Increased Demand For FRP vessels Fueled By Rising Popularity Of Alternative Fuel Vehicles: Pivotal Factor Influencing FRP Vessels Market Growth in 2025

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FRP Vessels Market Size Growth Forecast: What to Expect by 2025?
The market size for frp vessels has seen significant growth in the recent past. It is expected to rise from $3.36 billion in 2024 to $3.59 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.9%. Factors contributing to this growth during the historic period include demands for corrosion resistance, economic value, lightweight construction, manufacturing versatility, and chemical resistance.

How Will the FRP Vessels Market Size Evolve and Grow by 2029?
The market for frp vessels is poised to experience substantial expansion in the forthcoming years. By 2029, the sector is projected to grow to $4.9 billion, growing at a compound annual growth rate (CAGR) of 8.1%. The predicted growth within this period is linked to increased environmental awareness, developments in composite technologies, the proliferation of renewable energy, surging demands for water treatment, and infrastructure progress in developing markets. Noteworthy market trends for the forecast period comprise the emphasis on designing lightweight, the incorporation of intelligent monitoring systems, usage in the oil and gas industry, and considerations of sustainability and environmental impacts.

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What Drivers Are Propelling the Growth of FRP Vessels Market Forward?
The FRP vessels market is expected to be fuelled by an upsurge in demand for vehicles running on alternative fuels. Vehicles that operate on fuels other than traditional gasoline or diesel, known as alternative fuel vehicles (AFVs), employ different energy sources such as ethanol, electricity, including solar power, and biodiesel. FRP vessels lend themselves to the construction of various electric vehicle components due to their superior strength and light weight, contributing to better fuel efficiency and long-lasting parts. With reference to a report by the U.S. Energy Information Administration, a government agency based in the United States, it is estimated that in November 2023, new light-duty vehicle sales comprised 17.7% of battery-electric vehicles (BEVs). Meanwhile, BEVs account for 16% of all new vehicle sales in the current year, a significant increase from 12.5% in 2022 and 9% in 2021 as per data from Wards Intelligence. This upward trajectory in electric vehicle demand indicates an expanding market and shifting consumer preferences, therefore driving the growth of the FRP vessels market propelled by the escalating demand for alternative-fuel vehicles.

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Which Emerging Trends Are Transforming the FRP Vessels Market in 2025?
The emerging trend in the fiber reinforced plastic vessels market is the production of lightweight transport FRP vessels. Major businesses are concentrating their efforts on the creation of such vessels as a strategic advantage. For instance, Universal Hydrogen, a US-based hydrogen transport company that operates without carbon, has unveiled a cutting-edge twin-tank module designed for 50 seat aircraft. Utilizing carbon fiber-wrapped pressure vessels, it can store H2 gas at 850 bar, providing a Dash 8 or ATR turbo-prop regional aircraft with a range of 400 nm, and facilitating simple transportation and loading through existing infrastructure.

What Are the Key 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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Who Are the Key Players Shaping the FRP Vessels Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.

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