Latest FRP Vessels Market by Fiber: Glass, Carbon, Others | Resin: Polyester, Resin, Others | Global Forecast to 2025

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. 

ReportsnReports added FRP Vessels Market Research Report created by Report Consultant, which offers detailed insights, revenue details, and other information regarding the global market, and the various trends, drivers, restraints, opportunities, and market till 2028. FRP Vessels Market Report offers detailed information regarding the leading key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions and mergers, and market footprint. FRP Vessels Market also provides a comparative analysis of the market dynamics pre and post Covid19 outbreak.

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Top Company Profile Analysis in this Report-
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), and
Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China)

This report covers the global FRP vessels market and forecasts the market size until 2025. It includes the following market segmentation – fiber (glass, carbon, others), resin (polyester, epoxy, others), application (automotive & transportation, water & wastewater, industrial, chemicals, others), and Region (Europe, North America, APAC, Latin America, and MEA). Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global FRP vessels market.

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 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.

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.

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.

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.

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Key benefits of buying the report:
The report is expected to help market leaders/new entrants in this market in the following ways:
This report segments the global FRP vessels market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
The report helps stakeholders understand the pulse of the FRP vessels market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, contract, expansion and acquisition.

Reasons to buy the report:
The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall FRP vessels market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.

Table Of Contents in this Report-
1 Introduction
1.1 Objectives Of The Study
1.2 Market Definition
1.2.1 Frp Vessels Market: By Fiber - Inclusions And Exclusion
1.2.2 Frp Vessels Market: By Resin - Inclusions And Exclusions
1.2.3 Frp Vessels Market: By Application - Inclusions And Exclusions
1.3 Market Scope
Figure 1 Frp Vessels Market Segmentation
1.3.1 Regions Covered
1.3.2 Years Considered For The Study
1.4 Currency
1.5 Unit Considered
1.6 Stakeholders
1.7 Summary Of Changes

2 Research Methodology
2.1 Research Data
Figure 2 Frp Vessels Market: Research Methodology
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews
2.1.2.2 Key Data From Primary Sources
2.1.2.3 Key Industry Insights
2.1.2.4 Breakdown Of Primary Interviews
2.2 Growth Rate Assumptions/Growth Forecast
2.3 Market Size Estimation
2.3.1 Demand-Side Analysis
2.3.2 Mnm Analysis
Figure 3 Market Number Estimation
2.4 Data Triangulation
Figure 4 Frp Vessels Market: Data Triangulation
2.5 Assumptions
2.6 Risk Analysis

3 Executive Summary
Figure 5 Polyester Resin Segment Dominates The Overall Frp Vessels Market
Figure 6 Glass Fiber-Based Frp Vessels Account For Highest Market Share
Figure 7 Water & Wastewater Application To Lead Overall Market Between 2020 And 2025
Figure 8 Apac Leading The Frp Vessels Market

4 Premium Insights
4.1 Attractive Opportunities In The Frp Vessels Market
Figure 9 High Demand From Water & Wastewater Application To Drive The Market
4.2 Frp Vessels Market, By Fiber Type And Region
Figure 10 Apac To Be The Largest Frp Vessels Market
4.3 Frp Vessels Market, By Resin Type
Figure 11 Polyester Resin Dominates Overall Frp Vessels Market
4.4 Frp Vessels Market, By Application
Figure 12 Water & Wastewater Application To Be Largest Consumer Of Frp Vessels
4.5 Frp Vessels Market, By Key Countries
Figure 13 China To Register Highest Cagr During The Forecast Period

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 14 Drivers, Restraints, Opportunities, And Challenges In Frp Vessels Market
5.2.1 Drivers
5.2.1.1 Increasing Demand For Frp Vessels In Automotive Industry
5.2.1.2 Composite Vs. Steel
5.2.1.3 Increasing Demand For Frp Vessels In Downstream Oil & Gas Industry In Us And Canada
5.2.1.4 Operational Data
5.2.1.5 Increasing Tax Incentives For Cng Vehicles And Infrastructure
5.2.2 Restraints
5.2.2.1 High Cost Of Frp Vessels And Regulatory Approvals
5.2.2.2 Decrease In Demand For Frp Vessels Due To Covid-19 Pandemic
5.2.3 Opportunities
5.2.3.1 Growth Of End-Use Industries In Emerging Economies
5.2.3.2 Development Of Low-Weight Transportation Frp Vessels
5.2.4 Challenges
5.2.4.1 Large-Scale Manufacturing Of Frp Vessels
5.2.4.2 Already Well-Established Infrastructure For Electric Cars
5.3 Porter’s Five Forces Analysis
Figure 15 Frp Vessels Market: Porter’s Five Forces Analysis
5.3.1 Bargaining Power Of Buyers
5.3.2 Bargaining Power Of Suppliers
5.3.3 Threat Of New Entrants
5.3.4 Threat Of Substitutes
5.3.5 Intensity Of Competitive Rivalry
5.4 Supply Chain Analysis
5.5 Market Patent Analysis
5.5.1 Methodology
5.5.2 Document Type
Figure 16 Patent Publication Trends - Last 5 Years
5.5.3 Insight
Figure 17 Patent Jurisdiction Analysis For Frp Vessels, 2019
5.5.4 Top Applicants Of Patents
Figure 18 Top Applicants Of Frp Vessel Patents
5.6 Ecosystem: Frp Vessels Market
Figure 19 Frp Vessels Market Ecosystem
5.7 Technology Analysis
5.8 Covid-19 Impact Analysis
5.9 Pricing Analysis
5.10 Regulatory Landscape
Figure 20 Co2 Emissions From The Transport Sector, 2018
Figure 21 Electric Cars Deployment, Selected Countries (2016-2018)
5.11 Case Study: Frp Vessels Market
5.12 Macroeconomic Overview And Key Trends
5.12.1 Introduction
5.12.2 Trends And Forecast Of Gdp
Table 1 Annual Percentage Change In Gdp, By Region (April 2020)
5.12.3 Trends In Oil Industry
5.12.4 Trends In Automotive Industry
Table 2 Global Natural Gas Vehicles (Ngvs)/Cng Statistics, 2019

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