FRP Vessels Market

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FRP Vessels Market by Fiber (Glass, Carbon, Others), Resin (Polyester, Resin, Others), Application (Automotive & Transportation, Water and Wastewater, Chemical, Industrial, Oil & Gas, Others), and Region - Global Forecast to 2025

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Report Code: CH 7782 Nov, 2020, by marketsandmarkets.com

The global FRP vessels market size is projected to grow from USD 3.3 billion in 2020 to USD 4.7 billion by 2025, at a CAGR of 8.0%. The demand for alternative fuel vehicles, such as alternative fuels, is expected to increase from the automotive & transportation applications due to the stringent environmental regulations, government incentives for alternate fuels and development in fueling infrastructure. However, owing to COVID-19, the sales of natural and fuel cell vehicles has declined, resulting in reduced demand for FRP vessels.

FRP Vessels Market

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Impact of COVID-19 on global FRP vessels market

FRP vessels are used across industrial, chemicals, transportation, oil & gas applications where the impact of COVID-19 has been greater. Lockdown imposed in various countries impacted commercial sectors, such as chemical plants and transportation, which plays a very big role in the FRP vessels market. At the early stage of 2020, 57% of the decline in oil demand was noted, according to the International Energy Agency (IEA). Also, road transport activity dropped by 50% in the early part of 2020. The drop in demand for oil and reduced road transport activity affected the FRP vessels market. The lockdown delayed upcoming projects, which also affected the growth of the FRP vessels market in 2020.

FRP Vessels Market by Region

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Increasing tax incentives for CNG vehicles and infrastructure

The tax incentives have been increased or extended and increased in various regions, including APAC and North America. For instance, in May 2019, the government of the US, state of Oklahoma revised and approved its legislation concerning tax credits as they apply to Compressed Natural Gas (CNG) vehicles and their refueling. The tax was extended from January 1, 2020 to December 31, 2027. This will ensure that Oklahoma will consistently lead the country in supporting natural gas for vehicles as the best fuel option. This will generate the demand for the company�s product and help to keep the environment clean by targeting the highest mileage and dirtiest vehicles, by provide economic benefit to the state and its constituents. Furthermore, in December 2019, the Indian Oil Ministry cut in GST on CNG vehicles to 5% from the current 28%, which indirectly helped the government to drive the popularity for gas vehicles. The main reason for the countries to increase tax incentives is to reduce the carbon dioxide (CO2) emissions as natural gases emit 25% less CO2 than petrol on every unit of energy produced. This has resulted in an increasing demand for FRP vessels.

High cost of FRP vessels material tanks and regulatory approvals

The market for composites and end-use industries is competitive. In such a scenario, all decisions are governed by commercial considerations. The two most common commercial factors are capital expenditure (CAPEX) and operating expense (OPEX). The high price of raw material and high expenditure required during the manufacturing process, results in decreased economies of scale. Therefore, a cost-effective design and production technology is desired to get the overall economies of scale. Carbon fiber and glass fiber are highly capital intensive, and many potential players are not motivated to enter the market due to the high cost of entry. The cost of carbon fiber and glass fiber, major raw materials for FRP vessels, is very high, which eventually adds to the total cost of FRP vessels. The identification and definition of low-cost technologies for the commercial production of low-cost carbon and glass fiber composites are among the critical issues for the manufacturers, globally.

These factors may impact the FRP vessels market, eventually.

Increasing demand for FRP vessels in downstream oil & gas industry in US and Canada

FRP tanks have a significant application in the oil & gas industry. The downstream industry needs underground storage FRP vessels. According to the Association of State and Territorial Solid Waste Management Officials analysis, it was found that ~7,500 underground storage tanks (USTs) are sold in North America annually. The management of ZCL Composites Inc. has found that steel tanks account for less than 15% of new installations but are still 40%-50% of the currently installed/ in-service tank base. According to ZCL Composites Inc., the demand for underground storage FRP tanks is increasing as ~85% of new installations are done using FRP tanks in the US and Canada.

Already well-established infrastructure for electric cars

Hydrogen-powered cars are more popular in countries, such as South Korea and Japan, where their respective governments have offered subsidies for these vehicles and have also provided finance for building the necessary infrastructure. Furthermore, in the US, there are incentives offered by the California State for the use of fuel-cell-powered vehicles. Although the hydrogen-powered cars may be a sustainable technology in the modern world, experts believe hydrogen needs to be developed from a natural gas source, which results in the use of fossil fuels, whereas electric cars rely on battery power and hence are greener as compared to hydrogen cars. However, efforts are being made to use hydrogen produced from renewable sources. Hydrogen-powered cars are three times less energy efficient, have less volumetric efficiency, and higher weight as compared to electric cars. The necessary infrastructure for refuelling the tanks is inadequate, which restrains the market growth. Industry experts believe that if the hydrogen technology does not become more refined globally during the forecast period, it may be substituted by electric cars. The companies in the fuel cell car market, such as Toyota and Hyundai & Honda, have already started to plan to develop electric vehicles in addition to the hydrogen-powered vehicles in case the latter technology gets phased out.

