FRP Vessels Market Outlook
According to the report by Expert Market Research (EMR), the global FRP Vessels Market Size, Share, Analysis, Report and Forecast 2024-2032″, FRP vessels market is projected to grow at a CAGR of 7.2% between 2024 and 2032. Aided by the mounting demand for durable and lightweight vessels in various sectors and the expanding applications of FRP vessels, the market is expected to grow significantly by 2032.
FRP vessels are advanced composite materials made by combining resins and fibres, primarily known for their high strength-to-weight ratio, corrosion resistance, and durability. The utility of these vessels spans across diverse industries, including chemical, marine, automotive, oil and gas, and water treatment sectors, to name a few.
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The increased preference for high-strength, lightweight, and durable vessels across various industries has been the primary driver of the global FRP vessels market growth. As industries evolve and the demands of modern applications become more complex, the need for superior materials like FRP becomes increasingly apparent. This trend, combined with the continued technological advancements in FRP manufacturing, has led to a surge in demand for FRP vessels.
The broadening scope of FRP vessels in different industries plays a substantial role in boosting the FRP vessels market expansion. In the chemical industry, these vessels are utilised due to their exceptional resistance to corrosion, a crucial factor when handling corrosive chemicals. The marine industry, too, benefits from FRP vessels’ lightweight yet sturdy attributes, reducing fuel consumption and increasing load capacity, thus improving overall efficiency.
Furthermore, in the oil and gas sector, FRP vessels’ durability and resistance to extreme weather conditions make them ideal for both onshore and offshore applications, aiding the FRP vessels market growth. Meanwhile, the water treatment industry leverages these vessels due to their resilience against water corrosion and the ease of maintenance, increasing the life span of water treatment systems.
Additionally, the global shift towards sustainability and energy efficiency has led to increased attention on FRP vessels. Given their lightweight nature and the resultant energy savings in transportation and operation, FRP vessels offer a more sustainable alternative to traditional metal vessels. This sustainability aspect, combined with the growing societal and regulatory pressures for more eco-friendly practices, has contributed to the FRP vessels market expansion.
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FRP Vessels Market Segmentation
The market can be divided based on fibre, resin, application, and region.
Market Breakup by Fibre
- Glass Fibre
- Carbon Fibre Reinforced Plastic
Market Breakup by Resin
Market Breakup by Application
- Automotive and Transportation
- Water and Wastewater
- Oil and Gas
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
FRP Vessels Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global FRP vessels companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Plas-Tanks Industries, Inc.
- Kaymo Fiber Reinforced Plastic Manufacture Co., Ltd.
- Group Surya
- JRMS Engineering Works
- Link Engineers
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