Increased Demand For FRP vessels Fueled By Rising Popularity Of Alternative Fuel Vehicles: A Significant Driver Propelling The FRP Vessels Market In 2025

The FRP Vessels Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the FRP Vessels Market Size and Projected Growth Rate?
In recent times, there has been a robust expansion in the market size of FRP vessels. The market, which was valued at $3.36 billion in 2024, is projected to escalate to $3.63 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.0%. Motivators for this growth during the historical stretch include the need for corrosion resistance, overall cost efficiency, lightweight construction, flexibility in production, and chemical resistance.

In the forthcoming years, the market for FRP vessels is anticipated to witness substantial growth, escalating to a whopping $5 billion by 2029 with an 8.4% compound annual growth rate (CAGR). This predicted development can be credited to various factors such as heightened awareness about the environment, advancements in composite technologies, expansion of renewable energy sector, increased demands of water treatment, and infrastructural development in emerging markets. Key trends forecasted for this period include an emphasis on lightweight components, incorporation of intelligent monitoring systems, utilization in the oil and gas sector, and sustainable and environmental considerations.

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What Are the Major Segments in the FRP Vessels Market?
The FRP vessels market covered in this report is segmented -

1) By Fiber: Glass, Carbon, Other Fibers
2) By Resin: Polyester, Epoxy, Other Resins
3) By Applications: Automotive And Transportation, Chemicals, Industrial, Oil And Gas, Water And Wastewater, Other Applications

Subsegments:
1) By Glass Fiber: E-Glass Fiber, S-Glass Fiber
2) By Carbon Fiber: Prepreg Carbon Fiber, Standard Carbon Fiber
3) By Other Fibers: Aramid Fiber, Natural Fibers, Basalt Fiber

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What Are The Driving FRP Vessels Market Evolution?
The surge in demand for vehicles running on alternative fuels is anticipated to boost the FRP vessels market's growth. Vehicles powered by alternative fuel types other than typical petrol or diesel, known as Alternative fuel vehicles (AFVs), employ fuels like ethanol, electricity (including solar-based), and biodiesel. FRP vessels, known for their high strength and lightweight, are widely used in manufacturing various components of electric vehicles, contributing to improved fuel efficiency and longer durability of vehicle parts. The U.S. Energy Information Administration, a government body in the US, reported in November 2023 that new light-duty vehicle sales saw a sizable 17.7% share of battery-electric vehicles (BEVs) in Q3 2023. Furthermore, BEVs contributed to 16.0% of the total new vehicle sales so far that year, a significant rise from 12.5% in 2022 and 9.0% in 2021, as stated by Wards Intelligence. This growing trend towards electric vehicles underscores the rising consumer preference and broadening market. Hence, the escalating demand for vehicles running on alternative fuel types is propelling the FRP vessels market's growth.

Which Firms Dominate The FRP Vessels Market Segments?
Major companies operating in the FRP vessels market are 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 Trends Are Expected to Dominate the FRP Vessels Market in the Next 5 Years?
The emerging trend in the fiber reinforced plastic vessels market is the production of low-weight transportation FRP vessels, a strategy key players are adopting to stay competitive. As an example, Universal Hydrogen, an American company specializing in carbon-free and economical hydrogen transport, has introduced a new product. This twin-tank module, designed for a 50-seat aircraft, utilizes carbon fiber-wrapped pressure vessels for H2 gas storage at 850 bar. This innovation not only enables a 400-nm range for a Dash 8 or ATR turboprop regional aircraft, but also facilitates easy transport and loading with the use of existing infrastructure.

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Which Is The Largest Region In The FRP Vessels Market?
Asia-Pacific was the largest region in the FRP vessels market share in 2024. The regions covered in the FRP vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the FRP Vessels Market?
2. What is the CAGR expected in the FRP Vessels Market?
3. What Are the Key Innovations Transforming the FRP Vessels Industry?
4. Which Region Is Leading the FRP Vessels Market?

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