Glass fiber to account for the largest market share, in terms of value and volume

Glass fiber accounts for the largest share of the overall market. In glass fiber composites (GFRP), a number of tiny glass fibers are compiled together and held rigidly in place by a plastic polymer resin. The common plastic resins used in composites include epoxy, vinyl ester, polyester, polyurethane, and polypropylene. Owing to its superior physical and mechanical properties such as strength, durability, flexibility, stability, lightweight, and resistance to heat, temperature, and moisture, glass fiber is used in construction & infrastructure, wind energy, pipe & vessels, marine, and transportation industries. Carbon fiber-reinforced FRP vessels are high-cost material used in high-end applications such as aerospace, industrial parts, and sporting goods as they are stronger and more lightweight.

Polyester resin accounted for the largest share in terms of value and volume

The polyester resin based FRP vessels accounted for 58%, in terms of volume, of the overall market in 2019. Over the last five years, the demand from industrial and water applications is increasing due to new chemical facilities, horizontal drilling in shale fields, and stringent government regulations, especially in North America. With the growing automotive & transportation industry, the usage of epoxy resin for making strong FRP vessels is also expected to rise in the near future. In 2020, the market size is expected to decrease due to the impact of COVID-19. The spread of the pandemic has resulted in a complete or partial lockdown in various major economies, including the US, China, Germany, Japan, the UK, and France. However, after 2020, it is projected that the market would grow during the forecast period.

APAC held the largest market share in the FRP vessels market

The growth of the FRP vessels market in APAC is driven by the increasing consumption in chemicals, water & wastewater, automotive & transportation, and oil & gas applications. This growing consumption is attributed to the high industrial growth in countries such as China, Japan, and South Korea. China has become the largest consumer of FRP vessels in the automobile sector and is expected to strengthen its position further. Governments of APAC countries are focusing on increasing the use of alternative fuels and reducing emissions in cities, which is expected to help grow the FRP vessels market in the region. Natural gas plays a significant role in APAC as it is a cleaner as well as an economical source of energy compared to gasoline, diesel, or other fuels.

Key Market Players

The key players in the global composites market are:

Worthington Industries, Inc. (US) : https://worthingtonindustries.com/Company
Faber Industrie SpA (Italy) : https://www.faber-italy.com/index.html
Luxfer Group (UK) : https://www.luxfer.com/
ZCL Composites Inc. : https://www.zcl.com/en/
Hexagon Composites ASA (Norway) : https://hexagongroup.com/
Everest Kanto Cylinders Ltd. (India) : https://everestkanto.com/

These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the composites industry. The study includes an in-depth competitive analysis of these key players in the FRP vessels market, with their company profiles, recent developments, and key market strategies.

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Scope of the Report

Report Metric	Details
Years considered for the study	2018�2025
Base year	2019
Forecast period	2020�2025
Units considered	Value (USD Million), Volume (Kiloton)
Segments	Fiber, Resin, Application and Region
Regions	Europe, North America, APAC, MEA, and Latin America
Companies	Hexagon Composites ASA (Norway), Luxfer Group (England), Worthington Industries, Inc. (US), Everest Kanto Cylinders Ltd. (India), Quantum Fuel Systems LLC. (US), Faber Industrie SpA (Italy), Avanco Group (Germany), ZCL Composites Inc. (Canada), Denali Incorporated (US), and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China)

This research report categorizes the FRP vessels market based on fiber, resin, application, and region.

ByFiber:

Glass
Carbon
Others

By Resin:

Polyester
Epoxy
Others

By Application:

Automotive & Transportation
Chemicals
Industrial
Oil & Gas
Water & Wastewater
Others

By Region:

North America
Europe
APAC
MEA
Latin America

Recent Developments

In August 2020, Hexagon Purus, a subsidiary of Hexagon Composites ASA, signed a two-year contract with a Northeast Asian automotive leader to supply composite cylinders for the OEM�s current fuel cell electric SUV. Hexagon Purus cylinders will be installed in vehicle models by 2022. The contract has a sale value of USD 30 million.
In July 2020, Hexagon Purus received the first contract from a major US hydrogen fuel supplier to provide hydrogen transport modules in the US. The purchased transport modules are composed of Hexagon�s proprietary, lightweight, Type 4, 500 bar pressure vessels.
In Oct 2018, Worthington Industries announced the launch of its first fully recyclable type 4 composite cylinder for the propane (LPG) industry. Named Fourtis, this cylinder is used for cooking, water heating, and outdoor grilling and was developed by Amtrol-Alfa, a global leader in low pressure steel and composite cylinders that was recently acquired by Worthington Industries.
In April 2018, Luxfer Gas Cylinders, a business unit of Luxfer Holding PLC, launched Luxfer ECLIPSE, its new carbon composite cylinders for firefighter self-contained breathing apparatus (SCBA). The launch of ECLIPSE cylinders has helped the company to grow its business and is offered by major safety equipment companies.

