FRP Vessels Market | Key players operating in the market include Hexagon Composites, Luxfer Group, Worthington Industries, Everest Kanto Cylinders, Quantum Fuel Systems

According to recent market research "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", The global FRP vessels market is expected to grow from USD 3.3 billion in 2020 to USD 4.7 billion by 2025, at a CAGR of 8.0% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in number natural and fuel cell electric vehicles are expected to drive the market.

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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 resins are categorized as long-chain synthetic polymers and are formed by the combination of either polyhydric or multi-hydroxyl alcohols with organic acids. Polyester resins do not expand with high temperature and exhibit good mechanical, electrical, and heat resistance properties. However, because of COVID-19, the demand for raw material polyester resin is reduced. In China, there is a strong demand for FRP vessels from the automotive & transportation and chemical sectors. Therefore, key companies in the country are planning to tap the potential of polyester resin in this segment. There is a huge decline in demand in the APAC region due to a complete and partial lockdown in the region.

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FRP tanks have a significant application in the oil & gas industry. The downstream industry needs underground storage FRP vessels. According to the Association of State and Territorial Solid Waste Management Officials analysis, it was found that ~7,500 underground storage tanks (USTs) are sold in North America annually. The management of ZCL Composites Inc. has found that steel tanks account for less than 15% of new installations but are still 40%-50% of the currently installed/ in-service tank base. But due to pandemic in the year 2020, the FRP vessels declined due to partial and complete lockdown at major countries which disturbed the the supply chain of the market. However, the demand for FRP vesselswould show recovery with the recovery in oil & gas, and automotive & transportation applications and increased focus of countries on clean fuels. The global FRP vessels market size is expected to grow from USD 3.3 billion in 2020 to USD 4.7 billion by 2025, projecting a CAGR of 8.0% during the forecast period between 2020 and 2025.

Companies operating in the FRP vessels market have strengthened their position in the global FRP vessels market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2020. However, the novel coronavirus pandemic has created ripples across the global automotive & transportation, oil & gas, chemical, among other applications, affecting the global supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. These factors have affected the demand for FRP alternative fuel tanks. The demand is expected to recover bounce with natural gas and fuel cell vehicles sales picking up momentum by 2021.

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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), are some of the key players in the FRP vesselsmarket. The companies such as Hexagon Composites ASA, Luxfer Group, Quantum Fuel Systems are focusing on developing cost-effective technologies for developing type3 and type 4 FRP tanks.

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