The global FRP vessels market size is projected to grow from USD 3.9 billion in 2022 to USD 5.7 billion by 2027, at a CAGR of 8.0%. Vessels made with composite materials, resins, and additives are known as FRP (fiber reinforced plastic) vessels. The most frequently used composites for fabrication of primary and secondary constructions in the FRP vessels industry are made of polyester, epoxy, phenolic, or polymer matrix combined with glass or carbon fiber. The proper combination of resins, fibers, and fillers creates a lightweight, strong, easy-to-construct, and cost-effective product that facilitates physical access, ease of transportation, and cyclic loading; it also offers resistance against chemicals and corrosion, and a longer service life.
FRP vessels are technologically advanced products that are made with composite materials. They have applications in the water & wastewater, chemicals, oil & gas, automotive & transportation, and industrial sectors. The most frequently used composites for the fabrication of primary and secondary constructions in the FRP vessels industry are polyester, epoxy, phenolic, and polymer matrix combined with glass or carbon fiber. Composites are widely gaining importance in the FRP vessels market as they are light in weight, easy to construct, and cost-effective. FRP vessels are particularly suitable for applications requiring longer service life and low maintenance.
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The increasing demand for FRP vessels in heavy vehicles in North America and Europe has led to the growth of the global FRP vessels market. High cost and the lack of diversified products are the major factors restraining this market. However, there are several opportunities for market players in the FRP vessels market, which will help increase the penetration of such vessels in various end-use applications.
The FRP vessels market has been segmented on the basis of resin, fiber, application, and region. On the basis of resin, the market has been segmented into polyester, epoxy and others (phenolic, vinyl ester, and polyethylene). On the basis of fiber, the market has been segmented into glass, carbon, and others (basalt, aramid). On the basis of application, the market has been segmented into water & wastewater, chemicals, oil & gas, industrial, automotive & transportation, and others (pharmaceutical, food processing, and pulp & paper)
The carbon capture, utilization, and storage market is highly consolidated, with major players such as Hexagon Composites ASA (Norway), Luxfer Group (US), Worthington Industries Inc. (US), Shawcor Ltd. (US), and NOV Inc. (US) accounting for a large share of the market. However, small players also account for a significant market share. The key players are continuously adopting several developments, such as expansions, new product launches, and contracts & agreements, to strengthen their foothold in the market and capture additional market share.
Hexagon Composites ASA is a leading global supplier of composite pressure cylinders. The company operates its business through four segments: Hexagon Purus, Hexagon Ragasco LPG, Hexagon Digital Wave, and Agility Fuel Solutions. The company designs and manufactures high-pressure cylinders for trucks, buses, and light-duty vehicles; low-pressure composite cylinders for gas applications (cooking, heating, recreation); and cylinders for forklift trucks in some markets. Hexagon Composites operates some of the world’s most advanced facilities for designing, testing, and manufacturing of Type 4-all composite cylinders; it has modern and specialized production units in the US, Canada, Brazil, Germany, and Norway. The company’s high-pressure composite cylinders are mainly used for CNG, compressed biogas, and compressed hydrogen gas (CHG). Its primary markets are in North America, Europe, South America, and Southeast Asia.
Luxfer Group is one of the key players in materials technology, dealing with the manufacture, design, and supply of high-performance materials, gas cylinders, and components. Its area of expertise covers magnesium, zirconium, carbon, and rare earth. The company operates its business under the elektron and gas cylinders divisions. The gas cylinder division manufactures products made from composites and aluminum, using technically advanced processes. The company produces and sells its products through the Luxfer Gas Cylinders and Superform brands. Under Luxfer Gas Cylinders, the Group manufactures and develops high-pressure aluminum and carbon composite cylinders. Under the Superform brand, it manufactures and designs lightweight and highly complex products for a broad range of industries, such as rail transport, aerospace, and healthcare. Luxfer Group has 19 manufacturing plants operating in seven countries. It mainly serves customers in North America, Asia Pacific, and Europe.
Quantum Fuel Systems LLC. is a leader in innovation, development, and production of CNG fuel storage systems and packaged fuel storage systems. The company is also engaged in the integration of vehicle system technologies, such as engine and vehicle control systems and derivatives. It provides engineering design and support to OEMs through the fuel storage systems segment. Quantum Fuel Systems also provides low emission solutions to support the integration and production of natural gas fuel and storage systems, hybrid, fuel cell, and specialty vehicles as well as modular, transportable hydrogen fueling stations. Its fuel system features storage, transportation, monitoring, control, and injection of gaseous fuels to improve efficiency, enhance power output, and reduce pollutant emission. The company has operations and affiliations in the US, Canada, and India, among other countries.
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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