Frequently Asked Questions (FAQ):

What are the factors influencing the growth of the FRP vessels market?

The growing number of natural gas vehicles, increasing environmental awareness, and government support encouraging the adoption of clean fuel

Which is the largest country-level market for FRP vessels?

China is the largest FRP vessel market due to high demand for automotive & transportation, oil & gas, chemicals, among other applications

What are the factors contributing to the final price of thermoplastic composites?

Raw material plays a vital role in the costs. The cost of these materials contributes largely to the final pricing of FRP vessels.

What are the challenges in the FRP vessels market?

Development of low-cost production technology for type 3 and type 4 is the major challenge in the FRP vessels market.

Which fiber of FRP vessels holds the largest market share?

Glass fiber hold the largest share due to low cost and ease of manufacturing.

How is the FRP vessels market aligned?

The market is growing at a significant pace. It is a potential market and many manufactures are planning business strategies to expand their business especially in the FRP vessels market.

Who are the major manufacturers?

Hexagon Composites ASA (Norway), Luxfer Group (England), Worthington Industries, Inc. (US), Everest Kanto Cylinders Ltd. (India), Quantum Fuel Systems LLC. (US), Faber Industrie SpA (Italy), Avanco Group (Germany), ZCL Composites Inc. (Canada), Denali Incorporated (US), and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China).

What are the resin types for FRP vessels?

Polyester, epoxy, and others are the major material types for FRP vessels .

What are the major applications for FRP vessels?

The major applications for FRP vessels are automotive & transportation, chemicals, water and wastewater, industrial, oil & gas, and among others.

What is the biggest restraint in the FRP vessels market?

High cost of FRP vessels and regulating approvals are restraining market growth. .

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 23)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
           1.2.1 FRP VESSELS MARKET: BY FIBER - INCLUSIONS AND EXCLUSION
           1.2.2 FRP VESSELS MARKET: BY RESIN - INCLUSIONS AND EXCLUSIONS
           1.2.3 FRP VESSELS MARKET: BY APPLICATION - INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE
           FIGURE 1 FRP VESSELS MARKET SEGMENTATION
           1.3.1 REGIONS COVERED
           1.3.2 YEARS CONSIDERED FOR THE STUDY
    1.4 CURRENCY
    1.5 UNIT CONSIDERED
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 29)
    2.1 RESEARCH DATA
           FIGURE 2 FRP VESSELS MARKET: RESEARCH METHODOLOGY
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews
                    2.1.2.2 Key data from primary sources
                    2.1.2.3 Key industry insights
                    2.1.2.4 Breakdown of primary interviews
    2.2 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST
    2.3 MARKET SIZE ESTIMATION
           2.3.1 DEMAND-SIDE ANALYSIS
           2.3.2 MNM ANALYSIS
                    FIGURE 3 MARKET NUMBER ESTIMATION
    2.4 DATA TRIANGULATION
           FIGURE 4 FRP VESSELS MARKET: DATA TRIANGULATION
    2.5 ASSUMPTIONS
    2.6 RISK ANALYSIS

3 EXECUTIVE SUMMARY (Page No. - 36)
    FIGURE 5 POLYESTER RESIN SEGMENT DOMINATES THE OVERALL FRP VESSELS MARKET
    FIGURE 6 GLASS FIBER-BASED FRP VESSELS ACCOUNT FOR HIGHEST MARKET SHARE
    FIGURE 7 WATER & WASTEWATER APPLICATION TO LEAD OVERALL MARKET BETWEEN 2020 AND 2025
    FIGURE 8 APAC LEADING THE FRP VESSELS MARKET

4 PREMIUM INSIGHTS (Page No. - 40)
    4.1 ATTRACTIVE OPPORTUNITIES IN THE FRP VESSELS MARKET
           FIGURE 9 HIGH DEMAND FROM WATER & WASTEWATER APPLICATION TO DRIVE THE MARKET
    4.2 FRP VESSELS MARKET, BY FIBER TYPE AND REGION
           FIGURE 10 APAC TO BE THE LARGEST FRP VESSELS MARKET
    4.3 FRP VESSELS MARKET, BY RESIN TYPE
           FIGURE 11 POLYESTER RESIN DOMINATES OVERALL FRP VESSELS MARKET
    4.4 FRP VESSELS MARKET, BY APPLICATION
           FIGURE 12 WATER & WASTEWATER APPLICATION TO BE LARGEST CONSUMER OF FRP VESSELS
    4.5 FRP VESSELS MARKET, BY KEY COUNTRIES
           FIGURE 13 CHINA TO REGISTER HIGHEST CAGR DURING THE FORECAST PERIOD

