The report "FRP Vessels Market by Fiber Type (Glass, Carbon), Resin Type (Polyester, Epoxy, Others), Application (Automotive & Transportation, Water and Wastewater, Chemical, Industrial, Oil & Gas), and Region - Global Forecast to 2027", FRP vessels market size is projected to reach USD 5.7 billion by 2027 from USD 3.9 billion in 2022 growing at a CAGR of 8.0%.
Browse 260 market data Tables and 54 Figures spread through 240 Pages and in-depth TOC on "FRP Vessels Market by Fiber Type (Glass, Carbon), Resin Type (Polyester, Epoxy, Others), Application (Automotive & Transportation, Water and Wastewater, Chemical, Industrial, Oil & Gas), and Region - Global Forecast to 2027"
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Polyester resin segment to grow at a significant rate in FRP Vessels market in terms of value and volume.
FRP vessels are ideal for replacing traditional materials such as steel owing to their high resistance to corrosion, pressure, and temperature, among other properties. The FRP vessels market is segmented on the basis of resin into polyester, epoxy, and others. These resins are used as a matrix to produce FRP vessels. It is the largest composite resin used in the production of FRP vessels. It displays excellent thermal stability, low water absorption, good electrical properties, good tensile strength, and corrosion resistance. Epoxy resin is projected to be the fastest-growing segment during the forecast period. It is corrosion-resistant, tough, and provides impact strength, and is mainly used in combination with carbon fibers in various end-use applications such as automotive & transportation. The polyester resin segment accounted for f 52.5% of the FRP vessels market in 2021, in terms of value, and is projected to register a CAGR of 7.9% during the forecast period
The polyester resin-based FRP vessels segment accounted for 58.1%, in terms of volume, of the overall market in 2021. With the growing automotive & transportation industry, the use of epoxy resin to manufacture strong FRP vessels is also expected to rise in the near future.
Glass fiber type to be the dominating segment in the global FRP Vessels market in terms of value and volume
Two major fibers are used as reinforcements for FRP vessels—glass fiber and carbon fiber. Fiber type, form, and orientation are very important during reinforcements. Glass and carbon fiber mainly determine the rigidity and strength of FRP vessels. These fibers offer benefits such as non-corrosiveness, non-conductivity, flexibility, resistance to high operating pressure, low maintenance, durability, and design flexibility. In terms of value, the FRP vessels market is dominated by glass fiber as it provides superior physical and mechanical properties such as strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture. Glass fiber-based FRP vessels are mainly used in the chemical, oil & gas, water & wastewater, and pulp & paper industries. Carbon fiber-based FRP vessels last longer and exhibit less thermal expansion. On the other hand, FRP vessels made of glass fiber shrink when subjected to curing. Carbon fiber-based FRP vessels are mainly used in aerospace, automotive, firefighting, medical, and sports applications, where high mechanical strength is required.
The glass fiber segment accounted for 98.2%, in terms of volume, of the overall FRP vessels market in 2021. This is attributed to the high demand from automotive & transportation, water & wastewater, industrial, chemical, and other applications, especially from China and Japan. Recent environmental issues related to climate change and greenhouse gas emissions have prompted automotive manufacturers to focus on the use of alternative fuel stored in FRP vessels.
Water and Wastewater application to be the fastest-growing end-use industry segment along with flooring in the global FRP Vessels market in terms of value
Asia Pacific dominated the FRP vessels market in the water & wastewater application. North America accounted for the second-largest market, accounting for a share of 27.4%, in terms of value, in 2021. The FRP vessels market in North America is driven by the increase in demand for FRP vessels for water storage in coastal areas.
The water & wastewater application is the biggest application in the FRP vessels market. Composite vessels are used in potable water storage and wastewater storage. Wastewater contains feces, urine, and other solid waste in different concentrations, with varying densities, particle sizes, and hardness; these particles damage the tanks from within. Traditional steel tanks corrode quickly and break due to the nature of the waste they carry. Metal tanks in the sewage system are now being replaced by FRP vessels. They offer high strength, durability, and non-corrosive properties.
Asia Pacific to be the fastest-growing country in the FRP Vesselsmarket during the forecast period
The growth of the FRP vessels market in Asia Pacific 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 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. The focus of the Chinese government on reducing air pollution by promoting the use of natural gas vehicles is driving the growth of the FRP vessels market. Governments of Asia Pacific countries are focusing on increasing the use of alternative fuels and reducing emissions in cities; this is expected to boost the FRP vessels market in the region. Natural gas plays a significant role in Asia Pacific as it is a cleaner and more economical source of energy compared to gasoline, diesel, or other fuels.
Some of the key players in the global FRP Vesselsmarket are such as 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), Shawcor Ltd (US), NOV Inc. (US), and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China).
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