The global FRP vessels market size is expected to reach USD 8.07 billion by 2032, according to a new study by Polaris Market Research. The report "FRP Vessels Market Share, Size, Trends, Industry Analysis Report, By Resin Type (Polyester, Epoxy, and Others); By Fiber Type; By Application; By Region; Segment Forecast, 2023 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
FRP vessels are widely being employed in water and wastewater treatment plants as well as sewage treatment plants as it has greater longevity, does not cause pollution, and consisting better anti-aging features, which are major factors projected to fuel the demand and growth of the market over the study period.
Moreover, rapid surge in the demand for chemical and oil & gas products in countries like India and China owing to increased population burden and their high disposable income and implementation on R&D activities for the development of new and more effective vessels by key market companies are also expected to create amole growth opportunities in the coming years.
For instance, in September 2022, The Department of Agriculture-Bureau of Fisheries and Aquatic Resources unveiled the latest FRP fishing boats for municipal fisherman. The vessel is a part of the 33-unit contract with the Pacificfortia Marine Technologies. The project has been inaugurated with the aim to improve the socio-economic well-being of large number of small-scale fishers.
In the recent past, FRP vessels has gained higher popularity compared to the conventional steel tankers across various automotive and transportation applications due to its superior corrosion resistance and vital expansion in the production. Moreover, with the growing need to address the offshore oil & gas business needs regarding corrosion issues that results in monetary loss and higher maintenance expenses, the adoption of these vessels is higher in the oil & gas sector than others.
FRP Vessels Market Report Highlights:
Polyester segment accounted for largest market share in 2022 owing to its numerous advantageous properties like heat & moisture resistant and longer life span as compared to others available resins in the market
Glass fiber segment held the largest market share in 2022, on account of its exception mechanical and chemical properties and ability to provide attractive appearance without any environment loss
Automotive & transportation segment is projected to grow at fastest CAGR throughout the estimated period, which is mainly accelerated by high infrastructure development and investments on enhanced transportation facilities
Asia Pacific region dominated the global market in 2022, due to the extensive rise in various different end-user industries and increased awareness regarding the benefits of FRP vessels in the region
The global key market players include Hexagon Composites, Worthington Industries, Quantum Fuel Systems, Swami Plastic Industries, and Fiberglass Coating
Polaris Market Research has segmented the FRP vessels market report based on resin type, fiber type, application, and region:
FRP Vessels, Resin Type Outlook (Revenue - USD Billion, 2019 - 2032)
Polyester
Epoxy
Others
FRP Vessels, Fiber Type Outlook (Revenue - USD Billion, 2019 - 2032)
Glass
Fiber
Others
FRP Vessels, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Water & Wastewater
Chemical
Automotive & Transportation
Oil & Gas
Industrial
Others
- FRP Vessels, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global FRP Vessels Market Insights
- 4.1. FRP Vessels Market - Fiber Type Snapshot
- 4.2. FRP Vessels Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Rising adoption of FRP vessels in water and wastewater treatment industry
- 4.2.1.2. Utilization of FRP vessels in the chemical industry owing to its beneficial properties
- 4.2.2. Restraints and Challenges
- 4.2.2.1. High cost of FRP vessels and regulatory approvals
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. FRP Vessels Market Fiber Type Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global FRP Vessels Market, by Resin Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 5.3. Polyester
- 5.3.1. Global FRP Vessels Market, by Polyester, by Region, 2019-2032 (USD Billion)
- 5.4. Epoxy
- 5.4.1. Global FRP Vessels Market, by Epoxy, by Region, 2019-2032 (USD Billion)
- 5.5. Others
- 5.5.1. Global FRP Vessels Market, by Others, by Region, 2019-2032 (USD Billion)
6. Global FRP Vessels Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 6.3. Water & Wastewater
- 6.3.1. Global FRP Vessels Market, by Water & Wastewater, by Region, 2019-2032 (USD Billion)
- 6.4. Chemical
- 6.4.1. Global FRP Vessels Market, by Chemical, by Region, 2019-2032 (USD Billion)
- 6.5. Automotive & Transportation
- 6.5.1. Global FRP Vessels Market, by Automotive & Transportation, by Region, 2019-2032 (USD Billion)
- 6.6. Oil & Gas
- 6.6.1. Global FRP Vessels Market, by Oil & Gas, by Region, 2019-2032 (USD Billion)
- 6.7. Industrial
- 6.7.1. Global FRP Vessels Market, by Industrial, by Region, 2019-2032 (USD Billion)
- 6.8. Others
- 6.8.1. Global FRP Vessels Market, by Others, by Region, 2019-2032 (USD Billion)
7. Global FRP Vessels Market, by Fiber Type
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 7.3. Glass
- 7.3.1. Global FRP Vessels Market, by Glass, By Region, 2019-2032 (USD Billion)
- 7.4. Carbon
- 7.4.1. Global FRP Vessels Market, by Carbon, By Region, 2019-2032 (USD Billion)
- 7.5. Others
- 7.5.1. Global FRP Vessels Market, by Others, By Region, 2019-2032 (USD Billion)
8. Global FRP Vessels Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. FRP Vessels Market Assessment, By Geography, 2019-2032 (USD Billion)
- 8.3. FRP Vessels Market - North America
- 8.3.1. North America: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.3.2. North America: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.3.3. North America: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.3.4. FRP Vessels Market - U.S.