5 MARKET OVERVIEW (Page No. - 43)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 14 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN FRP VESSELS MARKET
           5.2.1 DRIVERS
                    5.2.1.1 Increasing demand for FRP vessels in automotive industry
                    5.2.1.2 Composite vs. Steel
                    5.2.1.3 Increasing demand for FRP vessels in downstream oil & gas industry in US and Canada
                    5.2.1.4 Operational Data
                    5.2.1.5 Increasing tax incentives for CNG vehicles and infrastructure
           5.2.2 RESTRAINTS
                    5.2.2.1 High cost of FRP vessels and regulatory approvals
                    5.2.2.2 Decrease in demand for FRP vessels due to COVID-19 pandemic
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Growth of end-use industries in emerging economies
                    5.2.3.2 Development of low-weight transportation FRP vessels
           5.2.4 CHALLENGES
                    5.2.4.1 Large-scale manufacturing of FRP vessels
                    5.2.4.2 Already well-established infrastructure for electric cars
    5.3 PORTER�S FIVE FORCES ANALYSIS
           FIGURE 15 FRP VESSELS MARKET: PORTER�S FIVE FORCES ANALYSIS
           5.3.1 BARGAINING POWER OF BUYERS
           5.3.2 BARGAINING POWER OF SUPPLIERS
           5.3.3 THREAT OF NEW ENTRANTS
           5.3.4 THREAT OF SUBSTITUTES
           5.3.5 INTENSITY OF COMPETITIVE RIVALRY
    5.4 SUPPLY CHAIN ANALYSIS
    5.5 MARKET PATENT ANALYSIS
           5.5.1 METHODOLOGY
           5.5.2 DOCUMENT TYPE
                    FIGURE 16 PATENT PUBLICATION TRENDS - LAST 5 YEARS
           5.5.3 INSIGHT
                    FIGURE 17 PATENT JURISDICTION ANALYSIS FOR FRP VESSELS, 2019
           5.5.4 TOP APPLICANTS OF PATENTS
                    FIGURE 18 TOP APPLICANTS OF FRP VESSEL PATENTS
    5.6 ECOSYSTEM: FRP VESSELS MARKET
           FIGURE 19 FRP VESSELS MARKET ECOSYSTEM
    5.7 TECHNOLOGY ANALYSIS
    5.8 COVID-19 IMPACT ANALYSIS
    5.9 PRICING ANALYSIS
    5.10 REGULATORY LANDSCAPE
           FIGURE 20 CO2 EMISSIONS FROM THE TRANSPORT SECTOR, 2018
           FIGURE 21 ELECTRIC CARS DEPLOYMENT, SELECTED COUNTRIES (2016-2018)
    5.11 CASE STUDY: FRP VESSELS MARKET
    5.12 MACROECONOMIC OVERVIEW AND KEY TRENDS
           5.12.1 INTRODUCTION
           5.12.2 TRENDS AND FORECAST OF GDP
                    TABLE 1 ANNUAL PERCENTAGE CHANGE IN GDP, BY REGION (APRIL 2020)
           5.12.3 TRENDS IN OIL INDUSTRY
           5.12.4 TRENDS IN AUTOMOTIVE INDUSTRY
                    TABLE 2 GLOBAL NATURAL GAS VEHICLES (NGVS)/CNG STATISTICS, 2019

6 FRP VESSELS MARKET, BY FIBER TYPE (Page No. - 60)
    6.1 INTRODUCTION
           FIGURE 22 GLASS FIBER TO DOMINATE THE FRP VESSELS MARKET
           TABLE 3 FRP VESSELS MARKET SIZE, BY FIBER TYPE, 2018�2025 (USD MILLION)
           TABLE 4 FRP VESSELS MARKET SIZE, BY FIBER TYPE, 2018�2025 (KILOTON)
    6.2 GLASS FIBER
           FIGURE 23 APAC TO REGISTER HIGHEST CAGR IN GLASS FIBER BASED FRP VESSELS MARKET
           TABLE 5 GLASS FIBER BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (USD MILLION)
           TABLE 6 GLASS FIBER BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (KILOTON)
    6.3 CARBON FIBER
           TABLE 7 CARBON FIBER BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (USD MILLION)
           TABLE 8 CARBON FIBER BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (KILOTON)
    6.4 OTHER FIBERS
           6.4.1 ARAMID FIBER
           6.4.2 BASALT FIBER
                    TABLE 9 OTHER FIBERS BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (USD MILLION)
                    TABLE 10 OTHER FIBERS BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (KILOTON)

