Increased Demand For FRP vessels Fueled By Rising Popularity Of Alternative Fuel Vehicles: Powering Innovation and Expansion in the FRP Vessels Market by 2025

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What Is the Expected CAGR for the FRP Vessels Market Through 2025?
Recent years have seen robust growth in the size of the FRP vessels market. A surge from $3.36 billion in the year 2024 to $3.63 billion in 2025 is predicted, maintaining a compound annual growth rate (CAGR) of 8.0%. Several factors contribute to this historical growth, including the need for corrosion resistance, cost savings, light-weight structures, flexible manufacturing, and chemical resistance.

What's the Projected Size of the Global FRP Vessels Market by 2029?
The market size for FRP vessels is set to experience robust expansion in the forthcoming years. With an anticipated compound annual growth rate (CAGR) of 8.4%, the market is projected to reach a value of $5 billion by 2029. Factors contributing to this projected growth for the forecasted period include heightened environmental awareness, improvements in composite technologies, developing renewable energy sectors, increased demands in water treatment, and infrastructural advancements in emerging markets. During the forecast period, key trends are expected to comprise emphasis on lightweight designs, the incorporation of intelligent monitoring systems, utilization in the oil and gas sector, and a focus on sustainability and environmental aspects.

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Top Growth Drivers in the FRP Vessels Industry: What's Accelerating the Market?
The FRP vessels market is projected to grow due to the rising demand for alternative fuel vehicles (AFVs). These vehicles use different types of fuels aside from regular gasoline or diesel, such as ethanol, electricity (including solar power), and biodiesel. FRP vessels are used to manufacture various electric vehicle components. Their superior strength and lightweight nature enhance fuel efficiency and extend the lifespan of the components. In the third quarter of 2023, the U.S. Energy Information Administration, a government agency in the US, reported that battery-electric vehicles (BEVs) represented 17.7% of new light-duty vehicle sales. This value was a significant increase compared to the previous years, with BEVs accounting for 16.0% of total new vehicle sales this year, up from 12.5% in 2022 and 9.0% in 2021, as stated by Wards Intelligence. This statistic highlights a significant rise in electric vehicle demand, indicating an expanding market and shifting consumer preferences. Consequently, the growth of the FRP vessels market is fuelling the increasing demand for alternative fuel vehicles.

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What Trends Will Shape the FRP Vessels Market Through 2029 and Beyond?
The latest trend making waves in the fiber reinforced plastic vessels market is the creation of lightweight transport FRP vessels. Major industry players are aiming to get ahead of the competition by focusing on the development of these innovative vessels. For instance, Universal Hydrogen, an American company that offers carbon-neutral hydrogen transportation, recently introduced a twin-tank module for a 50-seat aircraft. This product leverages the use of carbon fiber-wrapped pressure vessels to house H2 gas at 850 bar, thus facilitating a range of 400-nm for Dash 8 or ATR turboprop regional aircraft. It also ensures effortless transport and loading by leveraging the existing infrastructure.

What Are the Main 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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Which Top Companies are Driving Growth in the FRP Vessels Market?
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.

Which Regions Will Dominate the FRP Vessels Market Through 2029?
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.

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