The Global FRP Vessels Market is expected to be valued at USD 5,538.8 Million in 2027 from USD 3,140.5 Million in 2019, registering a CAGR of 7.3% through the forecast period. Fiber-reinforced plastic (FRP) vessels are experiencing increased demand from the automotive sector. These FRP vessels are mainly utilized for fuel storage in commercial vehicles and passenger cars. Built in one piece, without welded seams, these vessels help in minimizing splitting during a crash. Moreover, the composites of FRP are not prone to corrosion, thus, enhancing FRP vessels’ durability. Additionally, soaring demand for NGVs or natural gas vehicles globally is stimulating the need for FRP vessels in automotive.
Unlike steel vessels, FRP vessels do not rust on exposure to extreme or harsh weather as well as chemicals. Besides, they are non-conductive and impact resistant. Compared to steel, FRP vessels are lighter in weight, allowing their easy installation, which leads to reduced time and cost. Furthermore, FRP vessels exhibit superior shear, compression, and tensile strength.
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Key Highlights of Report
- In October 2019, a major company, National Oilwell Varco, announced the collaboration with Denali Inc. Containment Solutions, Inc., —Denali’s largest business unit, producing underground FRP tanks; deployed for storing fuel at gasoline stations in North America.
- CFRP vessels are observing a significant rise in demand, owing to CFRP’s superior tensile strength. CFRP’s strength is nearly ten times higher than the ordinary steel. Moreover, the CFRP’s elasticity modulus is higher than glass fiber, steel, and aramid.
- Polyurethane resin composites in fiberglass have been highly tested in terms of tensile strength, compression, and flexural strength. Polyurethane showcases enhanced robustness, exceptional strength-to-weight ratio, and excellent UV resistance.
- In the chemical sector, FRP vessels are widely employed in several applications, including food processing, fertilizers, metal extraction, refining, electroplating, pulp and paper, air pollution control equipment, and chlor-alkali production.
- FRP vessels’ demand in the North America region is attributed to rising FRP installation in various industries, including petrochemical & chemical, oil & gas, and power generation. Increasing nuclear reactor’s deployment in the energy industry is fueling the regional market’s growth.
- Leading participants in the sector are National Oilwell Varco, Faber Industries SPA, Luxfer Holdings PLC, Everest Canto Cylinder Ltd., Shawcor, Agility Fuel Solutions LLC, ULLIT SA, JRMS Engineering Works, Worthington Industries Inc., and Hexagon Composites ASA.
Emergen Research has segmented the Global FRP Vessels Market in terms of fiber type, resin, distribution channel, industry vertical, and region:
Fiber Type Outlook (Revenue, USD Billion; 2017–2027)
Resin Outlook (Revenue, USD Billion; 2017–2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017–2027)
Industry Vertical Outlook (Revenue, USD Billion; 2017–2027)
- Automotive & Transportation
- Oil & Gas
- Water & Wastewater
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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