1. Global Underground Fiberglass Tank Market Revenue and Future Growth
In 2024, the global Underground Fiberglass Tank market revenue is estimated to reach 900.02 million USD. This growth is expected to continue over the next few years, with a Compound Annual Growth Rate (CAGR) of 5.57% from 2024 to 2033.
Underground Fiberglass Tanks are specialized storage containers made from fiberglass-reinforced plastic (FRP) materials. These tanks are designed to be installed underground for the storage of various liquids, including drinking water, wastewater, acids, alcohol, petroleum, and other corrosive chemicals. The primary advantage of fiberglass tanks over traditional steel and concrete tanks is their superior corrosion resistance, lighter weight, and stronger construction. These attributes make them ideal for long-term storage applications in harsh environments.
Figure Global Underground Fiberglass Tank Market Size (M USD) and CAGR (2024-2033)
2. Driving Factors and Limiting Factors of Underground Fiberglass Tank Market
The growth of the Underground Fiberglass Tank market is driven by several key factors. Firstly, the increasing demand for durable and low-maintenance storage solutions across various industries, such as chemical, petroleum, and wastewater management, is a significant driver. Fiberglass tanks offer high corrosion resistance and low installation costs, making them a preferred choice for storing corrosive substances. Additionally, the growing environmental awareness and regulatory requirements for preventing soil and groundwater contamination have led to a higher adoption of double-wall tanks with advanced monitoring systems.
However, the market also faces certain limiting factors. One of the primary challenges is the environmental impact of fiberglass production. The manufacturing process consumes significant energy and releases pollutants, including carbon dioxide and volatile organic compounds (VOCs). This has led to stricter regulations and increased scrutiny from environmental authorities. Another challenge is the high initial investment required for advanced monitoring and leak detection systems, which can be a barrier for small and medium-sized enterprises.
Moreover, the market is highly competitive, with several established players dominating the industry. The top companies, such as Shawcor Ltd, National Oilwell Varco, and Future Pipe Industries (FPI), hold significant market shares. New entrants may find it difficult to penetrate the market without substantial investment in R&D and marketing. Additionally, the fluctuating prices of raw materials, such as fiberglass and unsaturated polyester resin, can impact production costs and profitability.
3. Technology Innovation and Corporate Mergers and Acquisitions in the Underground Fiberglass Tank Market
The Underground Fiberglass Tank market has seen significant technological advancements in recent years, particularly in monitoring and leak detection systems. Continuous hydrostatic monitoring technology has become increasingly popular, allowing tank owners to detect and address leaks promptly. This technology is especially important for double-wall tanks used in the storage of hazardous materials. The integration of digital technology with monitoring systems is also expected to enhance the efficiency and reliability of these tanks.
Corporate mergers and acquisitions have played a crucial role in shaping the market landscape. For instance, Shawcor Ltd’s acquisition of ZCL Composites Inc. in 2019 expanded its product portfolio and market reach. Similarly, National Oilwell Varco’s acquisition of AFGlobal’s Advanced Drilling Systems in 2022 enhanced its capabilities in the oil and gas sector. These strategic moves have allowed companies to consolidate their positions, expand their product offerings, and improve their technological capabilities.
In addition to mergers and acquisitions, companies are also focusing on R&D to develop new materials and improve existing products. The development of more sustainable and recyclable fiberglass materials is a key area of research, driven by environmental concerns. Companies are also exploring advanced manufacturing techniques, such as 3D printing, to reduce production costs and improve customization options.
4. Global Underground Fiberglass Tank Market by Types
Underground Fiberglass Tanks are specialized storage solutions designed for underground installation, offering superior corrosion resistance, lower maintenance costs, and lighter weight compared to traditional steel and concrete tanks. These tanks are widely used for storing drinking water, wastewater, acids, alcohol, petroleum, and other corrosive chemicals. The market is segmented into two primary product types: Single Wall and Double Wall.
Single Wall Tanks are designed for a variety of applications, including water storage, wastewater management, and chemical storage. These tanks are known for their simplicity, cost-effectiveness, and ease of installation. In 2024, the revenue generated from Single Wall Tanks was approximately $450.47 million USD. This product type holds a significant market share, accounting for 50.05% of the total market revenue in 2024.
Double Wall Tanks are designed with an additional layer of protection, featuring an inner and outer wall separated by an interstitial space. This design enhances safety and environmental protection by providing a secondary containment barrier, making them ideal for storing hazardous materials such as petroleum products. In 2024, the revenue from Double Wall Tanks reached $449.48 million USD, representing 49.94% of the total market revenue.
Table Global Underground Fiberglass Tank Market Size by Type in 2024
Market Size (M USD) 2024 | Market Share | |
Single Wall | 450.47 | 50.05% |
Double Wall | 449.48 | 49.94% |
Total | 900.02 | 100.00% |
5. Global Underground Fiberglass Tank Market by Applications
Underground Fiberglass Tanks are utilized across a wide range of applications, driven by their durability, corrosion resistance, and environmental benefits. The primary applications include the Oil Industry, Firefighting Business, and Other applications such as wastewater management and chemical storage.
