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Global FRP Vessels Market Size, Growth, Analysis, Research: By Fibre: Glass Fibre, Carbon Fibre Reinforced Plastic, Others; By Resin: Epoxy, Polyester, Others; By Application: Automotive and Transportation, Chemical, Water and Wastewater, Others; Regional Analysis; Competitive Landscape: Industry Events and Developments; 2022-2027

Global FRP Vessels Market Outlook

The global FRP vessels market size stood at a value of around USD 2.4 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 7.2% to reach USD 3.6 billion by 2027.  

 

Increasing Application of Glass Fibre Vessels in Chemical Processing Sector is Driving the Global FRP Vessels Industry

The glass fibre vessels segment is being driven by its increasing application in the chemical processing industry. Glass fibre vessels can withstand high temperatures and hostile conditions more efficiently as compared to their thermoplastic counterparts. In addition, these vessels exhibit high resistance to corrosion and chemicals and have a low thermal conductivity. This makes them ideal for general chemical applications. 

 

The high strength, superior stability, and high resistance to heat and weather, makes glass fibre vessels applicable in industries such as building and construction, marine, and transportation, among others. Over the forecast period, the increasing demand for glass fibre tanks to hold diverse products from baby lotions to sodium hydroxide, is anticipated to be a major driver of the segment’s growth.

 

North America Occupies a Significant Segment in the Market for FRP Vessels

FRP vessels are crucial in the manufacturing of fuel cells. The increasing demand for fuel-cell vehicles in the United States of America, owing to the changing preference of customers towards hydrogen powered cars, is driving the demand for the FRP vessels market. 

 

The rising applications of FRP vessels in the renovation of commercial or residential structures is likely to be a major propelling factor its demand in the coming years. The market in the North America region is anticipated to be aided by the advanced oil and gas infrastructure present, which is likely to amplify the demand for FRP vessels in the forecast period.

 

Market Segmentation

FRP vessels, also known as fibre-reinforced plastic vessels, are defined as composite materials which are used to manufacture vessels and tanks. FRP vessels are durable, lightweight, strong, and resistant to corrosion. The risks of complications with FRP vessels due to stress and weather conditions is low and they are customisable in terms of design. They are widely applied in the industrial and commercial industry. 

 

Based on fibre, the market can be segmented into:

  • Glass Fibre
  • Carbon Fibre Reinforced Plastic
  • Others

 

By resin, the FRP vessels market has been divided into:

  • Epoxy
  • Polyester
  • Others

 

The market can be broadly categorised based on application into:

  • Automotive and Transportation
  • Chemical
  • Water and Wastewater
  • Oil and Gas
  • Industrial
  • Others

 

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Increasing Demand for FRP Vessels in Water Treatment Projects to Boost the Growth of the Market

The rising industrial applications of FRP vessels is driving the FRP vessels market growth. In the industrial sector, these vessels are extensively used in wind energy owing to the high fatigue strength and minimal requirement for maintenance. FRP vessels allow the turbine to produce more power per unit volume, while minimising the impact on landscape. 

 

Over the forecast period, the anticipated increase in demand for FRP vessels for water treatment projects, which is attributable to the high strength, durability, and high corrosion resistance, is likely to be a major driving factor. In addition to this, the increasing investments in the water treatment projects in emerging economies are likely to accelerate the product demand in the coming years. 

 

Moreover, there is an increasing demand for FRP vessels or tanks for the transportation of solids or liquids in various industries such as pharmaceutical, food and beverage, and petrochemical industry, among others. This is anticipated to provide impetus to the market growth in the forecast period. 

 

Key Players in the Global FRP Vessels Market

The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

 

  • Plas-Tanks Industries, Inc.
  • Kaymo Fiber Reinforced Plastic Manufacture Co., Ltd. 
  • Group Surya
  • JRMS Engineering Works
  • Link Engineers
  • Others

 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Fibre 
  • Resin
  • Application
  • Region
Breakup by Fibre
  • Glass Fibre
  • Carbon Fibre Reinforced Plastic
  • Others
Breakup by Resin
  • Epoxy
  • Polyester
  • Others
Breakup by Application
  • Automotive and Transportation
  • Chemical
  • Water and Wastewater
  • Oil and Gas
  • Industrial
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Plas-Tanks Industries, Inc.
  • Kaymo Fiber Reinforced Plastic Manufacture Co., Ltd.
  • Group Surya
  • JRMS Engineering Works
  • Link Engineers
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Application
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global FRP Vessels Market Analysis

