FRP Vessels Market Share, Size, Trends, Industry Analysis Report, By Resin Type (Polyester, Epoxy, and Others); By Fiber Type; By Application; By Region; Segment Forecast, 2023 - 2032
- Published Date:Mar-2023
- Pages: 119
- Format: PDF
- Report ID: PM3104
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global FRP vessels market was valued at USD 3.90 billion in 2022 and is expected to grow at a CAGR of 7.6% during the forecast period. The extensively growing demand for FRP vessels from automotive and transportation sector worldwide and surge in the need for alternative fuel vehicles are key factors influencing the growth of the global market.
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There is an increasing prevalence for chemical processing, water storage, and wastewater management across several industries along with the growing popularity of dielectric property of FRP vessels, resulted in a wider scope in appliances where electricity conductivity cannot be easily tolerated, are also likely to fuel the FRP vessels market demand and growth over the coming years.
Government inclination towards the higher adoption of clean fuel and supporting the market for natural and fuel cell electric vehicles in both developed and developing economies along with the increased range of FRP products in numerous sectors including chemical, oil & gas, and transportation and rising investment in research & development activities by both government and private organizations are likely to create lucrative growth opportunities in the near future.
For instance, in December 2021, Worthington Industries, announced that the company has completed the acquisition of the Tempel Steel Company at the cost of USD 255 million and add five for manufacturing plants located in Chicago, China, China, India, and Mexico.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the market. The emergence of the deadly virus has had a severe impact on the global economy, resulting in a decline in the GDP and change in consumer purchasing patterns. Moreover, high disruptions in the import and export of various industrial verticals, manufacturing outages across Europe region, and temporary shutdown of production plants across the globe also had a detrimental impact on the global market during the pandemic period.
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Industry Dynamics
Growth Drivers
Increasing adoption and expansion for fiber reinforced plastic vessels in the aerospace industry owing to its numerous exceptional material properties like high-tensile strength, stiffness, and particularly low-weight and high focus by aircraft manufacturers on boosting their production speed and efficiency are major factors projected to drive the market growth throughout the anticipated period. FRP vessels reduce the wright by over 25% while ensuring equal or even greater strength compared to aluminum sheets.
Moreover, in the recent years, there has been a high need for municipal waste water treatment and increasing numbers of portable water treatment plant, which in turn, propelling the demand for FRP vessels significantly. It has gained high traction as modern equipment used in variety of industries ranging from 1 meter to 20 meter and are fabricated with numerous design standards like ASME RTP-1 and ASTM 3299.
Report Segmentation
The market is primarily segmented based on resin type, fiber type, application, and region.
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By Resin Type |
By Fiber Type |
By Application |
By Region |
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Polyester segment accounted for the largest market share in 2022
Longer life span, improved glass fiber wetting, chemical & water resistant, and resistant to weathering along with the capabilities to provide greater protection and harden the structure quickly are major factors influencing the segment market growth. Moreover, wide utilization of this product in the building & construction industry for the manufacturing of variety of products like window panels, rood tiles, and floor tiles, as it provides better surface finish, repellency, and good electrical insulation, which is acting as a key driving factor for the segment market.
Furthermore, the epoxy segment is projected to account for substantial market share over the anticipated period, which is mainly accelerated by rapid increase in the CNG vehicles and rising penetration of design & development of vehicles based on hydrogen fuel cells. Epoxy resins are highly used to produce composite materials that are being widely used in load-bearing applications like aerospace, marine, and oil & gas.
Glass fiber segment held the largest market revenue share in 2022
The glass fiber segment held the majority market share of global market in 2022, on account of its excellent physical and mechanical characteristics like flexibility, lightweight, durability, and high strength and are also moisture, heat, and temperature resistant. Glass fiber is largely used as eco-friendly construction material in the form of reinforced concrete with a comparatively solid appearance without harming the environment. The rapid increase in the construction related activities in emerging countries such as India, China, and Brazil along with the high use of insulation per unit build area are likely to have positive impact on the segment market.
