The global fiber reinforced plastic vessel market size is expected to grow from $2.78 billion in 2021 to $3.01 billion in 2022 at a compound annual growth rate (CAGR) of 8.29%. The global fiber reinforced plastic vessel market size is expected to reach $4.35 billion in 2026 at a CAGR of 9.63%.
What is the Global Fiber Reinforced Plastic Vessels Market?
The fiber-reinforced plastic vessels market consists of sales of the fiber-reinforced plastic vessels by entities (organizations, sole traders, partnerships) that refers to enclosed containers manufactured by fiber-reinforced plastic and designed to hold liquids, vapours and gases. Fiber-reinforced plastic is a composite material made of polymer resins as a matrix and glass or carbon fiber as a reinforcement. The technical advantages of fiber-reinforced plastic include corrosion resistant, ability to withstand hydrostatic forces, and strong tensile strength.
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What drives the Global Fiber Reinforced Plastic Vessels Market?
Increasing demand for fiber-reinforced plastic vessels in the automotive industry is driving the growth of the market. In the automotive industry, FRP vessels are used for fuel storage in natural gas vehicles and these vessels are constructed in a single piece, to reduce the possibility of splitting in the event of a crash. The rapid growth in the adoption of natural gas vehicles or conversion of existing gasoline vehicles to the natural gas vehicle in developing countries to reduce pollution levels has led to increased demand for FRP vessels. According to the study published in NGV Global Knowledgebase, as of 2019, there were 28.5 million natural gas vehicles and 33,383 natural gas filling stations operating across the globe. Thus, an increase in demand for FRP vessels in the automotive industry is expected to boost the market during the forecast period.
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Global Fiber Reinforced Plastic Vessels Market Segments
The global fiber reinforced plastic vessels market is segmented:
By Type: Glass Fiber, Carbon Fiber, Aramid Fiber, Other Types
By Distribution Channel: Online, Offline
By Resin: Polyester, Epoxy, Polyurethane, Other Resins
By Application: Automotive & Transportation, Water & Wastewater, Chemical, Industrial, Oil & Gas, Other Applications
By Geography: The regions covered in the fiber reinforced plastic vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Fiber Reinforced Plastic Vessels Global Market Report 2022provides market size and growth forecasts for the global fiber reinforced plastic vessels market, global fiber reinforced plastic vessels market share, fiber reinforced plastic vessels market segments and geographies, fiber reinforced plastic vessels market competitive landscape including leading competitors’ revenues, profiles and market shares. The fiber reinforced plastic vessels market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Fiber Reinforced Plastic Vessels Industry Playersinclude Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, TROY Dualam Inc., Swami Plastic Industries, Augusta Fiberglass Coating Inc., Worthington Industries, Inc., Avanco Group, Cevotec Gmbh, Denali Incorporated, Enduro Composites Inc., EPP Composites Pvt. Ltd., Faber Industrie Spa, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Nproxx, Quantum Fuel Systems LLC., and ZCL Composites, Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
