FRP Vessels Market worth $4.7 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 17, 2020 /PRNewswire/ -- According to the new market research report "FRP Vessels Market by Fiber (Glass, Carbon, Others), Resin (Polyester, Resin, Others), Application (Automotive & Transportation, Water and Wastewater, Chemical, Industrial, Oil & Gas, Others), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global FRP Vessels Market is expected to grow from USD 3.3 billion in 2020 to USD 4.7 billion by 2025, at a CAGR of 8.0% during the forecast period. Government initiatives emphasizing on adoption of clean fuel and growth in number natural and fuel cell electric vehicles are expected to drive the market.
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Glass Fiber comprises a major share in terms of value and volume.
Glass fiber accounts for the largest share of the overall market. In glass fiber composites (GFRP), a number of tiny glass fibers are compiled together and held rigidly in place by a plastic polymer resin. The common plastic resins used in composites include epoxy, vinyl ester, polyester, polyurethane, and polypropylene. Owing to its superior physical and mechanical properties such as strength, durability, flexibility, stability, lightweight, and resistance to heat, temperature, and moisture, glass fiber is used in construction & infrastructure, wind energy, pipe & vessels, marine, and transportation industries. Carbon fiber-reinforced FRP vessels are high-cost material used in high-end applications such as aerospace, industrial parts, and sporting goods as they are stronger and more lightweight.
However, due to pandemic COVID-19, the sales of FRP vessels decreased due to disturbance in supply chain This demand would surge with recovery in the automotive & transportation, oil & gas, chemicals, water & wastewater applications.
Polyester resin account for the largest market share in the global FRP vessels market in terms of value and volume.
Polyester resins are categorized as long-chain synthetic polymers and are formed by the combination of either polyhydric or multi-hydroxyl alcohols with organic acids. Polyester resins do not expand with high temperature and exhibit good mechanical, electrical, and heat resistance properties.. However, because of COVID-19, the demand for raw material polyester resin is reduced. In China, there is a strong demand for FRP vessels from the automotive & transportation and chemical sectors. Therefore, key companies in the country are planning to tap the potential of polyester resin in this segment. There is a huge decline in demand in the APAC region due to a complete and partial lockdown in the region.
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Water and wastewater application dominates the market in the global FRP vessels market during the forecast period in terms of value and volume.
The water & wastewater application is the biggest application in the FRP vessels market. Composite vessels are used in potable water storage and wastewater storage. Wastewater contains feces, urine, and other solid waste in different concentrations having different densities, particle sizes, and hardness; these particles damage the tanks from within. FRP vessels possess unique characteristics such as high strength, durability, and non-corrosive properties. Some of the major players involved in the manufacturing of FRP vessels for the water & wastewater segment include Worthington Industries, Inc. (US), ZCL Composites (Canada), Enduro Composites (US), and Plasticon Composites (Netherlands).
APAC is expected to account for the largest market share in the FRP vessels market during the forecast period.
The growth of the FRP vessels market in APAC is driven by the increasing consumption in chemicals, water & wastewater, automotive & transportation, and oil & gas applications. This growing consumption is attributed to the high industrial growth in countries such as China, Japan, and South Korea. China has become the largest consumer of FRP vessels in the automobile sector and is expected to strengthen its position further. The focus of the Chinese government on reducing air pollution by promoting the use of natural gas vehicles is driving the growth of the FRP vessels market.
Hexagon Composites ASA (Norway), Luxfer Group (England), Worthington Industries, Inc. (US), Everest Kanto Cylinders Ltd. (India), Quantum Fuel Systems LLC. (US), Faber Industrie SpA (Italy), Avanco Group (Germany), ZCL Composites Inc. (Canada), Denali Incorporated (US), and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China), are some of the key players in the FRP vessels market.. These players have taken different organic and inorganic developmental strategies over the past five years.
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