FRP Vessels Market Surges: 10.52% CAGR
Evolve Business Intelligence has published a research report on the Global FRP Vessels Market, 2023–2033. The global FRP Vessels Market is projected to exhibit a CAGR of around 10.52% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global FRP Vessels Market: Faber Industries, Luxfer Group, ZCL Composites Inc., Hexagon Composites, Everest Kanto Cylinders Ltd., Quantum Fuel Systems, Avanco Group, Denali Incorporated, ULLIT and Worthington Industries Inc.
More Information: https://evolvebi.com/report/frp-vessels-market-analysis/
Market Highlights
The Global FRP Vessels Market is projected to be valued at USD 20.36 Billion by 2033, recording a CAGR of around 10.52% during the forecast period. The FRP (Fiber Reinforced Plastic) Vessels Market refers to the industry involved in manufacturing and supplying vessels or tanks made from composite materials such as fiberglass reinforced with plastics. These vessels are used across various industries for storing corrosive chemicals, water, and other liquids due to their corrosion resistance, lightweight nature, and durability. The market encompasses manufacturers, suppliers, and distributors of FRP vessels, catering to sectors like water treatment, chemical processing, oil and gas, and food processing industries.
The COVID-19 pandemic had significant impacts on the FRP Vessels Market. Lockdowns and restrictions disrupted supply chains globally, affecting the availability of raw materials and components necessary for manufacturing FRP vessels. Many industries that use FRP vessels, such as oil and gas, chemical processing, and water treatment, experienced reduced demand due to economic slowdowns and temporary shutdowns of operations. Restrictions on movement and safety protocols led to labor shortages, affecting production capabilities in some regions. Construction and infrastructure projects that would have required FRP vessels were delayed or put on hold, impacting market growth. Economic uncertainty and reduced investments affected capital expenditure budgets, impacting the purchase of new FRP vessels.
Segmental Analysis
The global FRP Vessels Market has been segmented based on Fiber, Resin and Application.
Based on Fiber, the FRP Vessels Market is segmented into Glass, Carbon and Others. The Glass segment is anticipated to dominate the market.
Based on Resin, the FRP Vessels Market is segmented into Polyester, Epoxy and Others. The Polyester segment is anticipated to dominate the market.
Based on Application, the global FRP Vessels Market has been divided into Automotive & Transportation, Chemicals, Industrial, Oil & Gas, Water & Wastewater and Others. The Automotive & Transportation segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/frp-vessels-market-analysis/
Regional Analysis
The FRP Vessels Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. In North America region, The U.S. has a significant chemical manufacturing sector, which drives the demand for FRP vessels due to their corrosion resistance and durability. The Gulf Coast region, particularly Texas and Louisiana, is a major hub for chemical and petrochemical industries, boosting the market for FRP vessels. In Europe region, country Germany is a leading player in the chemical manufacturing sector, driving demand for FRP vessels due to their corrosion resistance and long service life. The Rhine-Ruhr region, known for its industrial activities, is a significant market for FRP vessels. In Asia Pacific region, China has rapid industrialization, coupled with investments in infrastructure and water management projects, fuels demand for FRP vessels. Growth in chemical processing and wastewater treatment industries is particularly significant. In Middle East and Africa region, Gulf Cooperation Council (GCC) Countries has Oil and gas exploration, petrochemical industries, and desalination projects contribute to the demand for FRP vessels. Investments in infrastructure support market growth. In Latin America region, country Brazil had growth in chemical processing, water treatment, and mining industries creates demand for FRP vessels. Infrastructure projects and environmental regulations influence market dynamics.