    8.1    Key Industry Highlights
    8.2    Global FRP Vessels Historical Market (2017-2021) 
    8.3    Global FRP Vessels Market Forecast (2022-2027)
    8.4    Global FRP Vessels Market by Fibre 
        8.4.1    Glass Fibre
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Carbon Fibre Reinforced Plastic
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Others
    8.5    Global FRP Vessels Market by Resin
        8.5.1    Epoxy
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Polyester
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
        8.5.3    Others
    8.6    Global FRP Vessels Market by Application
        8.6.1    Automotive and Transportation
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Chemical
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Water and Wastewater
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
        8.6.4    Oil and Gas
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2017-2021)
            8.6.4.3    Forecast Trend (2022-2027)
        8.6.5    Industrial
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2017-2021)
            8.6.5.3    Forecast Trend (2022-2027)
        8.6.6    Others
    8.7    Global FRP Vessels Market by Region       
        8.7.1    North America
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2017-2021) 
            8.7.1.3    Forecast Trend (2022-2027)
        8.7.2    Europe
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2017-2021) 
            8.7.2.3    Forecast Trend (2022-2027)
        8.7.3    Asia Pacific
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2017-2021) 
            8.7.3.3    Forecast Trend (2022-2027)
        8.7.4    Latin America
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2017-2021) 
            8.7.4.3    Forecast Trend (2022-2027)
        8.7.5    Middle East and Africa
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2017-2021) 
            8.7.5.3    Forecast Trend (2022-2027)
9    North America FRP Vessels Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2017-2021) 
        9.1.3    Forecast Trend (2022-2027)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2017-2021) 
        9.2.3    Forecast Trend (2022-2027)
10    Europe FRP Vessels Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2017-2021) 
        10.1.3    Forecast Trend (2022-2027)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2017-2021) 
        10.2.3    Forecast Trend (2022-2027)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2017-2021) 
        10.3.3    Forecast Trend (2022-2027)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2017-2021) 
        10.4.3    Forecast Trend (2022-2027)
    10.5    Others
11    Asia Pacific FRP Vessels Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2017-2021) 
        11.1.3    Forecast Trend (2022-2027)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2017-2021) 
        11.2.3    Forecast Trend (2022-2027)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2017-2021) 
        11.3.3    Forecast Trend (2022-2027)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2017-2021) 
        11.4.3    Forecast Trend (2022-2027)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2017-2021) 
        11.5.3    Forecast Trend (2022-2027)
    11.6    Others
12    Latin America FRP Vessels Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2017-2021) 
        12.1.3    Forecast Trend (2022-2027)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2017-2021) 
        12.2.3    Forecast Trend (2022-2027)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2017-2021) 
        12.3.3    Forecast Trend (2022-2027)
    12.4    Others
13    Middle East and Africa FRP Vessels Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2017-2021) 
        13.1.3    Forecast Trend (2022-2027)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2017-2021) 
        13.2.3    Forecast Trend (2022-2027)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2017-2021) 
        13.3.3    Forecast Trend (2022-2027)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2017-2021) 
        13.4.3    Forecast Trend (2022-2027)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Plas-Tanks Industries, Inc.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Kaymo Fiber Reinforced Plastic Manufacture Co., Ltd. 
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Group Surya
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    JRMS Engineering Works
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Link Engineers
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Others
17    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global FRP Vessels Market: Key Industry Highlights, 2017 and 2027
2.    Global FRP Vessels Historical Market: Breakup by Fibre (USD Billion), 2017-2021
3.    Global FRP Vessels Market Forecast: Breakup by Fibre (USD Billion), 2022-2027
4.    Global FRP Vessels Historical Market: Breakup by Resin (USD Billion), 2017-2021
5.    Global FRP Vessels Market Forecast: Breakup by Resin (USD Billion), 2022-2027
6.    Global FRP Vessels Historical Market: Breakup by Application (USD Billion), 2017-2021
7.    Global FRP Vessels Market Forecast: Breakup by Application (USD Billion), 2022-2027
8.    Global FRP Vessels Historical Market: Breakup by Region (USD Billion), 2017-2021
9.    Global FRP Vessels Market Forecast: Breakup by Region (USD Billion), 2022-2027
10.    North America FRP Vessels Historical Market: Breakup by Country (USD Billion), 2017-2021
11.    North America FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2022-2027
12.    Europe FRP Vessels Historical Market: Breakup by Country (USD Billion), 2017-2021
13.    Europe FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2022-2027
14.    Asia Pacific FRP Vessels Historical Market: Breakup by Country (USD Billion), 2017-2021
15.    Asia Pacific FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2022-2027
16.    Latin America FRP Vessels Historical Market: Breakup by Country (USD Billion), 2017-2021
17.    Latin America FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2022-2027
18.    Middle East and Africa FRP Vessels Historical Market: Breakup by Country (USD Billion), 2017-2021
19.    Middle East and Africa FRP Vessels Market Forecast: Breakup by Country (USD Billion), 2022-2027
20.    Global FRP Vessels Market Structure

Key Questions Answered in the Report

In 2021, the global market attained a value of nearly USD 2.4 billion.

The market is estimated to grow at a CAGR of 7.2% between 2022 and 2027.

The market for FRP vessels is estimated to witness a healthy growth in the 2022-2027 forecast period, reaching a value of USD 3.6 billion by 2027. 

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major drivers of the market include the thriving industrial sector in the emerging economies, growing demand for strong and corrosion resistant products in the construction and automotive sector, and rapid urbanisation. 

The increasing investment in water treatment projects are likely to be a key trend in the market. 

Glass fibre, and carbon fibre reinforced plastic, among others are the are the different fibres based on which the market has been segmented.

Epoxy, and polyester, among others is the segmentation of market based on resin.

Automotive and transportation, chemical, water and wastewater, oil and gas, and industrial, among others is the segmentation of market based on wall construction. 

The major players in the industry are Plas-Tanks Industries, Inc., Kaymo Fiber Reinforced Plastic Manufacture Co., Ltd., Group Surya, JRMS Engineering Works, and Link Engineers, among others. 

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