The FRP vessels market is projected to be valued at USD 5,538.8 Million by 2027, according to a current analysis by Emergen Research. FRP (fiber-reinforced plastic) vessels are witnessing increasing demand from the automotive industry. FRP vessels are used for fuel storage in passenger cars and commercial vehicles. These vessels are constructed in one piece, without any welded seams, which helps in decreasing splitting in the event of a crash. Besides, FRP composites do not corrode, which increases durability of FRP vessels. Furthermore, increasing demand for natural gas vehicles (NGVs) worldwide is significantly driving the demand for FRP vessels in the automotive sector.
FRP vessels, unlike steel vessels, do not rust on exposure to harsh chemicals and weather. Also, they are impact resistant and non-conductive. FRP vessels are extremely lighter in weight compared to steel, which allows for their easy installation. It also results in reduced cost and time. Also, FRP vessels possess higher compression, shear, and tensile strength.
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The report further sheds light on the emerging growth opportunities, challenges, market threats, limitations, and factors likely to restrict the growth of the FRP Vessels market. The report further discusses in detail the market in international waters and the emerging trends in those regions. It also offers insights into the competitive landscape, market drivers, industrial scenario, and the latest product and technological developments to offer a comprehensive overview of the FRP Vessels market landscape.
The global FRP Vessels market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the FRP Vessels sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
One of the report’s central components is the broad FRP Vessels market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the FRP Vessels market players.
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Key market participants include Faber Industries SPA, National Oilwell Varco, Luxfer Holdings PLC, Shawcor, Everest Canto Cylinder Ltd., Agility Fuel Solutions LLC, JRMS Engineering Works, ULLIT SA, Hexagon Composites ASA, and Worthington Industries Inc.
Key Highlights of Report
- In October 2019, National Oilwell Varco made an announcement about the acquisition of Denali Inc. The largest business unit of Denali, called Containment Solutions, Inc., primarily produces underground FRP tanks deployed for fuel storage at gasoline stations throughout North America.
- CFRP vessels are witnessing significant increase in the demand, due to higher tensile strength of CFRP. Tensile strength of CFRP is about 10 times higher than that of ordinary steel. Also, the elasticity modulus of CFRP is higher than steel, glass fiber, and aramid.
- Polyurethane resin in fiberglass composites has been widely tested in terms of compression, tensile strength, and flexural strength. Polyurethane possesses an exceptional strength-to-weight ratio, improved robustness, and superior UV resistance.
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Emergen Research has segmented the global FRP vessels market in terms of fiber type, resin, distribution channel, industry vertical, and region:
Fiber Type Outlook (Revenue, USD Billion; 2017–2027)
Resin Outlook (Revenue, USD Billion; 2017–2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017–2027)
Industry Vertical Outlook (Revenue, USD Billion; 2017–2027)
- Automotive & Transportation
- Oil & Gas
- Water & Wastewater
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
Highlights of Table of Contents (TOC):
- Overview of Global FRP Vessels Market
- Competitive analysis of the FRP Vessels market
- Regional analysis of Global FRP Vessels market production and revenue
- Regional analysis of Global FRP Vessels market supply, consumption, and export & import
- Type-based market analysis of global FRP Vessels production, revenue, and price trends
- Application-based analysis of the global FRP Vessels market
- Manufacturer profiles, manufacturing cost, and upstream and downstream analysis of global FRP Vessels market
- Conclusion of the research report
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