Fiber Reinforced Plastic Vessels Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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How Large Will the Fiber Reinforced Plastic Vessels Market Size By 2025?
Having experienced swift expansion in recent years, the market size of fiber reinforced plastic vessels is projected to further grow from $3.64 billion in 2024 to $4.02 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.4%. Factors contributing to this historic period growth encompass attributes such as corrosion resistance, light weightiness and durability, regulatory compliance, infrastructure development, as well as the replacement of traditional materials.

How Big Is the Fiber Reinforced Plastic Vessels Market Size Expected to Grow by 2029?
In the coming years, the market size of fiber reinforced plastic vessels is predicted to experience a rapid expansion, escalating to $6.03 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 10.7%. This projected growth in the forecast period is likely due to factors such as the expanding chemical industry, ramping up of infrastructure improvements, a continuing focus on cost efficiency, a surge in water treatment, and heightened use in the oil and gas sectors. The forecast period is also expected to see significant trends such as advancements in composite technologies, the development of smart vessels, customizations and modular designing, the enlargement of the chemical industry, and the use of lightweight, high-strength materials.

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Which Key Market Drivers Powering Fiber Reinforced Plastic Vessels Market Expansion and Growth?
The market expansion is being driven by a growing need for fiber-reinforced plastic (FRP) vessels in the automotive sector. In the automotive industry, these FRP vessels serve as fuel storage for natural gas vehicles, with the construction being a single item to minimize chances of breakage during collisions. The surge in adoption of natural gas vehicles in developing countries, or the transition from petrol vehicles to natural gas vehicles as a measure to curb pollution, has boosted the demand for FRP vessels. A report released by the European Automobile Manufacturers' Association (ACEA) in May 2023 showed that global motor vehicle production in 2022 was 85.4 million, marking a 5.7% growth from 2021. Therefore, the rising demand for FRP vessels in the automotive sector is projected to stimulate the market in the forecasted duration.

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Which Fast-Growing Trends Are Poised to Disrupt the Fiber Reinforced Plastic Vessels Market?
The fiber-reinforced plastic vessel market is witnessing rising popularity of the trend of manufacturing light-weight transportation FRP vessels. Some of the FRP materials employed in the creation of these light-weight transportation materials include carbon fibre and glass fiber reinforced polymers. A case in point is the US-based company, Steelhead Composites, which got approval from the American Society of Mechanical Engineers (ASME) in December 2022 to produce their light-weight FRP pressure vessels. This certification, under ASME Boiler and Pressure Vessel Code, Section X, RP, specifically facilitates the production of lightweight pressure vessels by Steelhead, especially for the hydrogen storage sector.

What Are the Emerging Segments in 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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Fiber Reinforced Plastic Vessels Industry?
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.

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