. The rise in the demand for more reliable, flexible, and low maintenancefiberglass tanks is driving the fiberglass tanks market in the U.S. Majorretail fuel marketers as well as many small marketers in North America areshifting to non-corrosive fiberglass tanks in order to avoid internal andexternal corrosion.
Anothertrend adding to the substitution of aging single wall tanks and growth ofdouble-wall fiberglass tanks in commercial marketplace is the impact of privateinsurance to meet the necessary regulatory requirements for tank owner’sfinancial responsibility. The Federal law requires that tank owners prove thatthey have sufficient financial resources to cover site cleanup, environmentaldamage, and third-party compensation in the event of product release into theenvironment. Insurance companies are hesitant to renew policies for agingtanks, and those that do frequently charge high expense rate, making it costrestrictive for many tank owners.
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Theusage of fiberglass tanks is increasing in water/wastewater and oil & gasapplications, owing to their strength-to-water ratio and resistance to rust andcorrosion. New requirements such as ease of installation, durability, andalternative products for fuel storage have further propelled the demand forfiberglass tanks. Fiberglass tanks are specifically designed for these andnumerous other demanding applications and product requirements. Fiberglass oiltanks are gaining popularity for oil storage.
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HighCost of U.S. Fiberglass Tanks to HamperU.S. Fiberglass Tanks Market
Thehigh cost of manufacturing fiberglass tanks is projected to hamper thefiberglass tanks market in the U.S. Fiberglass tanks are manufactured usingrotating cylindrical steel molds. The application of resin, glass, andspecially treated silica further increases the cost of fiberglass tanks. Thisincreases the overall production cost of fiberglass tanks, thereby hamperingthe fiberglass tanks market in the U.S.
Fiberglasstanks are expensive compared to other tanks and are subject to pricefluctuations depending on prices of raw materials involved. Major playersoperating in the fiberglass tanks market in the U.S. have patentedtechnologies for developing fiberglass tanks. This acts as a barrier to theentry of new manufacturers in the fiberglass tanks market in the U.S.Fiberglass tanks possess excellent properties; however, their high cost islikely to restrain the fiberglass tanks market in the U.S. during the forecastperiod.
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