FRP Vessels Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
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.

Sizing and Forecast
The frp vessels market size has grown strongly in recent years. It will grow from $3.13 billion in 2023 to $3.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to corrosion resistance requirements, cost-effectiveness, lightweight design, versatility in manufacturing, chemical resistance..

The frp vessels market size is expected to see strong growth in the next few years. It will grow to $4.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growing environmental concerns, advancements in composite technologies, expansion of renewable energy, rise in water treatment demands, infrastructure development in emerging markets.. Major trends in the forecast period include focus on lightweight design, integration of smart monitoring systems, application in oil and gas industry, sustainability and environmental considerations.

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Segmentation & Regional Insights
The frp vessels market covered in this report is segmented –

1) By Fiber: Glass, Carbon, Other Fibers
2) By Resin: Polyester, Epoxy, Other Resins
3) By Applications: Automotive and Transportation, Chemicals, Industrial, Oil and Gas, Water and Wastewater, Other Applications

Asia-Pacific was the largest region in the FRP vessels market share in 2023. The regions covered in the frp vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the frp vessels market report are TE Connectivity Ltd., Ametek Inc., Analog Devices Inc., Bradford Space Inc., Honeywell International Inc., Innovative Sensor Technology IST AG, Lockheed Martin Corporation, Maxar Technologies Inc., MinebeaMitsumi Inc., Moog Inc., Northrop Grumman Corporation, Renesas Electronics Corporation, Teledyne UK Limited, Texas Instruments Incorporated, Cedrat Technologies SA, InnaLabs Limited, Leonardo DRS Inc., Sierra Nevada Corporation, Rüstungs Unternehmen AG, STMicroelectronics N.V., Raytheon Technologies Corporation, Digi-Key Electronics Pvt. Ltd., Minebea Intec GmbH, Ball Aerospace & Technologies Corp., BAE Systems plc, L3Harris Technologies Inc., Thales Group, Airbus Defence and Space, Safran Electronics & Defense, Sensata Technologies Holding plc, Kistler Holding AG, First Sensor AG, MTS Systems Corporation, Curtiss-Wright Corporation, Parker Hannifin Corporation, Woodward Inc., Eaton Corporation plc, Spanish Society of Engineering and Construction, Space Inventor A/S

The frp vessels market report table of contents includes:

1. Executive Summary

2. FRP Vessels Market Characteristics

3. FRP Vessels Market Trends And Strategies

4. FRP Vessels Market – Macro Economic Scenario

5. Global FRP Vessels Market Size and Growth

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31. Global FRP Vessels Market Competitive Benchmarking

32. Global FRP Vessels Market Competitive Dashboard

33. Key Mergers And Acquisitions In The FRP Vessels Market

34. FRP Vessels Market Future Outlook and Potential Analysis

35. Appendix