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Emerging Trends Influencing The Growth Of The Fiber Reinforced Plastic Vessels Market:Lightweight Transportation Frp Vessels Paving The Way For Innovation In The Fiber-Reinforced Plastic Vessel Market
Fiber Reinforced Plastic Vessels Market Size
How Big Is the Fiber Reinforced Plastic Vessels Market Size Expected to Be by 2034?
In the recent past, the market size for fiber reinforced plastic vessels has seen quick expansion. The market is projected to increase from $3.64 billion in 2024 to $4.02 billion in 2025, with a compound annual growth rate (CAGR) of 10.4%. Factors such as their corrosion resistance, lightweight and durability, compliance with regulations, infrastructural development, and their use as a substitute for traditional materials have contributed to this growth in the historic period.
In the years to come, the fiber reinforced plastic vessels market is projected to experience significant expansion. The market is anticipated to reach a value of $6.03 billion in 2029, growing at a compound annual growth rate (CAGR) of 10.7%. The growth forecasted for this period can be traced back to a burgeoning chemical industry, an uptick in infrastructure development, a continued focus on cost-efficiency, advancements in water treatment and a rise in utilization within the oil and gas sectors. Key trends shaping this forecast period include advancements in composite technologies, the development of smart vessels, customization and modular design, growth within the chemical industry, and the demand for lightweight yet sturdy materials.
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What Are the Emerging Segments Within the Fiber Reinforced Plastic Vessels Market?
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 Long-Term Drivers Are Shaping Fiber Reinforced Plastic Vessels Market Trends?
The expansion of the market is propelled by the rising need for fiber-reinforced plastic (FRP) vessels in the automobile industry. FRP vessels used for fuel storage in natural gas-powered vehicles are made in one piece to lower the chance of splitting in a crash. The swift increase in the use of natural gas as a fuel for vehicles, or modifying petrol vehicles to use natural gas in emerging nations to decrease pollution, has resulted in a surging demand for FRP vessels. For example, a European Automobile Manufacturers' Association (ACEA) report published in May 2023 showed that in 2022, there was a 5.7% increase over 2021, with 85.4 million motor vehicles manufactured globally. Therefore, the growing demand for FRP vessels in the automotive industry is predicted to propel the market during the projected period.
Who Are the Top Competitors in Key Fiber Reinforced Plastic Vessels Market Segments?
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
What Fiber Reinforced Plastic Vessels Market Trends Are Gaining Traction Across Different Segments?
The fiber-reinforced plastic vessel market is seeing an increasing trend in the production of light-weight transport FRP vessels. Materials like carbon fibre reinforced polymers and glass fibre reinforced polymers are getting predominantly used for creating these lightweight transportation materials. A notable instance is from December 2022, when Steelhead Composites, a manufacturing company from the US, got an approval from the American Society of Mechanical Engineers (ASME). This accreditation, particularly under ASME Boiler and Pressure Vessel Code, Section X, RP, authorizes Steelhead to produce lightweight pressure vessels specifically designed for diverse applications, mainly in the area of hydrogen storage.
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Which Regions Are Becoming Hubs for Fiber Reinforced Plastic Vessels Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Fiber Reinforced Plastic Vessels Market?
2. What is the CAGR expected in the Fiber Reinforced Plastic Vessels Market?
3. What Are the Key Innovations Transforming the Fiber Reinforced Plastic Vessels Industry?
4. Which Region Is Leading the Fiber Reinforced Plastic Vessels Market?
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