CHICAGO, Nov. 1, 2022 /PRNewswire/ -- According to the new market report "FRP Vessels Market by Fiber Type (Glass, Carbon), Resin Type (Polyester, Epoxy, Others), Application (Automotive & Transportation, Water and Wastewater, Chemical, Industrial, Oil & Gas), and Region - Global Forecast to 2027", size is projected to grow from USD 3.9 billion in 2022 to USD 5.7 billion by 2027, at a CAGR of 8.0%. The demand from the water & wastewater treatment industry is expected to drive the growth of the market during the forecast period between 2022 to 2027.
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Polyester resin segment to grow at a significant rate in FRP Vessels market in terms of value and volume.
FRP vessels are ideal for replacing traditional materials such as steel owing to their high resistance to corrosion, pressure, and temperature, among other properties. The FRP vessels market is segmented on the basis of resin into polyester, epoxy, and others. These resins are used as a matrix to produce FRP vessels. It is the largest composite resin used in the production of FRP vessels. It displays excellent thermal stability, low water absorption, good electrical properties, good tensile strength, and corrosion resistance. Epoxy resin is projected to be the fastest-growing segment during the forecast period. It is corrosion-resistant, tough, and provides impact strength, and is mainly used in combination with carbon fibers in various end-use applications such as automotive & transportation. The polyester resin segment accounted for f 52.5% of the FRP vessels market in 2021, in terms of value, and is projected to register a CAGR of 7.9% during the forecast period.
The polyester resin-based FRP vessels segment accounted for 58.1%, in terms of volume, of the overall market in 2021. With the growing automotive & transportation industry, the use of epoxy resin to manufacture strong FRP vessels is also expected to rise in the near future.
Glass fiber type to be the dominating segment in the global FRP Vessels market in terms of value and volume.
Two major fibers are used as reinforcements for FRP vessels-glass fiber and carbon fiber. Fiber type, form, and orientation are very important during reinforcements. Glass and carbon fiber mainly determine the rigidity and strength of FRP vessels. These fibers offer benefits such as non-corrosiveness, non-conductivity, flexibility, resistance to high operating pressure, low maintenance, durability, and design flexibility. In terms of value, the FRP vessels market is dominated by glass fiber as it provides superior physical and mechanical properties such as strength, flexibility, durability, stability, low weight, and resistance to heat, temperature, and moisture. Glass fiber-based FRP vessels are mainly used in the chemical, oil & gas, water & wastewater, and pulp & paper industries. Carbon fiber-based FRP vessels last longer and exhibit less thermal expansion. On the other hand, FRP vessels made of glass fiber shrink when subjected to curing. Carbon fiber-based FRP vessels are mainly used in aerospace, automotive, firefighting, medical, and sports applications, where high mechanical strength is required.
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Asia Pacific to be the fastest-growing country in the FRP Vesselsmarket during the forecast period.
The growth of the FRP vessels market in Asia Pacific 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 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. Governments of Asia Pacific countries are focusing on increasing the use of alternative fuels and reducing emissions in cities; this is expected to boost the FRP vessels market in the region. Natural gas plays a significant role in Asia Pacific as it is a cleaner and more economical source of energy compared to gasoline, diesel, or other fuels.
Some of the key players in the global FRP Vessels market are such as 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), Shawcor Ltd (US), NOV Inc. (US), and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China).
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