IRVING, Texas, Feb. 19, 2014 /PRNewswire-iReach/ -- Growing demand for oil and gas storage systems, and expansion of chemical plants are likely to boost the global FRP tank market. Lucintel expects moderate growth in the market, especially in APAC region which is observing high demand for FRP tanks. Global FRP tank market is expected to reach $2,165 million in 2018 promising a huge opportunity for the firms operating across the value chain of global FRP tank market.
Lucintel, a leading global management consulting and market research firm, has conducted a detailed analysis on the various players and segments of the industry and presents its findings in "Global FRP Tank Market 2013-2018: Trend, Forecast, and Opportunity Analysis." The report analyses global FRP tank market for four regions and seven application areas. Global FRP tank market is segmented by region (North America, Europe, APAC, and ROW), and by application (water/wastewater, septic, pulp and paper, chemical, petroleum, agriculture, aquaculture, and others).
Government rule and regulations for water preservation and encouragement of rain water harvest are boosting the demand for FRP tank, especially in the US. Rapid urbanization and infrastructure development in developing countries help to drive the FRP tank market in applications such as water/wastewater and septic. Increasing number of retail fuel stations and new application areas such as food processing, pharmaceutical, and heating oil storage systems are likely to drive the FRP tank market.
This market report states that APAC dominates the global FRP tank market. Increasing energy demand, demand from retail fuel stations, increasing number of desalination plants, looming fresh water shortage, conservation of rainwater, and gaining momentum in replacing old existing tanks are the key factors that drive the FRP tank market in APAC.
Lucintel highlights the key challenges faced by global FRP tank market. The key challenges in the FRP tank market are the higher prices of FRP tanks as compared to competing material tanks and lack of awareness among user industries. Low replacement rate of existing tanks in petroleum, septic, and chemical application are also proving to be a challenge for global FRP tank market. Despite higher cost, FRP tank has a better service life and performance benefits which makes it economically viable in the long run.
This report gives insights of the market trend (2007-2012) and forecast period (2013-2018) which will help the interested companies make key decisions. The report includes the region-wise analysis for seven applications by value and volume. It is important for every player serving an industry to be aware of the growth opportunities, drivers and challenges, and emerging trends.
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 firstname.lastname@example.org. Lucintel's Management Consulting Services include Merger and Acquisition, the Due Diligence Process and Target Screening. To learn more, visit www.lucintel.com
Media Contact: Roy Almaguer, Lucintel, +1-972-636-5056, email@example.com
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