FRP Vessels Market

FRP Vessels Market Statistics - 2027

The global FRP vessels market forecast was valued at $1.1 billion in 2019, and is projected to reach $1.6 billion by 2027, growing at a CAGR of 6.4% from 2020 to 2027. Fiber reinforced plastic (FRP) is a combination of polymer matrix reinforced with fiber material. FRP vessels are modern equipment that is used in chemical plants, oil & gas, wastewater treatment plant, mining, and power. FRP is used to fabricate vessels that have size ranging from 1 meter to 20 meter. FRP vessels are fabricated through several design standards such as Bs4994-87, ASME RTP-1, ASTM 3299, and SS245:1995. These design standards are incorporated to ensure specified thickness of the vessels, axial stress, hoop stress, physical properties, and Young’s modulus. Other than main stream applications, these are also used in chlor-alkali manufacturing plant, pulp and paper industry, air pollution control equipment, electroplating application, and brine manufacturing plant. 

The COVID-19 outbreak has impacted negatively on the global FRP vessels market owing to negative impact on major consumer of FRP vessels such as automotive & transportation, chemical, oil & gas, and industrial sectors.

FRP vessels market growth factors are rising adoption of FRP vessels in chemical plants owing to their beneficial properties such as light weight, easy to handle, can be customized easily depending upon customer requirement, and simple installation process. In addition, growing need of municipal waste water treatment and rising number of portable water treatment plant is the key market trend in the global market. On the contrary, FRP has low elastic modulus; thus, vessels made up of FRP lack rigidity, have poor long term temperature resistance, and these vessels are susceptible to performance degradation under the influence of UV rays. These factors are predicted to hinder the global market growth in the forecast period. However, FRP composite vessels can be easily moved, handled, and require minimal installation cost as compared to steel or metallic vessels.

The FRP vessels market analysis is done based on fiber type, resin, application, and region. Based on fiber type, the global market is segmented into glass fiber, carbon fiber, and others. Based on resin, the global market is segmented into polyester, epoxy, and others. Based on application, the global market is segmented into automotive & transportation, water & wastewater, chemicals, oil & gas, industrial, and others. On the basis of region, the global FRP vesselsmarket is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share in the global market, followed by North America and Europe. The major companies profiled in this report include Sainath Industrial Corporation (SIC), Plas-Tank Industries Inc., Augusta Fiberglass, Group Surya, JRMS Engineering Works, TROY Dualam Inc., Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd., Swami Plastic Industries, Plamer, and Link Engineers.

FRP vessels market, by region

The Asia-Pacific FRP vessels market size is projected to grow at the highest CAGR of 8.7% during the forecast period and accounting for 47.0% of FRP vessels market share. Rising R&D activity in China for reduction of FRP vessel cost and widened adoption of FRP in aeronautic, marine, and automotive sector has pushed the need of FRP, which are the major FRP vessels growth drivers in this region. In addition, growing need of new FRP material for renovation of civil structures has pushed the adoption of FRP among top civil infrastructure companies in India, which are considerable factors that are augmenting the FRP vessels market in the Asia-Pacific region.

FRP vessels market, by resin

In 2019, the polyester FRP vessels segment was the largest revenue-generating segment and is anticipated to grow at CAGR 7.0% in the forecast period. While the epoxy FRP vessels segment is predicted to grow with 5.8% CAGR.

FRP vessels market, by application

In 2019, the water & wastewater was the largest revenue-generating segment, and is anticipated to grow at a CAGR of 4.6% during the forecast period, while the automotive & transportation segment is anticipated to grow with 7.8% CAGR during the forecast period. 

Key benefits for stakeholders

• Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
• It outlines the current FRP vessels market trends and future estimations from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
• The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
• The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
• The profiles of key players and their key strategic developments are enlisted in the report.

Impact Of Covid-19 On The Global Frp Vessels Market

• The COVID-19 pandemic has negatively affected the global economy and is subsequently shrinking the GDP in global economies, thereby changing consumer spending patterns globally.
• Automotive sector had severe negative impact due to disruption in import & export of automotive parts, manufacturing interruptions across European region, and temporary closure of assembly plants in the U.S. FRP finds its application in automotive sector and in turn the global market has been negatively affected in this pandemic situation.
• FRP is used in water & wastewater treatment plant, however owing to spread of coronavirus, this sector has been affected negatively. According to National Association of Clean Water Agencies (NACWA), $12.5 billion revenue loss was observed due to COVID-19 pandemic. Thus, the global FRP vessels market has been affected negatively in the pandemic. 
• Chemical industry has observed minimal impact due to COIVD-19, this is attributed to newer decarbonization technologies, increased use of digital technologies, and some chemical companies facing oversupply situation in specific market segments. Thus, the FRP vessels market is predicted to have mixed effect inthe chemical sector. 

 FRP Vessels Market Report Highlights