Market Insights
“The FRP vessels market size was US$4.3 billion in 2024 and is likely to grow at a robust CAGR of 7.9 % in the long run to reach US$8.7 billion in 2031.”
Market Dynamics
Introduction
FRP (Fiber Reinforced Plastic) Vessels Market is a market that produces and supplies vessels or tanks using composite materials such as fiberglass reinforced by plastics. These vessels are utilized in different industries to store corrosive chemicals, water, and other liquids, and for this purpose because they resist corrosion, are lightweight, and durable. Members of the market include manufacturers, suppliers, distributors FRP vessels servicing sectors such as water treatment, chemical processing, oil & gas, and food processing industries.
Recent Product Development:
- In August 2022, Mitsui & Co., Ltd. invested about USD 8.15 million in Norwegian Hydrogen AS, a company in which Hexagon Purus ASA has the largest share, to improve infrastructure and increase its production capacity.
- In August 2022, Hexagon Purus ASA acquired a 40% stake in the cryogenic equipment maker, Cryoshelter GmbH’s liquid hydrogen business. The acquisition will improve its zero-emission mobility technologies.
- In July 2022, Rev1 Ventures partnered with Worthington Industries to accelerate advanced zero-emission technologies in sustainability, technology, and smart manufacturing. Worthington will provide individual investments, up to USD 10 million, to propel emerging technologies that align with its vision and enable the company to better serve current and future markets.
Segment Analysis
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Segmentations
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List of Sub-Segments
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Segments with High-Growth Opportunity
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Fiber Type Analysis
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Glass and Carbon
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Glass fiber type is expected to be the demand generator in the market in the coming years.
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Resin-Type Analysis
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Polyester, Epoxy, and Others
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Polyester resin is anticipated to contribute the largest share of the market.
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Application -Type Analysis
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Automotive & Transportation, Water and Wastewater, Chemical, Industrial, and Oil & Gas
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The water & Wastewater application is anticipated to contribute the largest share of the market.
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Region Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is expected to maintain its reign over the forecast period.
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By Fiber Type
“Glass fiber type is expected to be the demand generator in the market in the coming years.”
Glass fiber prevails in the fiber type segment of the FRP (Fiber-Reinforced Plastic) vessels market owing to excellent strength-to-weight ratio, cost effectiveness, and corrosion resistance. It is more manageable and is easier to produce than alternatives such as carbon or aramid fibers. Glass fibre also has good durability and resistance to chemicals; thus, it is well suited in a variety of industrial applications, especially in the storage and transportation of chemicals, water, and gases.
By Resin Type
“Polyester resin is anticipated to contribute the largest share of the market.”
Polyester resin dominates the FRP (fiber reinforced plastic) vessels market because of its low price, ease of handling, and good mechanical and chemical resistance properties. It provides sufficient computational performance for a variety of standard applications, especially for water, chemical, and industrial storage. Besides, its compatibility with several different fiberglass reinforcements and a shorter cure time makes it suitable for mass production, capping it above more expensive competitors such as Vinyl Ester or Epoxy resins.
By Application Type
“Water & Wastewater application is anticipated to contribute the largest share of the market.”
Water and wastewater treatment are dominant applications in the FRP (Fiber Reinforced Plastic) vessels market because of their excellent corrosion resistance and ability to be lightweight and durable in harsh chemistries. FRP vessels are perfect for storing as well as processing such corrosive substances as chlorine and wastewater effluents, hence making them the best alternative to conventional metal tanks. Besides, increased global demand for clean water and tight environmental regulations are encouraging capital spending in water treatment infrastructures, thereby accelerating the application of FRP.
Regional Analysis
“Asia-Pacific is expected to maintain its reign over the forecast period.”
Asia Pacific leads the market of FRP vessels because of rapid industrialization, urbanization, and infrastructure development in countries such as China, India, and Japan. The industry in the region whose demand is driven by the need for corrosion-resistant & lightweight tanks for industries like chemicals, water treatment & transportation. China’s massive R&D works on the minimization of the FRP vessel costs and incorporation of FRP in automotive, marine, and aerospace sectors, also support this growth. Also, India’s attempts to renovate the civil infrastructure with the help of FRP materials play a role in placing the region among the market leaders.
Key Players
The market is highly fragmented, with over 500 players. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. The following are the key players in the FRP vessels market.
Here is the list of the Top Players (Based on Dominance)
- Faber Industrie
- Luxfer Group
- ZCL Composites Inc.
- Hexagon Composites
- Everest Kanto Cylinders Ltd.
- Quantum Fuel Systems
- Avanco Group
- Denali Incorporated
- ULLIT
- Worthington Industries, Inc.
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global FRP vessels market is segmented into the following categories.
FRP Vessels Market, by Fiber Type
- Glass (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Carbon (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
FRP Vessels Market by Resin Type
- Polyester (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Epoxy (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
FRP Vessels Market by Application Type
- Automotive & Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Water and Wastewater (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Chemical (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Oil & Gas (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
FRP Vessels Market by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s FRP vessels market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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