U.S. Fiberglass Tanks Market: Introduction
The fiberglass tanks market in the U.S. was valued at ~US$ 400 Mn in 2020 and is expected to exceed US$ 600 Mn by 2031, expanding at a CAGR of ~5% during the forecast period of 2021 to 2031. Fiberglass is a reinforced plastic material composed of glass fibers embedded in a resin matrix. It is lightweight, strong, and less brittle. Fiberglass has the ability to be molded into various complex shapes. Fiberglass tanks possess the structural strength to withstand conditions such as internal pressure or vacuum, hydrostatic loads, seismic loads (including fluid sloshing), wind loads, regeneration hydrostatic loads, and even snow loads.
Fiberglass tanks are used in various commercial and industrial applications, including chemical, water & wastewater, food & beverages, mining & metals, power, energy, and high-purity applications. Fiberglass tanks offer a complete solution for highly corrosive fluids at different temperatures, and adverse weather and soil conditions. FRP (Fiberglass Reinforced Plastics) tanks are primarily used in water/wastewater and oil & gas applications. In oil & gas, the strength-to-weight ratio of fiberglass outperforms steel, as the former offers the same strength as steel with greater flexibility and corrosion resistance.
Fiberglass tanks are widely used in liquid storage applications for specific end-use purposes due to their high strength-to-weight ratio and resistance to corrosion. Flexibility, ease of installation, and ability to withstand heat and harsh weather conditions make fiberglass tanks an ideal choice for chemicals, wastewater, and fuels.
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Key Drivers of U.S. Fiberglass Tanks Market
The increase 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 capital investment are some of the major drivers of the fiberglass tanks market in the U.S. The rise in the demand for more reliable, flexible, and low maintenance fiberglass tanks is driving the fiberglass tanks market in the U.S. Major retail fuel marketers as well as many small marketers in North America are shifting to non-corrosive fiberglass tanks in order to avoid internal and external corrosion.
Another trend adding to the substitution of aging single wall tanks and growth of double-wall fiberglass tanks in commercial marketplace is the impact of private insurance to meet the necessary regulatory requirements for tank owner’s financial responsibility. The Federal law requires that tank owners prove that they have sufficient financial resources to cover site cleanup, environmental damage, and third-party compensation in the event of product release into the environment. Insurance companies are hesitant to renew policies for aging tanks, and those that do frequently charge high expense rate, making it cost restrictive for many tank owners.
The usage of fiberglass tanks is increasing in water/wastewater and oil & gas applications, owing to their strength-to-water ratio and resistance to rust and corrosion. New requirements such as ease of installation, durability, and alternative products for fuel storage have further propelled the demand for fiberglass tanks. Fiberglass tanks are specifically designed for these and numerous other demanding applications and product requirements. Fiberglass oil tanks are gaining popularity for oil storage.
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High Cost of U.S. Fiberglass Tanks to Hamper U.S. Fiberglass Tanks Market
The high cost of manufacturing fiberglass tanks is projected to hamper the fiberglass tanks market in the U.S. Fiberglass tanks are manufactured using rotating cylindrical steel molds. The application of resin, glass, and specially treated silica further increases the cost of fiberglass tanks. This increases the overall production cost of fiberglass tanks, thereby hampering the fiberglass tanks market in the U.S.
Fiberglass tanks are expensive compared to other tanks and are subject to price fluctuations depending on prices of raw materials involved. Major players operating in the fiberglass tanks market in the U.S. have patented technologies for developing fiberglass tanks. This acts as a barrier to the entry of new manufacturers in the fiberglass tanks market in the U.S. Fiberglass tanks possess excellent properties; however, their high cost is likely to restrain the fiberglass tanks market in the U.S. during the forecast period.
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