Unlock 20% Off Global Market Reports Using Code ONLINE20 – Stay Informed on Trade Policies, Market Growth, and Key Disruptors
What Are the Key Factors Driving FRP Vessels Market Size and Growth?
The frp vessels market size has grown strongly in recent years. It will grow from $3.36 billion in 2024 to $3.59 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to corrosion resistance requirements, cost-effectiveness, lightweight design, versatility in manufacturing, chemical resistance.
The frp vessels market size is expected to see strong growth in the next few years. It will grow to $4.9 billion in 2029 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to growing environmental concerns, advancements in composite technologies, expansion of renewable energy, rise in water treatment demands, infrastructure development in emerging markets. Major trends in the forecast period include focus on lightweight design, integration of smart monitoring systems, application in oil and gas industry, sustainability and environmental considerations.
Claim your free report sample now:
Who Are the Major Contributors to the FRP Vessels Market Growth?
Increasing demand for alternative fuel vehicles is expected to propel the growth of the FRP vessels market going forward. Alternative fuel vehicles (AFVs) are automobiles that use alternative fuels besides regular gasoline or diesel. For use in vehicles, alternative fuels include ethanol, electricity (including solar electricity), and biodiesel. FRP vessels are utilized to create a variety of electric vehicle parts, and their higher strength and low weight are beneficial for increased fuel efficiency and longer component life. For instance, in November 2023, according to the U.S. Energy Information Administration, a US-based government agency, the share of battery-electric vehicles (BEVs) in new light-duty vehicle sales reached 17.7% in the third quarter of 2023, with BEVs accounting for 16.0% of total new vehicle sales so far this year, up from 12.5% in 2022 and 9.0% in 2021, as reported by Wards Intelligence. This data underscores a notable upward trend in the demand for electric vehicles, reflecting growing consumer preference and market expansion. Therefore, increasing demand for alternative-fuel vehicles is driving the growth of the FRP vessels market.
How Is the FRP Vessels Market Divided by Type and Application?
The frp vessels market covered in this report is segmented –
1) By Fiber: Glass, Carbon, Other Fibers
2) By Resin: Polyester, Epoxy, Other Resins
3) By Applications: Automotive And Transportation, Chemicals, Industrial, Oil And Gas, Water And Wastewater, Other Applications
Subsegments:
1) By Glass Fiber: E-Glass Fiber, S-Glass Fiber
2) By Carbon Fiber: Prepreg Carbon Fiber, Standard Carbon Fiber
3) By Other Fibers: Aramid Fiber, Natural Fibers, Basalt Fiber
What Are the Significant Trends in the FRP Vessels Market Across Regions?
Development of low-weight transportation FRP vessels is the key trend gaining popularity in fiber reinforced plastic vessels market. Key players are focusing on the development of the low weight transportation FRP vessels to gain a competitive edge in the market. For example, Universal Hydrogen, a US-based carbon-free economical hydrogen transport company, announced a new product launch of twin-tank module for 50 seat aircraft that uses carbon fiber-wrapped pressure vessels to store H2 gas at 850 bar, enabling a 400-nm range for a Dash 8 or ATR turboprop regional aircraft that enables easy transport and loading using existing infrastructure.
Who Are the Emerging Players in the FRP Vessels Market?
Major companies operating in the FRP vessels market are Belco Manufacturing Co., Augusta Fiberglass Coatings Inc., Enduro Composites Inc., ZCL Composites Inc., Hengrun Group Co. Ltd., RL Industries, Denali Incorporated, L.F. Manufacturing Inc., EPP Composites Pvt. Ltd., Composite Advantage LLC, Cekaseal Composite, CMI Composites, CGH Belgium Group, Watts Water Technologies Inc., Plasticon Composites, Ashland Global Holdings Inc., Ershigs Inc., National Oilwell Varco Inc., Continental Steel & Tube Co., Industrial Plastic Systems Inc., Beijing Zhongxing Shiqiang Fiberglass Reinforced Plastic Co. Ltd., Composites USA, Amiblu Holding GmbH, Shreya Industries, Balaji Fiber Reinforce Pvt. Ltd., KCH Services Inc.
Get the full frp vessels market report here:
How Is Regional Performance Expected to Affect FRP Vessels Market Growth?
Asia-Pacific was the largest region in the FRP vessels market share in 2024. The regions covered in the FRP vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Contact Us:
The Business Research Company
Americas +1 310-496-7795
Asia +44 7882 955267 & +91 8897263534
Europe +44 7882 955267
Email: info@tbrc.info
Follow Us On:
LinkedIn: The Business Research Company | LinkedIn
Comments
Post a Comment