Press release
FRP Vessels Market Forecast: Leaning Toward Growth amid Corrosion Resistance and Environmental Considerations
FRP Vessels Market Forecast
What Is The Projected Market Size Of The Global FRP Vessels Market And Its Growth Rate?
• The FRP Vessels market size has seen robust growth recently and will expand from $3.36 billion in 2024 to $3.63 billion in 2025 at a compound annual growth rate (CAGR) of 8.0%.
• The growth in the historic period can be attributed to factors such as corrosion resistance, cost-effectiveness, lightweight design, and chemical resistance.
• The FRP vessels market is set to undergo strong growth and will grow to $5 billion in 2029 at a CAGR of 8.4%.
• The growth in the forecast period can be credited to growing environmental concerns, advancements in composite technologies, expansion of renewable energy, the rise in water treatment demands, and infrastructure development in emerging markets.
What Is Driving The Growth In The FRP Vessels Market?
Driving the growth in the FRP Vessels Market is the increasing demand for alternative fuel vehicles (AFVs), vehicles that rely on alternative fuels other than traditional gasoline or diesel. These vehicles utilize fuel sources such as ethanol, electricity, and biodiesel. The increase in fuel efficiency and longer component life provided by FRP vessels, utilized in creating various electric vehicle parts, gives it an edge in a market that has seen the share of battery-electric vehicles (BEVs) in new light-duty vehicle sales reach 17.7% in the third quarter of 2023, reflecting growing consumer preference and market expansion.
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Who Are the Key Players Driving FRP Vessels Market Growth?
• Belco Manufacturing Co.
• Augusta Fiberglass Coatings Inc.
• Enduro Composites Inc.
• ZCL Composites Inc.
• Hengrun Group Co. Ltd.
• RL Industries
• Denali Incorporated
• L.F. Manufacturing Inc.
• EPP Composites Pvt. Ltd.
• Composite Advantage LLC, Cekaseal Composite
• CMI Composites
• CGH Belgium Group
• Watts Water Technologies Inc.
• Plasticon Composites
• Ashland Global Holdings Inc.
• Ershigs Inc.
• National Oilwell Varco Inc.
• Continental Steel & Tube Co.
• Industrial Plastic Systems Inc.
• Beijing Zhongxing Shiqiang Fiberglass Reinforced Plastic Co. Ltd.
• Composites USA
• Amiblu Holding GmbH
• Shreya Industries
• Balaji Fiber Reinforce Pvt. Ltd.
• KCH Services Inc.
What Are The Key Trends In The FRP Vessels Market?
• Development of lightweight designs
• Integration of smart monitoring systems
• Application in the oil and gas industry
• Sustainability and environmental considerations
What Are The Segments Of The Global FRP Vessels Market?
• By Fiber: Glass, Carbon, Other Fibers
• By Resin: Polyester, Epoxy, Other Resins
• By Applications: Automotive And Transportation, Chemicals, Industrial, Oil And Gas, Water And Wastewater, and Other Applications
Which Region Leads The FRP Vessels Market?
Leading the FRP Vessels Market is the Asia-Pacific region, having the largest share in 2024. This region has been covered in the FRP vessels market report, along with others such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The FRP Vessels Market Global Market Report?
- Market Size Analysis: Analyze the FRP Vessels Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the FRP Vessels Market for effective categorization.
- Key Player 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 FRP Vessels Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the FRP Vessels Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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