Market research firm Lucintel's report Opportunities for Fiber Reinforced Plastics (FRP) Tank in North America 2010-2015: Market Size, Market Share and Forecast Analysis predicts that the market will reach $712 million by 2015.
The company reports that high corrosion resistance and total life cycle cost benefits of FRP tanks are likely to drive higher market penetration, stimulating the overall market growth.
Lucintel analysts believe that the North American market will remain one of the largest markets for FRP tanks globally, with accelerated uptake in key end-use industries such as petroleum, wastewater, and pulp and paper. The higher upfront cost of FRP tanks, however, remains the key barrier to faster adoption across applications.
As a result of its lower cost, polyester resin is expected to be the dominant material in the North American FRP tank market. The chemical industry, however, is expected to be the prime driver for consumption of epoxy and vinyl ester resins. Vinyl ester resin consumption is likely to witness stronger growth than competing resins because of its superior performance characteristics.
The Lucintel report provides an analysis of market trends (2004-2009) and forecast (2010-2015), industry leaders and market share analysis, manufacturing processes, growth opportunities and emerging composite applications.