7 FRP VESSELS MARKET, BY RESIN (Page No. - 68)
    7.1 INTRODUCTION
           FIGURE 24 POLYESTER RESIN-BASED FRP VESSELS DOMINATE THE MARKET
           TABLE 11 FRP VESSELS MARKET SIZE, BY RESIN, 2018�2025 (USD MILLION)
           TABLE 12 FRP VESSELS MARKET SIZE, BY RESIN, 2018�2025 (KILOTON)
    7.2 POLYESTER
           FIGURE 25 APAC DOMINATES THE POLYESTER RESIN BASED FRP VESSELS MARKET
           TABLE 13 POLYESTER RESIN-BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (USD MILLION)
           TABLE 14 POLYESTER RESIN-BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (KILOTON)
    7.3 EPOXY RESIN
           TABLE 15 EPOXY RESIN-BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (USD MILLION)
           TABLE 16 EPOXY RESIN-BASED FRP VESSELS MARKET SIZE, BY REGION, 2018�2025 (KILOTON)

8 FRP VESSELS MARKET, BY APPLICATION (Page No. - 73)
    8.1 INTRODUCTION
           FIGURE 26 WATER & WASTEWATER TO BE LARGEST APPLICATION OF FRP VESSELS
           TABLE 17 FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
           TABLE 18 FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
    8.2 AUTOMOTIVE & TRANSPORTATION
           TABLE 19 FRP VESSELS MARKET SIZE IN AUTOMOTIVE & TRANSPORTATION, BY REGION, 2018�2025 (USD MILLION)
           TABLE 20 FRP VESSELS MARKET SIZE IN AUTOMOTIVE & TRANSPORTATION, BY REGION, 2018�2025 (KILOTON)
    8.3 WATER & WASTEWATER
           FIGURE 27 APAC DOMINATED FRP VESSELS MARKET IN WATER & WASTEWATER APPLICATION
           TABLE 21 FRP VESSELS MARKET SIZE IN WATER & WASTEWATER, BY REGION, 2018�2025 (USD MILLION)
           TABLE 22 FRP VESSELS MARKET SIZE IN WATER & WASTEWATER, BY REGION, 2018�2025 (KILOTON)
    8.4 CHEMICALS
           TABLE 23 FRP VESSELS MARKET SIZE IN CHEMICALS, BY REGION, 2018�2025 (USD MILLION)
           TABLE 24 FRP VESSELS MARKET SIZE IN CHEMICALS, BY REGION, 2018�2025 (KILOTON)
    8.5 OIL & GAS
           TABLE 25 FRP VESSELS MARKET SIZE IN OIL & GAS, BY REGION, 2018�2025 (USD MILLION)
           TABLE 26 FRP VESSELS MARKET SIZE IN OIL & GAS, BY REGION, 2018�2025 (UNITS)
    8.6 INDUSTRIAL
           TABLE 27 FRP VESSELS MARKET SIZE IN INDUSTRIAL, BY REGION, 2018�2025 (USD MILLION)
           TABLE 28 FRP VESSELS MARKET SIZE IN INDUSTRIAL, BY REGION, 2018�2025 (KILOTON)
    8.7 OTHERS
           8.7.1 PULP & PAPER
           8.7.2 PHARMACEUTICAL
           8.7.3 FOOD PROCESSING
                    TABLE 29 FRP VESSELS MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2018�2025 (USD MILLION)
                    TABLE 30 FRP VESSELS MARKET SIZE IN OTHER APPLICATIONS, BY REGION, 2018�2025 (KILOTON)

