Press release
Fiber Reinforced Plastic Vessels Market Set for Rapid Growth, Aiming to Reach $5.39 Billion by 2028
Fiber Reinforced Plastic Vessels
Experiencing robust expansion, the fiber reinforced plastic vessels market is poised to surge from $3.32 billion in 2023 to an estimated $3.66 billion in 2024, boasting a remarkable Compound Annual Growth Rate (CAGR) of 10.4%. Anticipating sustained momentum, the fiber reinforced plastic vessels market is projected to reach $5.39 billion by 2028, showcasing a continued CAGR of 10.1%.
Key Growth Drivers:
Rising Demand in Automotive Industry:
The market's growth is propelled by the escalating demand for fiber-reinforced plastic vessels in the automotive sector, specifically driven by the surge in natural gas vehicle adoption. These vessels find application in fuel storage for natural gas vehicles, ensuring safety with a one-piece construction to minimize risks during potential crashes. The global adoption of natural gas vehicles, evident in California's substantial increase in RNG usage, is a key factor stimulating the demand for Fiber Reinforced Plastic (FRP) vessels in the automotive industry.
Increased Demand in Oil and Gas Exploration:
The growing need for oil and gas exploration and production significantly contributes to the fiber reinforced plastic vessels market's expansion. Fiber-reinforced plastic vessels, prized for their corrosion resistance, chemical durability, and lightweight design, play a vital role in storing and transporting various substances in the oil and gas industry. With reports indicating a rise in both US oil and natural gas production, the demand for FRP vessels in this sector is expected to drive market growth.
Explore the Global Fiber Reinforced Plastic Vessels Market with a Detailed Sample Report:
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Major Players:
Key market players include Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, and other notable industry leaders actively shaping the fiber reinforced plastic vessels market.
Innovation in Lightweight Transportation:
A prominent trend in the market is the development of low-weight transportation FRP vessels. Utilizing carbon fiber reinforced polymers and glass fiber reinforced polymers, these vessels pave the way for innovative solutions, as demonstrated by Universal Hydrogen's introduction of a twin-tank module for aircraft, enabling efficient hydrogen transport.
Strategic Partnerships for Market Expansion:
Strategic partnerships emerge as a pivotal strategy for industry players, fostering collaboration to provide essential fiber-reinforced plastic vessel services. An illustrative example is the partnership between Rev1 Ventures and Worthington Industries, reflecting a commitment to advancing technologies aligning with strategic visions and meeting evolving market needs.
Regional Insights:
Asia-Pacific stands out as the largest region in the fiber reinforced plastic vessels market in 2023, with expectations of being the fastest-growing region in the forecast period. Comprehensive coverage spans Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation:
The fiber reinforced plastic vessels market covered in this report is segmented -
1) By Type: Glass Fiber, Carbon Fiber, Aramid Fiber, Other Types
2) By Resin: Polyester, Epoxy, Polyurethane, Other Resins
3) By Distribution Channel: Online, Offline
4) By Application: Automotive & Transportation, Water & Wastewater, Chemical, Industrial, Oil & Gas, Other Applications
Access the Complete Report for In-Depth Analysis:
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Fiber Reinforced Plastic Vessels Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Fiber Reinforced Plastic Vessels Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on fiber reinforced plastic vessels market size, fiber reinforced plastic vessels market drivers and trends, fiber reinforced plastic vessels market major players, fiber reinforced plastic vessels market competitors' revenues, fiber reinforced plastic vessels market positioning, and fiber reinforced plastic vessels market growth across geographies. The fiber reinforced plastic vessels market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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