FRP Vessels Market Expected to Reach $1.6 Billion by 2027 | Growing at a CAGR of 6.4%

Allied Market Research published a report on the FRP Vessels Market by Product Fiber Type(Glass Fiber, Carbon Fiber, and Other), Resin (Polyester, Epoxy, and Other), and Application (Automotive and transportation, Water and wastewater, Chemical, Oil & Gas, Industrial, and Other): Global Opportunity Analysis and Industry Forecast, 2020-2027.

The global FRP vessels market size was valued at $1.1 billion in 2019 and is projected to reach $1.6 billion by 2027, growing at a CAGR of 6.4% from 2020 to 2027.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/10660

Fiber-reinforced plastic (FRP) of fiber reinforced polymer is a compound material consisting of a polymer matrix such as epoxy, vinyl ester, or polyester. Properties such as fabrication & design, resilience, cost, stiffness, and impact resistance make it a widely adopted material over traditional materials. FRP made up of polyester resin is versatile in nature, and offers enhanced dimensional stability, and chemical resistance. Vinyl ester FRP is stronger than polyester FRP, offers improved flexibility, and is designed to withstand flexing and compression. Epoxy FRP includes extended properties over vinyl ester and polyester FRP.

Polyurethane FRP is a widely adopted material in the fiberglass sector, owing to its durability and robustness.

The global FRP vessels market is driven by an 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 byproducts. 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.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/frp-vessels-market-A10295

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.

An FRP vessel made of polyester resin is predicted to offer new opportunity in the global FRP vessels market. These vessels are widely used in water & wastewater treatment plants and chemical storage plants.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The FRP Vessels industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐅𝐑𝐏 𝐕𝐞𝐬𝐬𝐞𝐥𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 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
Palmer
Link Engineers

The global FRP vessels market is segmented by fiber type, resin, application, and region.

Based on fiber type, the global FRP vessels market is categorized into glass fiber, carbon fiber, and others. FRP vessels made up of glass fiber are also known as glass reinforced plastic vessel (GRP). Carbon-reinforced plastic (CRPF) is a high tech material made up of carrier substance (matrix), carbon fiber that is embedded in matrix, and secondary reinforcing substance. Fiber reinforced plastic can also be manufactured using different fiber material such as aramid and basal. The CRPF segment accounted for the largest market share in 2019.

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/frp-vessels-market.html

Based on resin, the global FRP vessels market is segmented into polyester, epoxy, and others. Fiberglass reinforced polyester is also known as reinforced thermoset plastic (RTP) or reinforced thermosetting resin plastic (RTRP). RTP is widely used in trucking &transportation owing to its cost efficiency, internal surface, temperature & corrosion resistance, and mechanical strength.In 2019, the polyester segment accounted for the largest market share and is expected to witness the highest growth during the forecast period.

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.

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:

1. By region, Asia-Pacific accounted for the largest market share in 2019, owing to rising demand of R&D activity in developing nations such as China and India.

2. By fiber type, the glass fiber FRP vessels segment held the largest market share in 2019.

3. By resin, the polyester segment is anticipated to witness the highest CAGR in terms of revenue, during the forecast period.

4. By application, the water & wastewater segment accounted for the largest market share in 2019, while the automotive & transportation segment is anticipated to witness the highest growth rate in terms of revenue, during the forecast period.

5. Countries such as China, the U.S., Germany, and India, are emerging as investment-centric economies.

6. The emergence of COVID-19 event had mixed effects on the growth trajectory of this market.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/10660

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

This release was published on openPR.