Global FRP Vessels Market Insights Forecasts to 2032
- The Global FRP Vessels Market Size was valued at USD 3.78 Billion in 2022.
- The Market is Growing at a CAGR of 7.8% from 2022 to 2032
- The Worldwide FRP Vessels Market Size is expected to reach USD 8.04 Billion by 2032
- North America is expected to grow the fastest during the forecast period
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The Global FRP Vessels Market size is anticipated to exceed USD 8.04 Billion by 2032, growing at a CAGR of 7.8% from 2022 to 2032. During the forecast period of 2022 to 2032, demand from the water and wastewater treatment manufacturing is projected to propel market growth. However, factory shutdowns, disrupted supply chains, and decreased demand from final-use sectors have all had a negative impact on the FRP vessels market.
Fiberglass-reinforced plastic (FRP) is a cutting-edge composite material that is mainly used to construct chemical plant equipment such as vessels, tanks, and different kinds of piping structures, as well as other kinds of industrial machinery. FRP has some excellent conventional properties, including excellent resistance to corrosion, higher composite properties, low maintenance expenditures, and a long product lifespan. These properties are unrivalled by other existing materials, making it popular in a wide range of chemical as well as industrial applications. FRP vessels are widely used in industries such as water treatment, chemical processing, oil and gas, pulp and paper, and wastewater management, among others. Their excellent properties, such as high strength-to-weight ratio, low thermal conductivity, and chemical resistance, make them increasingly popular for storing and transporting various liquids and gases. The market has grown significantly in recent years as a result of rising demand for environmentally friendly and cost-effective storage solutions. Furthermore, strict environmental regulations governing industrial waste management have accelerated the use of FRP vessels over traditional materials such as steel or concrete.
This research report categorizes the market for the global FRP vessels market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the FRP vessels market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the FRP vessels market.
Global FRP Vessels Market Report Coverage
|Market Size in 2022:||USD 3.78 Billion|
|Forecast Period 2022-2032 CAGR:||7.8%|
|2032 Value Projection:||USD 8.04 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Product Fiber Type, By Resin, By Application, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||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 other key venders.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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One of the key reasons for FRP vessels is their excellent corrosion resistance. FRP vessels are a superior alternative to traditional materials such as steel in industries dealing with aggressive chemicals, water, or other corrosive substances. They help to reduce maintenance costs and extend equipment operational life, making them a popular choice for a variety of applications. FRP vessels are significantly lighter than metal vessels while maintaining excellent mechanical strength. This advantage is especially valuable in industries like aerospace and automotive, where weight reduction is critical for improving fuel efficiency and overall performance. Concerns about water quality, as well as the need for efficient water treatment processes, have fueled demand for FRP vessels in the water treatment industry. These vessels are used for water storage, desalination, wastewater treatment, and other similar purposes.
Composite layup, curing, and quality control are all involved in the production of FRP vessels. Manufacturing's complexity can make scaling up production and maintaining consistent quality standards difficult. FRP vessels may have higher upfront costs than traditional materials such as steel. This cost disparity may deter some prospective buyers or industries that value initial investment over long-term benefits.
The Global FRP Vessels Market share is classified into product fiber type, resin, and application.
- 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 categorized by product fiber type into glass fiber, carbon fiber, and other. Among these, the glass fiber segment is dominating the market with the largest market share during the forecast period. Glass fiber's characteristics such as flexibility, strength, durability, resistance to high temperatures, heat, and moisture are driving the segment's traction among various end-users. Glass segments are widely used in wind energy, construction and infrastructure, marine and transportation, pipe and vessels, and various other industries. Carbon fibers, on the other hand, are relatively expensive and are used in high-end sectors such as the aerospace industry, sports goods, and machinery components.
- The polyester segment accounted for the largest share of the global FRP vessels market in 2022.
Based on the resin, the global FRP vessels market is divided into polyester, epoxy, and other. Among these, the polyester segment accounted for the largest share of the global FRP vessels market in 2022. Polyester is a polyhydric or multi-hydroxyl alcohol that has been combined with organic acids. When exposed to high temperatures, the polyester resin does not expand and exhibits good electrical, mechanical, as well as thermal resistant 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.
Based on the application, the global FRP vessels market is divided into automotive & transportation, water & wastewater, chemical, oil & gas, industrial, and other. Among these, the water & wastewater segment accounted for the largest share of the global FRP vessels market in 2022. These vessels are frequently utilized for the preservation of drinking water as well as waste water containing a variety of contaminants and sold wastes of varying densities. FRP vessels have a wide range of applications in a variety of industries, including thermal power plants, insecticides, pharmaceuticals, and many others, which will likely increase their adoption and demand in the near future.
Regional Segment Analysis of the Global FRP Vessels Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific is anticipated to hold the largest share of the global FRP vessels market over the predicted timeframe.
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Asia Pacific is projected to hold the largest share of the global FRP vessels market over the predicted years. The Asia-Pacific region, which includes China, India, Japan, South Korea, and Australia, has significant potential for the FRP vessels market. Emerging economies' rapid industrialization, urbanization, and infrastructure development drive demand for FRP vessels in industries such as chemicals, water treatment, and automotive. Furthermore, rising investments in renewable energy projects such as wind and solar power open up new opportunities for FRP vessel manufacturers.
North America is expected to grow at the fastest pace in the global FRP vessels market during the forecast period. This region, which includes the United States and Canada, has a significant market for FRP vessels. Demand for FRP vessels is driven by the presence of various industries such as chemicals, oil and gas, water treatment, and aerospace. Furthermore, a focus on sustainable solutions and environmental regulations boosts North American adoption of corrosion-resistant and lightweight FRP vessels.
The report offers the appropriate analysis of the key organizations/companies involved within the global FRP vessels along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- 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.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- 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.
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
Global FRP Vessels Market, By Resin
Global FRP Vessels Market, By Application
- Automotive & Transportation
- Water & Wastewater
- Oil & Gas
Global FRP Vessels Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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