Press release
Fiber Reinforced Plastic Vessels Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
Fiber Reinforced Plastic Vessels Market
The Business Research Company offers in-depth market insights through Fiber Reinforced Plastic Vessels Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The fiber reinforced plastic vessels market size has grown rapidly in recent years. It will grow from $3.32 billion in 2023 to $3.66 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to corrosion resistance, lightweight and durable, regulatory compliance, infrastructure development, replacement of traditional materials.
The fiber reinforced plastic vessels market size is expected to see rapid growth in the next few years. It will grow to $5.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to expanding chemical industry, increasing infrastructure upgrades, ongoing emphasis on cost-effectiveness, growth in water treatment, increasing adoption in oil and gas. Major trends in the forecast period include advanced composite technologies, smart vessels, customization and modular design, expansion in chemical industry, lightweight and high-strength materials.
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Market Segmentation:
The main types of fibre reinforced plastic vessels are glass fiber, carbon fiber, aramid fiber, and other types. Glass Fiber Reinforced Plastic is a composite material made up of a polymer matrix and glass fibres. The different types of resins used in fibre reinforced plastic vessels include polyester, epoxy, polyurethane and other resins. These vessels are distributed over various channels such as online and offline and are used in various industries such as automotive and transportation, water & wastewater, chemical, industrial, oil & gas, and other applications.
Major Driver - Rising Demand For Fiber-Reinforced Plastic Vessels In The Automotive Industry Driven By The Surge In Natural Gas Vehicle Adoption
Increasing demand for fiber-reinforced plastic vessels in the automotive industry is driving the growth of the market. In the automotive industry, FRP vessels are used for fuel storage in natural gas vehicles, and these vessels are constructed in a single piece to reduce the possibility of splitting in the event of a crash. The rapid growth in the adoption of natural gas vehicles or the conversion of existing gasoline vehicles to natural gas vehicles in developing countries to reduce pollution levels has led to increased demand for FRP vessels. For instance, in June 2021, according to an article shared by Advanced Clean Tech (ACT) News, a US-based news provider, even though 2020 was a wildly anomalous year, natural gas fuel and natural gas vehicles (NGVs) continued to expand. In California, the usage of RNG in on-road transportation went from 69% of total volume in 2018 to 93% in 2020, a more than 225% increase from 2015. RNG climbed to 98% of all natural gas utilised as a transportation fuel in California by the fourth quarter of 2020. Thus, an increase in demand for FRP vessels in the automotive industry is expected to boost the market during the forecast period.
Competitive Landscape:
Major companies operating in the fiber reinforced plastic vessels market include Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, TROY Dualam Inc., Swami Plastic Industries, Augusta Fiberglass Coating Inc., Worthington Industries Inc., AVANCO GmbH, Cevotec Gmbh, Denali Therapeutics Inc., Enduro Composites Inc., EPP Composites Pvt Ltd., Faber Industrie SPA, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Nproxx BV, Quantum Fuel Systems Technologies Worldwide Inc., ZCL Composites Inc., Luxfer Group Ltd., Hexagon Composites ASA, Everest Kanto Cylinder Ltd., Liberty Flour Mills Inc., B & D Plastics LLC, Belco Manufacturing Co Inc., 3A Composites USA Inc., Diamond Fiberglass Fabricators Inc., Fiber-Tech Industries Inc., Fiberglass Tank & Pipe Institute, Fibrelite Composites Ltd., Fibrex Pvt Ltd., Fisher Tank Company
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Top Trend - Lightweight Transportation Frp Vessels Paving The Way For Innovation In The Fiber-Reinforced Plastic Vessel Market
Development of low-weight transportation FRP vessels is the key trend gaining popularity in the fiber-reinforced plastic vessel market. Carbon fibre reinforced polymers and glass fibre reinforced polymers are some of the FRP used in the development of low-weight transportation materials. For example, in August 2021, Universal Hydrogen, a US-based carbon-free economical hydrogen transport company, announced the new product launch of a twin-tank module for 50-seat aircraft that uses carbon fibre-wrapped pressure vessels to store H2 gas at 850 bar, enabling a 400-nm range for a Dash 8 or ATR turboprop regional aircraft that enables easy transport and loading using existing infrastructure.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fiber Reinforced Plastic Vessels Market Characteristics
3. Fiber Reinforced Plastic Vessels Market Trends And Strategies
4. Fiber Reinforced Plastic Vessels Market - Macro Economic Scenario
5. Fiber Reinforced Plastic Vessels Market Size And Growth
…..
27. Fiber Reinforced Plastic Vessels Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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