07 Dec Ofer Eitan Report: $4.7 Billion Fiber Reinforced Plastic (FRP) Vessels Markets
DUBLIN–(BUSINESS WIRE)–The “FRP Vessels Market by Fiber (Glass, Carbon, Others), Resin (Polyester, Resin, Others), Application (Automotive & Transportation, Water and Wastewater, Chemical, Industrial, Oil & Gas, Others), and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global FRP vessels market size is projected to grow from USD 3.3 billion in 2020 to USD 4.7 billion by 2025, at a compound annual growth rate (CAGR) of 8.0% between 2020 and 2025.
FRP vessels are durable, cheaper, and most importantly lightweight. It is used in various applications in the automotive & transportation, water and wastewater, oil & gas, chemicals, industrial, among others. FRP vessels can be majorly classified into fiber type, depending on the material used during manufacturing. However, the negative impact of the COVID-19 pandemic on the automotive industry has affected the FRP vessels market adversely.
“Glass fiber is the fastest-growing segment, in terms of value in the FRP vessels market in terms of both value and volume.”
Glass fiber is projected to register the highest CAGR in terms of value between 2020 and 2025. Glass fiber accounts for the largest share of the overall market. In glass fiber composites (GFRP), a number of tiny glass fibers are compiled together and held rigidly in place by a plastic polymer resin. The common plastic resins used in composites include epoxy, vinyl ester, polyester, polyurethane, and polypropylene.
Owing to its superior physical and mechanical properties such as strength, durability, flexibility, stability, lightweight, and resistance to heat, temperature, and moisture, glass fiber is used in construction & infrastructure, wind energy, pipe & vessels, marine, and transportation industries. Carbon fiber-reinforced FRP vessels are high-cost material used in high-end applications such as aerospace, industrial parts, and sporting goods as they are stronger and more lightweight.
“Polyester resin is the largest resin type of FRP vessels in terms of value and volume.”
Various resins (polyester, epoxy, others) are used in manufacturing of FRP vessels. the polyester resin based FRP vessels accounted for 58%, in terms of volume, of the overall market in 2019. Over the last five years, the demand from industrial and water applications is increasing due to new chemical facilities, horizontal drilling in shale fields, and stringent government regulations, especially in North America. With the growing automotive & transportation industry, the usage of epoxy resin for making strong FRP vessels is also expected to rise in the near future.
“Water & wastewater is the largest application of FRP vessels in terms of both value and volume.”
The water & wastewater application is the biggest application in the FRP vessels market. Composite vessels are used in potable water storage and wastewater storage. Wastewater contains feces, urine, and other solid waste in different concentrations having different densities, particle sizes, and hardness; these particles damage the tanks from within. Traditional tanks made up of steel corrode quickly and break due to the nature of the waste they carry. Metal tanks in the sewage system are now being replaced by FRP vessels.
“APAC is the leading FRP vessels market in terms of both value and volume.”
The growth of the FRP vessels market in APAC is driven by the increasing consumption in chemicals, water & wastewater, automotive & transportation, and oil & gas applications. This growing consumption is attributed to the high industrial growth in countries such as China, Japan, and South Korea. China has become the largest consumer of FRP vessels in the automobile sector and is expected to strengthen its position further.
The focus of the Chinese government on reducing air pollution by promoting the use of natural gas vehicles is driving the growth of the FRP vessels market. Governments of APAC countries are focusing on increasing the use of alternative fuels and reducing emissions in cities, which is expected to help grow the FRP vessels market in the region. Natural gas plays a significant role in APAC as it is a cleaner as well as an economical source of energy compared to gasoline, diesel, or other fuels.
The report provides a comprehensive analysis of company profiles listed below:
- Hexagon Composites ASA (Norway)
- Luxfer Group (England)
- Worthington Industries, Inc. (US)
- Everest Kanto Cylinders Ltd. (India)
- Quantum Fuel Systems LLC. (US)
- Faber Industrie SpA (Italy)
- Avanco Group (Germany)
- ZCL Composites Inc. (Canada)
- Denali Incorporated (US),
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China)
For more information about this report visit https://www.researchandmarkets.com/r/wh4nhi