Fiber Reinforced Plastic Vessels Global Market Report 2024 by The Business Research Company | Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, TROY Dualam Inc., Swami Plastic Industries, Augusta Fiberglass Coating Inc., W

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.

Request A Sample Of This Report - https://www.thebusinessresearchcompany.com/sample.aspx?id=5959&type=smp

Fiber Reinforced Plastic Vessels Market Major Segments
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

Key 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.

Customise This Report As Per Your Requirements - https://www.thebusinessresearchcompany.com/Customise?id=5959&type=smp

Prominent 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.

Fiber Reinforced Plastic Vessels Market Players
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

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/fiber-reinforced-plastic-vessels-global-market-report

Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the fiber reinforced plastic vessels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fiber reinforced plastic vessels market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fiber Reinforced Plastic Vessels Market Report Structure
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

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.