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Fiber Reinforced Plastic Vessels Market Size, Share Analysis, Top Players, And Forecast To 2033
Fiber Reinforced Plastic Vessels Market Size
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Fiber Reinforced Plastic Vessels Market 2024 Key Insights:
• 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%.
• Rising Demand For Fiber-Reinforced Plastic Vessels In The Automotive Industry Driven By The Surge In Natural Gas Vehicle Adoption
• Lightweight Transportation Frp Vessels Paving The Way For Innovation In The Fiber-Reinforced Plastic Vessel Market
• Asia-Pacific was the largest region in the fiber reinforced plastic vessels market in 2023
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