Press release
Emerging Trends to Drive Fiber Reinforced Plastic Vessels Market Growth at 10.3% CAGR Through 2029
Fiber Reinforced Plastic Vessels
Fiber Reinforced Plastic Vessels Market Size Growth Forecast: What to Expect by 2025?
The market size for fiber reinforced plastic vessels has significantly expanded in the past few years. The growth is expected to surge from $3.64 billion in 2024 to $3.98 billion in 2025, showcasing a compound annual growth rate (CAGR) of 9.4%. Factors such as corrosion resistance, lightweight and durability, adherence to regulations, infrastructure development, and the substitution of traditional materials have all contributed positively to the growth during the historic period.
How Will the Fiber Reinforced Plastic Vessels Market Size Evolve and Grow by 2029?
The market size for fiber reinforced plastic vessels is projected to experience fast-paced expansion in the approaching years, reaching a valuation of $5.9 billion by 2029 with a compound annual growth rate (CAGR) of 10.3%. This anticipated growth in the forecast period can be traced back to the flourishing chemical industry, continuous infrastructure development, heightened focus on cost-efficiency, growth in water treatment and the rising implementation in the oil and gas sectors. Key trends expected during this period comprise of sophisticated composite technologies, intelligent vessels, tailored and modular design, chemical industry expansion, and the use of lightweight yet high-strength materials.
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What Drivers Are Propelling the Growth of Fiber Reinforced Plastic Vessels Market Forward?
The evolving need for fiber-reinforced plastic (FRP) vessels in the automotive sector is a significant propelling factor for market expansion. FRP vessels, which act as fuel storage units in natural gas vehicles, are specifically designed with a singular structure to minimize the potential for cracking in case of accidents. A surge in the implementation of natural gas vehicles or the transformation of current petrol vehicles into the corresponding in developing nations for the alleviation of contamination has given rise to the demand for FRP vessels. For instance, as indicated by the European Automobile Manufacturers' Association (ACEA) in May 2023, about 85.4 million motor vehicles were manufactured globally in 2022, marking an increase of 5.7% compared to 2021. Therefore, the expected increase in the requirement for FRP vessels in the automobile sector is predicted to accelerate the market throughout the predicted period.
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Which Emerging Trends Are Transforming the Fiber Reinforced Plastic Vessels Market in 2025?
The trend of creating lightweight transport FRP vessels is gaining traction in the fiber-reinforced plastic vessel industry. Low-weight transportation materials are being developed using FRP like carbon fibre reinforced polymers and glass fibre reinforced polymers. For instance, Steelhead Composites, a manufacturing company based in the US, was granted a certification by the American Society of Mechanical Engineers (ASME) in December 2022, for its FRP pressure vessels. This specific certification, under ASME Boiler and Pressure Vessel Code, Section X, RP, enables Steelhead to produce lightweight pressure vessels for a variety of uses, particularly in the hydrogen storage sector.
What Are the Key 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 Key Players Shaping the Fiber Reinforced Plastic Vessels Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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