9 FRP VESSELS MARKET, BY REGION (Page No. - 83)
    9.1 INTRODUCTION
           FIGURE 28 GERMANY TO REGISTER HIGHEST GROWTH DURING THE FORECAST PERIOD
           9.1.1 FRP VESSELS MARKET SIZE, BY REGION
                    TABLE 31 FRP VESSELS MARKET SIZE, BY REGION, 2018�2025(USD MILLION)
                    TABLE 32 FRP VESSELS MARKET SIZE, BY REGION, 2018�2025(KILOTON)
           9.1.2 NORTH AMERICA
                    FIGURE 29 NORTH AMERICA: FRP VESSELS MARKET SNAPSHOT
           9.1.3 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY FIBER TYPE
                    TABLE 33 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY FIBER TYPE, 2018�2025 (USD MILLION)
                    TABLE 34 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY FIBER TYPE, 2018�2025 (KILOTON)
           9.1.4 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY RESIN TYPE
                    TABLE 35 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY RESIN TYPE, 2018�2025 (USD MILLION)
                    TABLE 36 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY RESIN TYPE, 2018�2025 (KILOTON)
           9.1.5 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY APPLICATION
                    TABLE 37 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 38 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
           9.1.6 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY COUNTRY
                    TABLE 39 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (USD MILLION)
                    TABLE 40 NORTH AMERICA: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (KILOTON)
                    9.1.6.1 US
                               TABLE 41 US: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                               TABLE 42 US: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.1.6.2 Canada
                               TABLE 43 CANADA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                               TABLE 44 CANADA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
           9.1.7 EUROPE
                    FIGURE 30 EUROPE: FRP VESSELS MARKET SNAPSHOT
                    TABLE 45 EUROPE: FRP VESSELS MARKET SIZE, BY FIBER TYPE, 2018�2025 (USD MILLION)
                    TABLE 46 EUROPE: FRP VESSELS MARKET SIZE, BY FIBER TYPE, 2018�2025 (KILOTON)
                    TABLE 47 EUROPE: FRP VESSELS MARKET SIZE, BY RESIN TYPE, 2018�2025 (USD MILLION)
                    TABLE 48 EUROPE: FRP VESSELS MARKET SIZE, BY RESIN TYPE, 2018�2025 (KILOTON)
                    TABLE 49 EUROPE: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 50 EUROPE: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    TABLE 51 EUROPE: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (USD MILLION)
                    TABLE 52 EUROPE: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (KILOTON)
                    9.1.7.1 France
                               TABLE 53 FRANCE: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                               TABLE 54 FRANCE: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.1.7.2 Germany
                               TABLE 55 GERMANY: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                               TABLE 56 GERMANY: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
           9.1.8 UK
                    TABLE 57 UK: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 58 UK: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.1.8.1 Italy
                               TABLE 59 ITALY: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                               TABLE 60 ITALY: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.1.8.2 Spain
                               TABLE 61 SPAIN: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                               TABLE 62 SPAIN: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.1.8.3 Rest of Europe
                               TABLE 63 REST OF EUROPE: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                               TABLE 64 REST OF EUROPE: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
    9.2 APAC
           FIGURE 31 APAC: FRP VESSELS MARKET SNAPSHOT
           9.2.1 APAC: FRP VESSELS MARKET, BY APPLICATION
           TABLE 65 APAC: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
           TABLE 66 APAC: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
           9.2.2 APAC: FRP VESSELS MARKET, BY FIBER
           TABLE 67 APAC: FRP VESSELS MARKET SIZE, BY FIBER, 2018�2025 (USD MILLION)
           TABLE 68 APAC: FRP VESSELS MARKET SIZE, BY FIBER, 2018�2025 (KILOTON)
           9.2.3 APAC: FRP VESSELS MARKET, BY RESIN
                    TABLE 69 APAC: FRP VESSELS MARKET SIZE, BY RESIN, 2018�2025 (USD MILLION)
                    TABLE 70 APAC: FRP VESSELS MARKET SIZE, BY RESIN, 2018�2025 (KILOTON)
           9.2.4 APAC: FRP VESSELS MARKET, BY COUNTRY
                    TABLE 71 APAC: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (USD MILLION)
                    TABLE 72 APAC: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (KILOTON)
                    9.2.4.1 China
           9.2.5 CHINA: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 73 CHINA: FRP VESSELS MARKET SIZE, BY APPLICATION 2018�2025 (USD MILLION)
                    TABLE 74 CHINA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.2.5.1 Japan
           9.2.6 JAPAN: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 75 JAPAN: FRP VESSELS MARKET SIZE, BY APPLICATION 2018�2025 (USD MILLION)
                    TABLE 76 JAPAN: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.2.6.1 India
           9.2.7 INDIA: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 77 INDIA: FRP VESSELS MARKET SIZE, BY APPLICATION 2018�2025 (USD MILLION)
                    TABLE 78 INDIA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.2.7.1 South Korea
           9.2.8 SOUTH KOREA: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 79 SOUTH KOREA: FRP VESSELS MARKET SIZE, BY APPLICATION 2018�2025 (USD MILLION)
                    TABLE 80 SOUTH KOREA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.2.8.1 Rest of APAC
           9.2.9 REST OF APAC: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 81 REST OF APAC: FRP VESSELS MARKET SIZE, BY APPLICATION 2018�2025 (USD MILLION)
                    TABLE 82 REST OF APAC: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
    9.3 MIDDLE EAST & AFRICA (MEA)
           9.3.1 MEA: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 83 MEA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 84 MEA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
           9.3.2 MEA: FRP VESSELS MARKET, BY FIBER
                    TABLE 85 MEA: FRP VESSELS MARKET SIZE, BY FIBER, 2018�2025 (USD MILLION)
                    TABLE 86 MEA: FRP VESSELS MARKET SIZE, BY FIBER, 2018�2025 (KILOTON)
           9.3.3 MEA: FRP VESSELS MARKET, BY RESIN
                    TABLE 87 MEA: FRP VESSELS MARKET SIZE, BY RESIN, 2018�2025 (USD MILLION)
                    TABLE 88 MEA: FRP VESSELS MARKET SIZE, BY RESIN, 2018�2025 (KILOTON)
           9.3.4 MEA: FRP VESSELS MARKET, BY COUNTRY
                    TABLE 89 MEA: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (USD MILLION)
                    TABLE 90 MEA: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (KILOTON)
                    9.3.4.1 UAE
           9.3.5 UAE: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 91 UAE: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 92 UAE: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.3.5.1 South Africa
           9.3.6 SOUTH AFRICA: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 93 SOUTH AFRICA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 94 SOUTH AFRICA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.3.6.1 Saudi Arabia
           9.3.7 SAUDI ARABIA: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 95 SAUDI ARABIA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 96 SAUDI ARABIA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.3.7.1 Rest of MEA
           9.3.8 REST OF MEA: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 97 REST OF MEA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 98 REST OF MEA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
    9.4 LATIN AMERICA
           9.4.1 LATIN AMERICA: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 99 LATIN AMERICA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 100 LATIN AMERICA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
           9.4.2 LATIN AMERICA: FRP VESSELS MARKET, BY FIBER
                    TABLE 101 LATIN AMERICA: FRP VESSELS MARKET SIZE, BY FIBER, 2018�2025 (USD MILLION)
                    TABLE 102 LATIN AMERICA: FRP VESSELS MARKET SIZE, BY FIBER, 2018�2025 (KILOTON)
           9.4.3 LATIN AMERICA: FRP VESSELS MARKET, BY RESIN
                    TABLE 103 LATIN AMERICA: FRP VESSELS MARKET SIZE, BY RESIN, 2018�2025 (USD MILLION)
                    TABLE 104 LATIN AMERICA: FRP VESSELS MARKET SIZE, BY RESIN, 2018�2025 (KILOTON)
           9.4.4 LATIN AMERICA: FRP VESSELS MARKET, BY COUNTRY
                    TABLE 105 LATIN AMERICA: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (USD MILLION)
                    TABLE 106 LATIN AMERICA: FRP VESSELS MARKET SIZE, BY COUNTRY, 2018�2025 (KILOTON)
                    9.4.4.1 Brazil
           9.4.5 BRAZIL: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 107 BRAZIL: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 108 BRAZIL: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.4.5.1 Mexico
           9.4.6 MEXICO: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 109 MEXICO: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 110 MEXICO: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)
                    9.4.6.1 Rest of Latin America
           9.4.7 REST OF LATIN AMERICA: FRP VESSELS MARKET, BY APPLICATION
                    TABLE 111 REST OF LATIN AMERICA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (USD MILLION)
                    TABLE 112 REST OF LATIN AMERICA: FRP VESSELS MARKET SIZE, BY APPLICATION, 2018�2025 (KILOTON)

