PUBLISHER: The Business Research Company | PRODUCT CODE: 1270524
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270524
“FRP Vessels Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on frp vessels market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for frp vessels? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The frp vessels market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the frp vessels market are Sainath Industrial Corporation, Plas-Tank Industries Inc., Augusta Fiberglass, Group Surya, JRMS Engineering Works, Troy Dualam Inc., Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd., Swami Plast Industries, Palmer Manufacturing and Tank Inc., Link Engineers, Hexagon Composites ASA, Faber Industrie SpA, Denali Incorporated, Quantum Fuel Systems LLC, and National Oilwell Warco.
The global FRP vessels market is expected to grow from $2.90 billion in 2022 to $3.13 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The FRP vessels market is expected to grow to $4.14 billion in 2027 at a CAGR of 7.2%.
The FRP vessels market consists of sales of membrane housing, aromatic polyamide fiber, polypropylene vessels. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
FRP (fiberglass reinforced plastic) vessels refer to massive sized tanks composed of high-grade FRP material. It has the quality of having greater resistance to harsh and extreme events.
Asia-Pacific was the largest region in the FRP vessels market in 2022. The regions covered in the FRP vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The fibers involved in FRP vessels are glass, carbon, and others. Fiberglass refers to a plastic reinforced with tiny glass threads to prevent heat evaporation. The resins involved are polyester, epoxy, and others that are used for automotive and transportation, chemicals, industrial, oil and gas, water and wastewater, and other applications.
Increasing demand for alternative fuel vehicles is expected to propel the growth of the FRP vessels market going forward. Alternative fuel vehicles (AFVs) are automobiles that use alternative fuels besides regular gasoline or diesel. For use in vehicles, alternative fuels include ethanol, electricity (including solar electricity), and biodiesel. FRP vessels are utilized to create a variety of electric vehicle parts, and their higher strength and low weight are beneficial for increased fuel efficiency and longer component life. For instance, in October 2022, according to the EV Statistics report shared by Tridens Technology, a Slovenia -based software engineering company providing cloud solutions, consulting, and software engineering services, global sales of electric vehicles surpassed 6.5 million units in 2021, a 120% increase over 2020. By 2030, 145 million electric vehicles are anticipated to be on the road (including electric cars, buses, vans, and heavy trucks). In 2021, China sold more than 3.3 million electric vehicles. Sales of electric vehicles in the USA increased more than twofold from the previous year in 2021. Therefore, increasing demand for alternative-fuel vehicles is driving the growth of the FRP vessels market.
Development of low-weight transportation FRP vessels is the key trend gaining popularity in fiber reinforced plastic vessels market. Key players are focusing on development of the low weight transportation FRP vessels to gain a competitive edge in the market . For example, in August 2020, Universal Hydrogen, a US-based carbon-free economical hydrogen transport company, announced a new product launch of twin-tank module for 50 seat aircraft that uses carbon fiber-wrapped pressure vessels to store H2 gas at 850 bar, enabling a 400-nm range for a Dash 8 or ATR turboprop regional aircraft that enables easy transport and loading using existing infrastructure.
In August 2022, Hexagon Composites, a Norway-based composite cylinder technology acquired a 40% stake in Cryoshelter GmbH. With this acquisition, Hexagon and Cryoshelter cooperation will employ the LNG technology platform to further develop LH2 solutions for the heavy-duty transportation industry. Cryoshelter GmbH is an Austria-based firm that specializes in developing cryogenic tank technology for liquid hydrogen and natural gas (LNG/RLNG) (LH2).
The countries covered in the FRP vessels market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The FRP vessels market research report is one of a series of new reports from The Business Research Company that provides FRP vessels market statistics, including FRP vessels industry global market size, regional shares, competitors with FRP vessels market share, detailed FRP vessels market segments, market trends, and opportunities, and any further data you may need to thrive in the FRP vessels industry. This FRP vessels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.