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The global FRP vessels market size stood at a value of around USD 2.76 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 7.0% to reach USD 5.10 billion by 2032.
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The glass fibre vessels segment is being driven by its increasing application in the chemical processing industry. Glass fibre vessels can withstand high temperatures and hostile conditions more efficiently as compared to their thermoplastic counterparts. In addition, these vessels exhibit high resistance to corrosion and chemicals and have a low thermal conductivity. This makes them ideal for general chemical applications.
The high strength, superior stability, and high resistance to heat and weather, makes glass fibre vessels applicable in industries such as building and construction, marine, and transportation, among others. Over the forecast period, the increasing demand for glass fibre tanks to hold diverse products from baby lotions to sodium hydroxide, is anticipated to be a major driver of the segment’s growth.
FRP vessels are crucial in the manufacturing of fuel cells. The increasing demand for fuel-cell vehicles in the United States of America, owing to the changing preference of customers towards hydrogen powered cars, is driving the demand for the FRP vessels market.
The rising applications of FRP vessels in the renovation of commercial or residential structures is likely to be a major propelling factor its demand in the coming years. The market in the North America region is anticipated to be aided by the advanced oil and gas infrastructure present, which is likely to amplify the demand for FRP vessels in the forecast period.
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FRP vessels, also known as fibre-reinforced plastic vessels, are defined as composite materials which are used to manufacture vessels and tanks. FRP vessels are durable, lightweight, strong, and resistant to corrosion. The risks of complications with FRP vessels due to stress and weather conditions is low and they are customisable in terms of design. They are widely applied in the industrial and commercial industry.
Based on fibre, the market can be segmented into:
By resin, the FRP vessels market has been divided into:
The market can be broadly categorised based on application into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The rising industrial applications of FRP vessels is driving the FRP vessels market growth. In the industrial sector, these vessels are extensively used in wind energy owing to the high fatigue strength and minimal requirement for maintenance. FRP vessels allow the turbine to produce more power per unit volume, while minimising the impact on landscape.
Over the forecast period, the anticipated increase in demand for FRP vessels for water treatment projects, which is attributable to the high strength, durability, and high corrosion resistance, is likely to be a major driving factor. In addition to this, the increasing investments in the water treatment projects in emerging economies are likely to accelerate the product demand in the coming years.
Moreover, there is an increasing demand for FRP vessels or tanks for the transportation of solids or liquids in various industries such as pharmaceutical, food and beverage, and petrochemical industry, among others. This is anticipated to provide impetus to the market growth in the forecast period.
The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Fibre |
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| Breakup by Resin |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global market attained a value of nearly USD 2.76 billion.
The market is estimated to grow at a CAGR of 7.0% between 2024 and 2032.
The market for FRP vessels is estimated to witness a healthy growth in the 2024-2032 forecast period, reaching a value of USD 5.10 billion by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the thriving industrial sector in the emerging economies, growing demand for strong and corrosion resistant products in the construction and automotive sector, and rapid urbanisation.
The increasing investment in water treatment projects are likely to be a key trend in the market.
Glass fibre, and carbon fibre reinforced plastic, among others are the are the different fibres based on which the market has been segmented.
Epoxy, and polyester, among others is the segmentation of market based on resin.
Automotive and transportation, chemical, water and wastewater, oil and gas, and industrial, among others is the segmentation of market based on wall construction.
The major players in the industry are Plas-Tanks Industries, Inc., Kaymo Fiber Reinforced Plastic Manufacture Co., Ltd., Group Surya, JRMS Engineering Works, and Link Engineers, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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