However, the carbon fiber segment is likely to grow at considerable growth rate during the anticipated period, which is mainly driven by its capabilities to significantly increase the pressure of container, which further has weight-reducing effect as compared to conventional metal containers. In addition, by reinforcing the carbon fiber, it is expected to increase the gas filling pressure and production capacity.
Automotive & transportation segment is expected to witness highest growth
The automotive & transportation segment is projected to grow at a high CAGR during the forecast period as, FRPs is known as precious metal alternatives mainly in the frames of lavish automobiles and also in trailer body sidings. In addition, rapid growth in the number of automobiles sales especially electric vehicles across the globe, that results in higher integration of FRP vessels into automotive sector and furling the segment market exponentially.
Water & wastewater segment dominated the market in 2022 with a holding of significant market share, as these vessels are highly used for the storage of potable water and waste water that contains several contaminants and sold wastes of various densities. FRP vessels has find its vast applications in several industrial sectors including thermal power plants, insecticides, pharmaceuticals, and many others, which is likely to boost its adoption and need in the near future.
Asia Pacific dominated the global market for FRP vessels in 2022
Asia Pacific region led the market globally in 2022, and is projected to maintain its dominance throughout the study period. The growth of the segment market can be attributed to widespread use of vessels in chemical, oil & gas, transportation, & automotive applications in countries like China, India, South Korea, & Malaysia.
North America is expected to grow significantly over the coming years owing to the stringent government regulations regarding the manufacturing sector coupled with the high demand for lightweight products comes with superior properties. Moreover, high improvements and extension of tax incentives or advantages, that are being undertaken by government of US and Canada to reduce carbon dioxide emissions, is anticipated to boost the growth of the regional market.
Competitive Insight
Some of the major players operating in the global market include Hexagon Composites, Luxfer Group, Worthington Industries, Everest Kanto Cylinders, Quantum Fuel Systems, Faber Industries, Avanco Group, Shawcor., NOV Inc., Zhongfu Lianzhing Composites, ZCL Composites, Swami Plastic Industries, Fiberglass Coating, Reinforced Olastic Manufacture, and TROY Dualam.
Recent Developments
- In July 2022, Rev1 Ventures entered into a strategic partnership with Worthington Industries Inc. to boost the innovations in IoT, smart manufacturing, sustainability, and data & analytics. Under this agreement, the Worthington will invest around USD 10 million into the innovative technologies that would enhance company market range and enable them to serve better to current and as well as future market.
- In April 2021, Bedford Reinforced Plastics announced the launch of its new ReadySeries, a very quick-ship easy to install modular solution that meets the need of safety structures effectively. The new system includes industrial platforms, walkaways, catwalks, handrails, guardrails, pedestrian bridges and many more configurations that can be handled quickly and affordably.
FRP Vessels Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 4.18 billion |
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Revenue forecast in 2032 |
USD 8.07 billion |
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CAGR |
7.6% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Resin Type, By Fiber Type, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Hexagon Composites ASA, Luxfer Group, Worthington Industries Inc., Everest Kanto Cylinders, Quantum Fuel Systems LLC, Faber Industries SpA, Avanco Group, Shawcor Ltd., NOV Inc., Zhongfu Lianzhing Composites, ZCL Composites Inc., Swami Plastic Industries, Fiberglass Coating Inc., Reinforced Olastic Manufacture Co. Ltd., and TROY Dualam Inc. |
FAQ's
Key companies in the FRP vessels market are Hexagon Composites, Luxfer Group, Worthington Industries, Everest Kanto Cylinders, Quantum Fuel Systems, Faber Industries, Avanco Group, Shawcor.
The global FRP vessels market expected to grow at a CAGR of 7.6% during the forecast period.
The FRP vessels market report covering key segments are resin type, fiber type, application, and region.
Key driving factors in the FRP vessels market are rising adoption of FRP vessels in water and wastewater treatment industry.
The global FRP vessels market size is expected to reach USD 8.07 billion by 2032.
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