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Accelerating Growth in Fiber Reinforced Plastic Vessels Market: Key Insights, Market Size Projections, and Growth Drivers till 2029.
Accelerating Growth in Fiber Reinforced Plastic Vessels Market
What Is The Projected Market Size Of The Global Fiber Reinforced Plastic Vessels Market And Its Growth Rate?
The fiber reinforced plastic vessels market has seen significant expansion in recent years and is set to maintain this trend:
• Market size grew from $3.64 billion in 2024 to $4.02 billion in 2025, marking a CAGR of 10.4%.
• The market growth in this period was driven by factors such as corrosion resistance, regulatory compliance, and infrastructure development.
• It is projected that the market size will further increase to $6.03 billion in 2029, with a CAGR of 10.7%.
What Is Driving The Growth In The Fiber Reinforced Plastic Vessels Market?
The expanding demand for fiber-reinforced plastic vessels in the automotive industry is significantly contributing to market growth. Their application in fuel storage for natural gas vehicles is increasing, due to their durability and the reduction in the possibility of splitting during accidents. The surge in the adoption of natural gas vehicles in developing countries to combat pollution levels has raised the demand for FRP vessels. For instance, a report published by the European Automobile Manufacturers' Association (ACEA) in May 2023 indicated that 85.4 million motor vehicles were produced worldwide in 2022, marking a 5.7% increase from 2021. The growing demand for FRP vessels in the automotive industry is set to stoke the market during the forecast period.
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Who Are the Key Players Driving Fiber Reinforced Plastic Vessels Market Growth?
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
• Enduro Composites Inc.
What Are The Key Trends In The Fiber Reinforced Plastic Vessels Market?
Key trends in the Fiber Reinforced Plastic Vessels market include:
• Advanced composite technologies
• Smart vessels
• Customization and modular design
• Expansion in the chemical industry
• Lightweight and high-strength materials
What Are The Segments Of The Global Fiber Reinforced Plastic Vessels Market?
The global Fiber Reinforced Plastic Vessels market is segmented as follows:
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 And Transportation, Water And Wastewater, Chemical, Industrial, Oil And Gas, Other Applications.
Which Region Leads The Fiber Reinforced Plastic Vessels Market?
Asia-Pacific held the lion's share of the fiber reinforced plastic vessels market in 2024. It is also anticipated to register the fastest growth over 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.
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What Is Covered In The Fiber Reinforced Plastic Vessels Market Global Market Report?
- Market Size Analysis: Analyze the Fiber Reinforced Plastic Vessels Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Fiber Reinforced Plastic Vessels Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Fiber Reinforced Plastic Vessels Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Fiber Reinforced Plastic Vessels Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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