10 COMPETITIVE LANDSCAPE (Page No. - 124)
     10.1 INTRODUCTION
               FIGURE 32 NEW PRODUCT LAUNCH AND AGREEMENT/CONTRACT ARE KEY GROWTH STRATEGIES ADOPTED BETWEEN 2015 AND 2020
     10.2 MARKET SHARE ANALYSIS
               FIGURE 33 HEXAGON GROUP LEAD FRP VESSELS MARKET IN 2019
     10.3 MARKET EVALUATION FRAMEWORK
             10.3.1 NEW PRODUCT LAUNCH/DEVELOPMENT
                       TABLE 113 NEW PRODUCT LAUNCH/ DEVELOPMENT, 2015�2020
             10.3.2 ACQUISITION
                       TABLE 114 ACQUISITION, 2015-2020
             10.3.3 AGREEMENT/CONTRACT
                       TABLE 115 AGREEMENT/CONTRACT, 2015-2020
             10.3.4 EXPANSION
                       TABLE 116 EXPANSION, 2015-2020
     10.4 REVENUE ANALYSIS OF TOP MARKET PLAYERS
               TABLE 117 REVENUE ANALYSIS OF TOP MARKET PLAYERS, 2019
     10.5 COMPANY EVALUATION MATRIX
             10.5.1 STAR
             10.5.2 PERVASIVE
             10.5.3 PARTICIPANTS
             10.5.4 EMERGING LEADERS
                       FIGURE 34 FRP VESSELS MARKET (GLOBAL): COMPETITIVE LEADERSHIP MAPPING, 2019
             10.5.5 STRENGTH OF PRODUCT PORTFOLIO
             10.5.6 BUSINESS STRATEGY EXCELLENCE