The Oil Industry is one of the largest consumers of Underground Fiberglass Tanks, primarily for the storage of petroleum products and other hazardous materials. These tanks are essential for ensuring compliance with environmental regulations and preventing soil and groundwater contamination. In 2024, the consumption generated from the Oil Industry application was approximately 18794 units.
Firefighting Business is another significant application area for Underground Fiberglass Tanks, where these tanks are used for storing water and other firefighting fluids. The tanks’ corrosion resistance and durability make them ideal for long-term storage and reliability in emergency situations. In 2024, the consumption from the Firefighting Business application reached 32702 units.
Table Global Underground Fiberglass Tank Market Size by Application in 2024
Application | Market Size (Unit) 2024 | Market Share |
Oil Industry | 18794 | 31.09% |
Firefighting Business | 32702 | 54.09% |
Others | 8962 | 14.82% |
6. Global Underground Fiberglass Tank Market Size by Region
In 2024, North America is expected to produce approximately 20,733 units of Underground Fiberglass Tanks. This region has historically been a dominant player in the market, driven by robust industrial demand and stringent environmental regulations. The region’s well-established infrastructure and advanced technological capabilities contribute to its strong market position.
Europe is projected to produce 11,608 units in 2024. The European market is characterized by a high demand for environmentally friendly and durable storage solutions. The region’s focus on sustainability and regulatory compliance has led to increased adoption of advanced monitoring systems and double-wall tanks.
Asia-Pacific: The Asia-Pacific region is expected to produce 23,182 units in 2024. This region is the fastest-growing market for Underground Fiberglass Tanks, driven by rapid industrialization and urbanization in countries such as China, India, and Japan.
Latin America: Latin America is projected to produce 1,740 units in 2024. The region’s market growth is driven by increasing industrial activities and the need for reliable storage solutions in countries such as Brazil and Mexico.
Middle East and Africa: The Middle East and Africa region is expected to produce 3,195 units in 2024. This region’s market growth is driven by the oil and gas industry, particularly in countries such as Saudi Arabia and the UAE.
Figure Global Underground Fiberglass Tank Market Share by Region in 2024
7. Global Underground Fiberglass Tank Market Analysis by Major Players
7.1 Shawcor Ltd
Company Introduction and Business Overview
Shawcor Ltd is a leading provider of advanced technology solutions for the energy and infrastructure sectors. Established in 1930 and headquartered in Canada, Shawcor operates primarily in North America. The company specializes in the development of corrosion-resistant fiberglass tanks for various applications, including industrial wastewater management and chemical storage.
Products Offered
Shawcor’s Underground Fiberglass Tanks are designed for various applications, including industrial wastewater storage, chemical storage, and firefighting. The company’s tanks are known for their corrosion resistance, leak-proof design, and ease of installation. Shawcor’s tanks are also equipped with advanced monitoring systems to ensure safety and compliance with environmental regulations.
Sales Revenue in 2022
In 2022, Shawcor Ltd achieved a revenue of $118.62 million USD.
7.2 National Oilwell Varco
Company Introduction and Business Overview
National Oilwell Varco (NOV) is a multinational corporation headquartered in Houston, Texas, USA. Established in 1862, NOV is a global supplier of equipment and components used in oil and gas drilling and production operations. The company operates in over 500 locations across six continents, making it a dominant player in the energy sector. NOV’s diverse product portfolio includes Underground Fiberglass Tanks, which are designed to meet the stringent requirements of the oil and gas industry.
Products Offered
NOV’s Underground Fiberglass Tanks are engineered to store petroleum products, including ethanol-blended fuels, biodiesel, and ultra-low sulfur diesel (ULSD). These tanks are designed to resist corrosion and rust, ensuring long-term durability and reliability. NOV also offers custom solutions for specific customer needs, including tanks with advanced monitoring systems for enhanced safety and compliance.
Sales Revenue in 2022
In 2022, National Oilwell Varco generated a revenue of $89.59 million USD.
7.3 Future Pipe Industries (FPI)
Company Introduction and Business Overview
Future Pipe Industries (FPI) is a leading provider of composite piping solutions, headquartered in Dubai. Established in 1984, FPI specializes in the design and manufacture of composite piping systems for various industries, including oil and gas, water, and marine. The company’s products are known for their durability, corrosion resistance, and high performance, making them ideal for demanding applications.
Products Offered
FPI’s Underground Fiberglass Tanks are designed to store a wide range of materials, including gasoline, aviation fuel, diesel, and wastewater. These tanks are engineered to withstand harsh environmental conditions and are equipped with advanced monitoring systems to ensure safety and compliance. FPI also offers custom solutions for specific customer needs, ensuring that its tanks meet the highest standards of performance and reliability.
Sales Revenue in 2022
In 2022, Future Pipe Industries achieved a revenue of $28.89 million USD.