FRP Vessels Market is Projected to Reach $1.6 Billion by 2027, Growing at a CAGR of 6.4%

The global FRP vessels market is driven by increase in applications in industries such as water & wastewater, chemical, transportation, and oil & gas. Oil & gas industry requires underground storage tanks & vessels for storing various products and by products. In addition, rising number of FRP vessels sales across the oil & gas industry is a prime factor that is augmenting the demand for the global market. For instance, according to Association of State and Territorial Solid Waste Management Officials analysis, nearly 7,500 FRP fabricated storage tanks & vessels are sold annually in North America.

FRP storage tanks and vessels are gaining importance in water & wastewater industry owing to their capability of withstanding highly reactive acids, alkali, and organic resins. In addition, FRP vessels that are used widely in treatment of domestic sewage waste are another growth factor in the global market. However, presence of wide number of regulatory approvals is predicted to hamper the market growth during the forecast period.

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Based on application, the global FRP vessels market is segmented into automotive & transportation, water & wastewater, chemicals, oil & gas, industrial, and others. The water & wastewater segment accounted for the largest revenue in 2019, and it is further expected to grow at the highest CAGR during the assessment period.

Based on region, the global FRP vessels market is studied across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific FRP market size is projected to grow at the highest CAGR of 8.7% during the forecast period and accounting for 47.0% of the FRP vessels market share.

The global FRP vessels market profiles the leading players that include Sainath Industrial Corporation (SIC), Plas-Tank Industries Inc., Augusta Fiberglass, Group Surya, JRMS Engineering Works, TROY Dualam Inc., Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd., Swami Plastic Industries, Plamer, and Link Engineers.

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Impact Of Covid-19 On The Global Frp Vessels market

The COVID-19 pandemic has negatively affected the global economy and is subsequently shrinking the GDP in global economies, thereby changing consumer spending patterns globally.

Automotive sector had a severe negative impact due to disruption in import & export of automotive parts, manufacturing interruptions across the European region, and temporary closure of assembly plants in the U.S. FRP finds its application in the automotive sector and thus, the global market has been negativelyaffected in this pandemic situation.

FRP is used in water & wastewater treatment plant; however,this sector has been negativelyaffected owing to spread of coronavirus. According to National Association of Clean Water Agencies (NACWA), $12.5 billion revenue loss was observed due to COVID-19 pandemic. Thus, the global FRP vessels market has been affected negatively in the pandemic.

Chemical industry has observed minimal impact due to COIVD-19, this is attributed to newer decarbonization technologies, increased use of digital technologies, and some chemical companies facing oversupply situation in specific market segments. Thus, the FRP vessels market is predicted to witness a mixed effect from the chemical sector.

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