- 8.3.4.1. U.S.: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.3.4.2. U.S.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.3.4.3. U.S.: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.3.5. FRP Vessels Market - Canada
- 8.3.5.1. Canada: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.3.5.2. Canada.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.3.5.3. Canada: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.4. FRP Vessels Market - Europe
- 8.4.1. Europe: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.4.2. Europe.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.4.3. Europe: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.4.4. FRP Vessels Market - UK
- 8.4.4.1. UK: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.4.4.2. UK.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.4.4.3. UK: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.4.5. FRP Vessels Market - France
- 8.4.5.1. France: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.4.5.2. France.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.4.5.3. France: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.4.6. FRP Vessels Market - Germany
- 8.4.6.1. Germany: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.4.6.2. Germany.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.4.6.3. Germany: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.4.7. FRP Vessels Market - Italy
- 8.4.7.1. Italy: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.4.7.2. Italy.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.4.7.3. Italy: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.4.8. FRP Vessels Market - Spain
- 8.4.8.1. Spain: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.4.8.2. Spain.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.4.8.3. Spain: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.4.9. FRP Vessels Market - Netherlands
- 8.4.9.1. Netherlands: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.4.9.2. Netherlands.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.4.9.3. Netherlands: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.4.10. FRP Vessels Market - Russia
- 8.4.10.1. Russia: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.4.10.2. Russia.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.4.10.3. Russia: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.5. FRP Vessels Market - Asia Pacific
- 8.5.1. Asia Pacific: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.5.2. Asia Pacific.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.5.3. Asia Pacific: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.5.4. FRP Vessels Market - China
- 8.5.4.1. China: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.5.4.2. China.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.5.4.3. China: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.5.5. FRP Vessels Market - India
- 8.5.5.1. India: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.5.5.2. India.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.5.5.3. India: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.5.6. FRP Vessels Market - Malaysia
- 8.5.6.1. Malaysia: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.5.6.2. Malaysia.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.5.6.3. Malaysia: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.5.7. FRP Vessels Market - Japan
- 8.5.7.1. Japan: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.5.7.2. Japan.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.5.7.3. Japan: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.5.8. FRP Vessels Market - Indonesia
- 8.5.8.1. Indonesia: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.5.8.2. Indonesia.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.5.8.3. Indonesia: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.5.9. FRP Vessels Market - South Korea
- 8.5.9.1. South Korea: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.5.9.2. South Korea.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.5.9.3. South Korea: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.6. FRP Vessels Market - Middle East & Africa
- 8.6.1. Middle East & Africa: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.6.2. Middle East & Africa.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.6.3. Middle East & Africa: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.6.4. FRP Vessels Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.6.4.2. Saudi Arabia.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.6.4.3. Saudi Arabia: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.6.5. FRP Vessels Market - UAE
- 8.6.5.1. UAE: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.6.5.2. UAE.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.6.5.3. UAE: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.6.6. FRP Vessels Market - Israel
- 8.6.6.1. Israel: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.6.6.2. Israel.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.6.6.3. Israel: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.6.7. FRP Vessels Market - South Africa
- 8.6.7.1. South Africa: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.6.7.2. South Africa.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.6.7.3. South Africa: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.7. FRP Vessels Market - Latin America
- 8.7.1. Latin America: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.7.2. Latin America.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.7.3. Latin America: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.7.4. FRP Vessels Market - Mexico
- 8.7.4.1. Mexico: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.7.4.2. Mexico.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.7.4.3. Mexico: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.7.5. FRP Vessels Market - Brazil
- 8.7.5.1. Brazil: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.7.5.2. Brazil.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.7.5.3. Brazil: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
- 8.7.6. FRP Vessels Market - Argentina
- 8.7.6.1. Argentina: FRP Vessels Market, by Resin Type, 2019-2032 (USD Billion)
- 8.7.6.2. Argentina.: FRP Vessels Market, by Fiber Type, 2019-2032 (USD Billion)
- 8.7.6.3. Argentina: FRP Vessels Market, by Application, 2019-2032 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Hexagon Composites
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. Luxfer Group
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. Worthington Industries
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Everest Kanto Cylinders
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Quantum Fuel Systems
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Faber Industries
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Avanco Group
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Shawcor
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. NOV Inc.
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Zhongfu Lianzhing Composites
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. ZCL Composites
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Swami Plastic Industries
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. Fiberglass Coating
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. Reinforced Olastic Manufacture
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
- 10.15. TROY Dualam
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development