Press release
Key Trends Shaping the Future Fiber Reinforced Plastic Vessels Market From 2025-2034: Lightweight Transportation Frp Vessels Paving The Way For Innovation In The Fiber-Reinforced Plastic Vessel Market
Fiber Reinforced Plastic Vessels Market Size
The market is experiencing growth due to escalating demand for fiber-reinforced plastic (FRP) vessels in the automotive sector. These FRP vessels, constructed as a single piece to minimize the likelihood of separation during a collision, are utilized for fuel storage in natural gas vehicles within the industry. The swift increase in the use of natural gas vehicles, or converting existing petrol vehicles to natural gas vehicles in emerging economies to curb pollution, has bolstered the need for FRP vessels. For example, a European Automobile Manufacturers' Association (ACEA) report in May 2023 documented that 85.4 million motor vehicles were manufactured globally in 2022, marking a 5.7% rise from 2021. Therefore, the growing demand for FRP vessels within the automobile industry is likely to stimulate the market throughout the forecasted period.
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What growth opportunities are expected to drive the fiber reinforced plastic vessels market's CAGR through 2034?
The market size for fiber reinforced plastic vessels has seen a swift expansion in the past few years. The projections indicate an increase from $3.64 billion in 2024 to $4.02 billion in 2025, achieving a compound annual growth rate (CAGR) of 10.4%. Factors driving growth during the historic period include resistance to corrosion, lightweight and durability, adherence to regulations, infrastructure development, and the substitution of conventional materials.
The market size for fiber reinforced plastic vessels is anticipated to experience swift expansion in the coming years, with projections indicating a growth to $6.03 billion by 2029, corresponding to a compound annual growth rate (CAGR) of 10.7%. Factors fueling this growth over the forecast period include the broadening scope of the chemical industry, intensified focus on infrastructure enhancements, ongoing stress on cost efficiency, increased activity in water treatment, and rising acknowledgement in oil and gas sectors. Key trends emerging in the forecast period encompass advanced composite technologies, smart vessels, customization and modular design concepts, further development in the chemical industry, and materials that are both light and robust in strength.
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What are the emerging trends shaping the future of the fiber reinforced plastic vessels market?
The trend of fabricating lightweight transportation FRP vessels is increasingly gaining prominence in the fiber-reinforced plastic vessel market. Aspects of FRP like carbon fibre reinforced polymers and glass fibre reinforced polymers are employed for the creation of these lightweight transportation materials. An instance of this trend was seen in December 2022 when Steelhead Composites, an American manufacturing corporation, was awarded certification by the American Society of Mechanical Engineers (ASME) for its fiber-reinforced plastic (FRP) pressure vessels. Being specifically acknowledged under the ASME Boiler and Pressure Vessel Code, Section X, RP, this certification enables Steelhead to fabricate lightweight pressure vessels for a range of applications, most notably in the hydrogen storage industry.
Which growth-oriented segments of the fiber reinforced plastic vessels market are leading the industry's development?
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 And Transportation, Water And Wastewater, Chemical, Industrial, Oil And Gas, Other Applications
Subsegments:
1) By Glass Fiber: E-Glass Fiber, S-Glass Fiber
2) By Carbon Fiber: High-Strength Carbon Fiber, Intermediate Modulus Carbon Fiber
3) By Aramid Fiber: Kevlar Fiber, Twaron Fiber
4) By Other Types: Natural Fiber, Basalt Fiber
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What regions are leading the charge in the fiber reinforced plastic vessels market?
Asia-Pacific was the largest region in the fiber reinforced plastic vessels market in 2024. 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.
What companies are at the forefront of innovation in the fiber reinforced plastic vessels market?
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., 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., 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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What Is Covered In The Fiber Reinforced Plastic Vessels Global Market Report?
•Market Size Forecast: Examine the fiber reinforced plastic vessels market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the fiber reinforced plastic vessels market for a structured understanding.
•Key Players Overview: Analyze major players in the fiber reinforced plastic vessels market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the fiber reinforced plastic vessels market.
•Segment Contributions: Evaluate how different segments drive overall growth in the fiber reinforced plastic vessels market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the fiber reinforced plastic vessels market.
•Industry Challenges: Identify potential risks and obstacles affecting the fiber reinforced plastic vessels market.
•Competitive Landscape: Review strategic developments in the fiber reinforced plastic vessels market, including expansions, agreements, and new product launches.
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