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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.
FRP Vessels Market Regional Analysis
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Application
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global FRP Vessels Market Analysis
8.1 Key Industry Highlights
8.2 Global FRP Vessels Historical Market (2018-2023)
8.3 Global FRP Vessels Market Forecast (2024-2032)
8.4 Global FRP Vessels Market by Fibre
8.4.1 Glass Fibre
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Carbon Fibre Reinforced Plastic
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Others
8.5 Global FRP Vessels Market by Resin
8.5.1 Epoxy
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Polyester
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global FRP Vessels Market by Application
8.6.1 Automotive and Transportation
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Chemical
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Water and Wastewater
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Oil and Gas
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Industrial
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global FRP Vessels Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America FRP Vessels Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe FRP Vessels Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific FRP Vessels Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America FRP Vessels Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa FRP Vessels Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Plas-Tanks Industries, Inc.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Kaymo Fiber Reinforced Plastic Manufacture Co., Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Group Surya
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 JRMS Engineering Works
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Link Engineers
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global FRP Vessels Market: Key Industry Highlights, 2018 and 2032
2. Global FRP Vessels Historical Market: Breakup by Fibre (USD Billion), 2018-2023
3. Global FRP Vessels Market Forecast: Breakup by Fibre (USD Billion), 2024-2032
4. Global FRP Vessels Historical Market: Breakup by Resin (USD Billion), 2018-2023
5. Global FRP Vessels Market Forecast: Breakup by Resin (USD Billion), 2024-2032
6. Global FRP Vessels Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global FRP Vessels Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global FRP Vessels Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global FRP Vessels Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America FRP Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe FRP Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific FRP Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America FRP Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa FRP Vessels Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global FRP Vessels Market Structure
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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