FRP Vessels Market Report and Forecast 2025-2034

The global FRP vessels market size stood at a value of around USD 2.76 Billion in 2024. The market is further expected to grow in the forecast period of 2025-2034 at a CAGR of 7.00% to reach USD 5.43 Billion by 2034.

Increasing Application of Glass Fibre Vessels in Chemical Processing Sector is Driving the Global FRP Vessels Industry

The glass fibre vessels segment is being driven by its increasing application in the chemical processing industry. Glass fibre vessels can withstand high temperatures and hostile conditions more efficiently as compared to their thermoplastic counterparts. In addition, these vessels exhibit high resistance to corrosion and chemicals and have a low thermal conductivity. This makes them ideal for general chemical applications.

The high strength, superior stability, and high resistance to heat and weather, makes glass fibre vessels applicable in industries such as building and construction , marine, and transportation, among others. Over the forecast period, the increasing demand for glass fibre tanks to hold diverse products from baby lotions to sodium hydroxide, is anticipated to be a major driver of the segment’s growth.

North America Occupies a Significant Segment in the Market for FRP Vessels

FRP vessels are crucial in the manufacturing of fuel cells. The increasing demand for fuel-cell vehicles in the United States of America, owing to the changing preference of customers towards hydrogen powered cars, is driving the demand for the FRP vessels market.

The rising applications of FRP vessels in the renovation of commercial or residential structures is likely to be a major propelling factor its demand in the coming years. The market in the North America region is anticipated to be aided by the advanced oil and gas infrastructure present, which is likely to amplify the demand for FRP vessels in the forecast period.

Market Segmentation

FRP vessels, also known as fibre-reinforced plastic vessels, are defined as composite materials which are used to manufacture vessels and tanks. FRP vessels are durable, lightweight, strong, and resistant to corrosion. The risks of complications with FRP vessels due to stress and weather conditions is low and they are customisable in terms of design. They are widely applied in the industrial and commercial industry.

Based on fibre, the market can be segmented into:

• Glass Fibre
• Carbon Fibre Reinforced Plastic
• Others

By resin, the FRP vessels market has been divided into:

• Epoxy
• Polyester
• Others

The market can be broadly categorised based on application into:

• Automotive and Transportation
• Chemical
• Water and Wastewater
• Oil and Gas
• Industrial
• Others

Regional markets for the product include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Increasing Demand for FRP Vessels in Water Treatment Projects to Boost the Growth of the Market

The rising industrial applications of FRP vessels is driving the FRP vessels market growth. In the industrial sector, these vessels are extensively used in wind energy owing to the high fatigue strength and minimal requirement for maintenance. FRP vessels allow the turbine to produce more power per unit volume, while minimising the impact on landscape.

Over the forecast period, the anticipated increase in demand for FRP vessels for water treatment projects, which is attributable to the high strength, durability, and high corrosion resistance, is likely to be a major driving factor. In addition to this, the increasing investments in the water treatment projects in emerging economies are likely to accelerate the product demand in the coming years.

Moreover, there is an increasing demand for FRP vessels or tanks for the transportation of solids or liquids in various industries such as pharmaceutical, food and beverage , and petrochemical industry, among others. This is anticipated to provide impetus to the market growth in the forecast period.

Key Players in the Global FRP Vessels Market

The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Plas-Tanks Industries, Inc.
• Kaymo Fiber Reinforced Plastic Manufacture Co., Ltd.
• Group Surya
• JRMS Engineering Works
• Link Engineers
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
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