The global Fiber Reinforced Plastic (FRP) vessels market size is expected to reach USD 5,924.0 Million in 2028 and register a revenue CAGR of 7.7% over the forecast period, according to the latest report by Reports and Data. Strict environmental regulations, government incentives for alternative fuels, and infrastructural development are key factors driving Fiber Reinforced Plastic (FRP) vessels market revenue growth. FRP is widely utilized for vessel fabrication in various industries such as mining, pulp and paper, chemical, power, and others due to various properties, namely, fabrication and design, durability, cost, stiffness, and impact resistance. During the manufacturing of FRP vessels, polymer matrix such as vinyl ester, epoxy, or polyester are often used. In comparison to conventional steel tankers, FRP vessels are gaining popularity because of lightweight nature and improved corrosion resistance. In addition, many companies are developing new FRP vessels with innovative features. For example, Kaymo makes vertical FRP tanks with three protective layers, which provide a higher level of safety for transporting or handling dangerous substances.
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Some major companies profiled in the Fiber Reinforced Plastic (FRP) vessels market report are Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, TROY Dualam Inc., Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd., Swami Plastic Industries, Augusta Fiberglass Coating Inc., Link Engineers, Hexagon Composites ASA, and Worthington Industries, Inc.
Some Key Highlights from the Report
- Glass fibre segment accounted for the largest revenue share in 2020. Many tiny glass fibres are compiled together and held rigidly in place by a plastic polymer resin in Glass fibre Composites (GFRP). These have excellent physical and mechanical properties such as flexibility, strength, lightweight, and durability. Also, these are heat, temperature, and moisture resistant.
- Polyester segment is expected to register a robust revenue CAGR in the global fibre Reinforced Plastic (FRP) vessels market over the forecast period. Polyester is made up of organic acids and polyhydric or multi-hydroxyl alcohol. These resins are extremely water and chemical resistant. These are also resistant to weathering, have a long lifespan, and have improved glass fibre wetting. To harden the structure and provide more protection, polyester resin is combined with glass fibre.
- Automotive and transportation segment is expected to register a robust revenue CAGR in the global fibre Reinforced Plastic (FRP) vessels market over the forecast period. Fuel is stored in FRP vessels in cars and commercial vehicles. These are made entirely of one piece, with no welded seams, reducing the risk of splitting in case of a collision. Additionally, FRP composites do not rust, thereby extending the life of FRP vessels.
- North America is expected to account for a significant revenue share in the global fibre Reinforced Plastic (FRP) vessels market over the forecast period. In this region, tax advantages have been enhanced or extended. The main reason is to boost tax incentives for reducing carbon dioxide (CO2) emissions, as natural gas emits less amount of CO2 per unit of energy produced than gasoline. As a result, the demand for FRP vessels is expanding in this region.
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For the purpose of this report, Reports and Data has segmented the global Fiber Reinforced Plastic (FRP) vessels market based on fiber type, resin, distribution channel, application, and region:
Fiber Type Outlook (Revenue, USD Million; 2018-2028)
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- Glass Fiber
- Carbon Fiber
- Aramid Fiber
- Others
Resin Outlook (Revenue, USD Million; 2018-2028)
-
- Polyester
- Epoxy
- Polyurethane
- Others
Distribution Channel Outlook (Revenue, USD Million; 2018-2028)
-
- Online
- Offline
Application Outlook (Revenue, USD Million; 2018-2028)
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- Automotive & Transportation
- Water & Wastewater
- Chemical
- Industrial
- Oil & Gas
- Others
The regional analysis covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Regional Analysis:
The report offers clear insights into the regional bifurcation of the market with regards to the regions where the market has already established its prominence. Furthermore, it analyses the key regions for production and consumption ratio, import/export analysis, supply and demand dynamics, regional trends and demands, and the presence of prominent players in each region. The regional analysis segments also offer a country-wise analysis to offer a panoramic view of the market.
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Competitive Landscape:
The report offers a comprehensive overview of the competitive landscape of the market to provide an advantage to the reader. This segment focuses on the initiatives and innovations adopted by the key players to gain a strong foothold in the market. The report also sheds light on mergers and acquisitions, joint ventures, collaborations, partnerships, and agreements, among others, to offer a better understanding of the market. The report also offers insights into revenue, gross profit margin, financial standing, market position, product portfolio, and other vital aspects of each player. The report also includes a thorough SWOT analysis and Porter’s Five Forces analysis.
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