11 COMPANY PROFILE (Page No. - 133)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, Winning Imperatives, Development and Growth Strategies, Threat from Competition, Right to Win, and MnM View)*
     11.1 HEXAGON COMPOSITES ASA
               FIGURE 35 HEXAGON COMPOSITES ASA: COMPANY SNAPSHOT
               FIGURE 36 HEXAGON COMPOSITES ASA: SWOT ANALYSIS
     11.2 LUXFER GROUP
               FIGURE 37 LUXFER GROUP: COMPANY SNAPSHOT
               FIGURE 38 LUXFER GROUP: SWOT ANALYSIS
     11.3 WORTHINGTON INDUSTRIES, INC.
               FIGURE 39 WORTHINGTON INDUSTRIES, INC.: COMPANY SNAPSHOT
               FIGURE 40 WORTHINGTON INDUSTRIES, INC.: SWOT ANALYSIS
     11.4 EVEREST KANTO CYLINDERS LTD.
               FIGURE 41 EVEREST KANTO CYLINDERS LTD.: COMPANY SNAPSHOT
               FIGURE 42 EVEREST KANTO CYLINDERS LTD.: SWOT ANALYSIS
     11.5 QUANTUM FUEL SYSTEMS LLC.
               FIGURE 43 QUANTUM FUEL SYSTEMS LLC.: SWOT ANALYSIS
     11.6 FABER INDUSTRIE SPA
     11.7 AVANCO GROUP
     11.8 ZCL COMPOSITES, INC.
               FIGURE 44 ZCL COMPOSITES, INC.: COMPANY SNAPSHOT
     11.9 DENALI INCORPORATED
     11.10 LIANYUNGANG ZHONGFU LIANZHONG COMPOSITES GROUP CO. LTD.
     11.11 OTHER COMPANIES
               11.11.1 ULLIT SA
               11.11.2 AGILITY FUEL SOLUTIONS
               11.11.3 AUGUSTA FIBERGLASS
               11.11.4 EPP COMPOSITES PVT. LTD.
               11.11.5 ENDURO COMPOSITES INC.
               11.11.6 JRMS ENGINEERING WORKS
               11.11.7 CEVOTEC GMBH
               11.11.8 NPROXX
               11.11.9 STEELHEAD COMPOSITES, INC.
               11.11.10 TIME TECHNOPLAST LTD.

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, Winning Imperatives, Development and Growth Strategies, Threat from Competition, Right to Win, and MnM View might not be captured in case of unlisted companies.

12 APPENDIX (Page No. - 164)
     12.1 DISCUSSION GUIDE
     12.2 KNOWLEDGE STORE: MARKETSANDMARKETS� SUBSCRIPTION PORTAL
     12.3 AVAILABLE CUSTOMIZATIONS
     12.4 RELATED REPORTS
     12.5 AUTHOR DETAILS

The study involved two major activities in estimating the current size of the FRP vessels market. Exhaustive secondary research was performed to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. After that, market breakdown and data triangulation procedures were used to determine the extent of market segments and sub-segments.

Secondary Research

In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Factiva, were referred to for identifying and collecting information for this study. These secondary sources included annual reports, press releases and investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, trade directories, and databases.

Primary Research

The FRP vessels market comprises several stakeholders, such as raw material suppliers, processors, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is primarily characterized by the development of the automotive & transportation, chemicals, water & wastewater, industrial, , and other end-use industries. Advancements in technology and diverse applications in various end-use industries describe the supply side. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.

Following is the breakdown of primary respondents:

FRP Vessels Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both the top-down and bottom-up approaches were used to estimate and validate the total size of the FRP vessels market. These methods were also used extensively to determine the size of various sub-segments in the market. The research methodology used to estimate the market size included the following:

The key players in the industry and markets were identified through extensive secondary research.
The industry�s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall FRP vessels market size, using the market size estimation processes explained above, the market was split into several segments and sub-segments. To complete the whole market engineering process and arrive at the exact statistics of each market segment and sub-segment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides, mainly from the fuel tank, and transportation tank applications.

Report Objectives

To define, describe, and forecast the size of the FRP vessels market, in terms of value and volume
To provide detailed information about the key factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
To analyze and forecast the market based on by fiber, resin, and application
To analyze and project the market based on five regions, namely, Europe, North America, Asia Pacific (APAC), the Middle East & Africa (MEA), and Latin America
To strategically analyze the micromarkets concerning individual growth trends, prospects, and their contribution to the overall market
To analyze the opportunities in the market for stakeholders and provide a competitive landscape for market leaders
To strategically profile the key players and comprehensively analyze their market shares and core competencies