The global Fiber Reinforced Plastic (FRP) vessels market size is expected to reach USD 5,924.0 Million in 2028 and register a revenue CAGR of 7.7% over the forecast period, according to the latest report by Reports and Data. Strict environmental regulations, government incentives for alternative fuels, and infrastructural development are key factors driving Fiber Reinforced Plastic (FRP) vessels market revenue growth. FRP is widely utilized for vessel fabrication in various industries such as mining, pulp and paper, chemical, power, and others due to various properties, namely, fabrication and design, durability, cost, stiffness, and impact resistance. During the manufacturing of FRP vessels, polymer matrix such as vinyl ester, epoxy, or polyester are often used. In comparison to conventional steel tankers, FRP vessels are gaining popularity because of lightweight nature and improved corrosion resistance. In addition, many companies are developing new FRP vessels with innovative features. For example, Kaymo makes vertical FRP tanks with three protective layers, which provide a higher level of safety for transporting or handling dangerous substances.
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Some Key Highlights From the Report
- Glass fiber segment accounted for the largest revenue share in 2020. Many tiny glass fibers are compiled together and held rigidly in place by a plastic polymer resin in Glass Fiber Composites (GFRP). These have excellent physical and mechanical properties such as flexibility, strength, lightweight, and durability. Also, these are heat, temperature, and moisture resistant.
- Polyester segment is expected to register a robust revenue CAGR in the global Fiber Reinforced Plastic (FRP) vessels market over the forecast period. Polyester is made up of organic acids and polyhydric or multi-hydroxyl alcohol. These resins are extremely water and chemical resistant. These are also resistant to weathering, have a long lifespan, and have improved glass fiber wetting. To harden the structure and provide more protection, polyester resin is combined with glass fiber.
- Automotive and transportation segment is expected to register a robust revenue CAGR in the global Fiber Reinforced Plastic (FRP) vessels market over the forecast period. Fuel is stored in FRP vessels in cars and commercial vehicles. These are made entirely of one piece, with no welded seams, reducing the risk of splitting in case of a collision. Additionally, FRP composites do not rust, thereby extending the life of FRP vessels.
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- North America is expected to account for a significant revenue share in the global Fiber Reinforced Plastic (FRP) vessels market over the forecast period. In this region, tax advantages have been enhanced or extended. The main reason is to boost tax incentives for reducing carbon dioxide (CO2) emissions, as natural gas emits less amount of CO2 per unit of energy produced than gasoline. As a result, the demand for FRP vessels is expanding in this region.
- Some major companies profiled in the Fiber Reinforced Plastic (FRP) vessels market report are Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, TROY Dualam Inc., Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd., Swami Plastic Industries, Augusta Fiberglass Coating Inc., Link Engineers, Hexagon Composites ASA, and Worthington Industries, Inc.
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For the purpose of this report, Reports and Data has segmented the global Fiber Reinforced Plastic (FRP) vessels market based on fiber type, resin, distribution channel, application, and region:
Fiber Type Outlook (Revenue, USD Million; 2018-2028)
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
Resin Outlook (Revenue, USD Million; 2018-2028)
Distribution Channel Outlook (Revenue, USD Million; 2018-2028)
Application Outlook (Revenue, USD Million; 2018-2028)
- Automotive & Transportation
- Water & Wastewater
- Oil & Gas
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Competitive analysis of the Fiber Reinforced Plastic (FRP) Vessels industry offers key data regarding product portfolio, company overview, market concentration rate, pricing analysis, and other key elements. Additionally, it offers key insights into their strategic alliances such as mergers and acquisitions, joint ventures and collaborations, corporate and government deals, product launches, and brand promotions, and agreements, among others. It also provides details about their expansion tactics, the latest developments in products and technologies, production and manufacturing sites, and capacities, along with sales, revenue, returns, and financial standings.
In conclusion, the Fiber Reinforced Plastic (FRP) Vessels market report provides a granular assessment of the market through extensive segmentations along with analysis of supply chains, sales network and distribution network, and downstream buyers in the Fiber Reinforced Plastic (FRP) Vessels market.
Radical Features of the Fiber Reinforced Plastic (FRP) Vessels Market Report:
- Valuable insights into the Fiber Reinforced Plastic (FRP) Vessels market to impart an in-depth understanding of the business verticle
- An 8-year forecast estimation along with an analysis of key elements of the market
- Technological advancements, regulatory framework, and recent developments covered in the report
- Growth analysis and projections until 2028
- Statistical analysis of the key players operating in the Fiber Reinforced Plastic (FRP) Vessels industry
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