Global FRP Vessels Market Size To Worth USD 8.04 Billion By 2032 | CAGR of 7.8%
Category: Chemicals & MaterialsGlobal FRP Vessels Market Size To Worth USD 8.04 Billion By 2032.
According to a research report published by Spherical Insights & Consulting, the Global FRP Vessels Market Size is to grow from USD 3.78 billion in 2022 to USD 8.04 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.8% during the projected period. The rapidly increasing demand for FRP vessels from the automotive and transportation industries around the globe, as well as the increased demand for alternative fuel vehicles, are major drivers influencing global market growth.
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Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global FRP Vessels Market Size, Share, and COVID-19 Impact Analysis, By Product Fiber Type (Glass Fiber, Carbon Fiber, and Other), By Resin (Polyester, Epoxy, and Other), By Application (Automotive & Transportation, Water & Wastewater, Chemical, Oil & Gas, Industrial, and Other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/frp-vessels-market
Fiberglass-reinforced plastic (FRP) is a revolutionary composite material utilized for building chemical plant equipment such as vessels, tanks, and various types of piping structures, as well as other types of industrial machinery. FRP vessels are utilized extensively in a variety of industries, including water treatment, chemical processing, oil and gas, pulp and paper, and wastewater management. Because of their excellent properties such as high strength-to-weight ratio, low thermal conductivity, and chemical resistance, they are becoming increasingly popular for storing and transporting various liquids and gases. As a result of rising demand for environmentally friendly and cost-effective storage solutions, the market has grown significantly in recent years. Furthermore, stringent environmental regulations governing industrial waste management have hastened the adoption of FRP vessels over traditional materials such as steel or concrete. However, the expensive price of raw materials, as well as the substantial investments required throughout the manufacturing process, limit economies of scale. Because carbon fiber and glass fiber are particularly expensive to produce, numerous potential market participants are disinclined to enter the market.
In 2022, the glass fiber segment is dominating the market with the largest market share during the forecast period.
The global FRP vessels market is divided into three segments based on product fiber type: glass fiber, carbon fiber, and others. Among these, the glass fiber segment is expected to have the largest market share during the forecast period. The flexibility, strength, durability, and resistance to high temperatures, heat, and moisture of glass fiber are driving the segment's traction among various end-users.
The polyester segment accounted for the largest share of the global FRP vessels market in 2022.
The global FRP vessels market is classified into polyester, epoxy, and other resins. Among these, polyester held the greatest share of the global FRP vessels market in 2022. The polyester resin does not expand when exposed to high temperatures and has good electrical, mechanical, and thermal resistance properties, allowing it to become the fastest-growing sector in China's automotive and chemical industries.
The water & wastewater segment accounted for the largest share of the global FRP vessels market in 2022.
The global FRP vessels market is classified into automotive & transportation, water & wastewater, chemical, oil & gas, industrial, and others. The water & wastewater segment held a major share of the global FRP vessels market in 2022. These vessels are frequently used to store drinking water as well as waste water containing a variety of contaminants and sold wastes of various densities.
Asia Pacific is anticipated to hold the largest share of the global FRP vessels market over the predicted timeframe.
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The Asia-Pacific region, which includes China, India, Japan, South Korea, and Australia, has significant FRP vessel market potential. The rapid industrialization, urbanization, and infrastructure development of emerging economies drives demand for FRP vessels in industries such as chemicals, water treatment, and automotive.
During the forecast period, North America is projected to expand at the highest pace in the global FRP vessels market. FRP vessels are popular in this region, which includes the United States and Canada. The existence of various industries such as chemicals, oil and gas, water treatment, and aerospace drives demand for FRP vessels.
Major vendors in the Global FRP Vessels Market include Hexagon Composites ASA, Luxfer Group, Worthington Industries, Inc., Everest Kanto Cylinders Ltd., Quantum Fuel Systems LLC., Faber Industrie SpA, Avanco Group, Shawcor Ltd, NOV Inc., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., and Others.
Recent Developments
- In August 2022, Mitsui & Co., Ltd. invested approximately USD 8.15 million in Norwegian Hydrogen AS, a company in which Hexagon Purus ASA owns the majority stake, to improve infrastructure and expand production capacity.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global FRP Vessels Market based on the below-mentioned segments:
Global FRP Vessels Market, By Product Fiber Type
- Glass Fiber
- Carbon Fiber
- Other
Global FRP Vessels Market, By Resin
- Polyester
- Epoxy
- Other
Global FRP Vessels Market, By Application
- Automotive & Transportation
- Water & Wastewater
- Chemical
- Oil & Gas
- Industrial
- Other
Global FRP Vessels Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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