FRP Vessels

Global FRP Vessels Market to Reach US$6.6 Billion by 2030

The global market for FRP Vessels estimated at US$4.4 Billion in the year 2024, is expected to reach US$6.6 Billion by 2030, growing at a CAGR of 7.0% over the analysis period 2024-2030. Polyester Resin, one of the segments analyzed in the report, is expected to record a 6.6% CAGR and reach US$3.6 Billion by the end of the analysis period. Growth in the Epoxy Resin segment is estimated at 8.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.2 Billion While China is Forecast to Grow at 10.9% CAGR

The FRP Vessels market in the U.S. is estimated at US$1.2 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2030 trailing a CAGR of 10.9% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.5% and 6.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR.

Global FRP Vessels Market – Key Trends & Drivers Summarized

Why Are FRP Vessels Gaining Popularity Across Industrial Sectors?

The demand for FRP (Fiber Reinforced Plastic) vessels has increased significantly due to their superior corrosion resistance, lightweight structure, and durability compared to conventional metal vessels. Used extensively in industries such as chemical processing, water treatment, oil & gas, and food & beverage, FRP vessels have become a preferred choice for fluid storage, filtration systems, and high-pressure applications. Their ability to withstand harsh environmental conditions, aggressive chemicals, and extreme temperatures makes them highly suitable for both above-ground and underground storage solutions.

The transition from steel and concrete vessels to FRP alternatives is driven by the need for cost-effective, low-maintenance, and long-lasting storage solutions. Unlike traditional materials that are prone to corrosion, rust, and structural degradation, FRP vessels offer a longer service life with minimal upkeep. Additionally, with increasing concerns over industrial waste management and environmental sustainability, manufacturers are investing in recyclable and eco-friendly composite materials, making FRP vessels more attractive for green infrastructure projects. The rising demand for efficient water desalination plants, wastewater treatment facilities, and chemical containment systems has further fueled the market for high-performance FRP vessels.

How Are Technological Advancements Enhancing the Performance of FRP Vessels?

The evolution of composite materials, resin formulations, and automated manufacturing techniques has significantly improved the mechanical strength, thermal stability, and pressure resistance of FRP vessels. Advanced filament winding, vacuum infusion molding, and resin transfer molding (RTM) techniques have enabled the production of high-precision, seamless FRP vessels with optimized structural integrity. The introduction of high-performance epoxy, vinyl ester, and thermoplastic resins has further enhanced the chemical resistance and load-bearing capacity of these vessels, making them suitable for high-pressure applications such as industrial gas storage and hazardous material containment.

Digitalization and AI-powered predictive maintenance solutions have also transformed FRP vessel performance monitoring. The integration of IoT-enabled sensors, real-time corrosion detection systems, and remote monitoring technologies allows industries to track vessel conditions, detect structural weaknesses, and schedule maintenance activities proactively. Additionally, 3D printing and robotic-assisted FRP fabrication are streamlining production efficiency, reducing material waste, and ensuring customized designs tailored to specific industrial requirements.

What Challenges and Market Opportunities Exist in the FRP Vessels Industry?

Despite their numerous advantages, FRP vessels face challenges related to initial manufacturing costs, limited awareness, and regulatory compliance. The production of high-strength, large-capacity FRP vessels requires specialized manufacturing facilities and skilled labor, leading to higher upfront costs compared to conventional materials. Additionally, industries unfamiliar with composite storage solutions may hesitate to transition from traditional steel or concrete vessels due to concerns over load-bearing capacity and long-term reliability.

However, these challenges are being addressed through material innovations, modular FRP vessel designs, and government incentives promoting corrosion-resistant infrastructure. The increasing need for potable water storage, fire suppression systems, and industrial fluid containment presents vast growth opportunities for FRP vessel manufacturers. Additionally, the adoption of hybrid FRP-metal composite vessels, capable of handling extreme pressure conditions while maintaining lightweight benefits, is gaining traction across aerospace, defense, and chemical processing industries. As industries focus on enhanced safety standards, reduced maintenance costs, and extended service life, the demand for advanced FRP vessels is expected to rise.

What Is Driving Growth in the FRP Vessels Market?

The growth in the FRP vessels market is driven by several factors, including advancements in composite material technology, increased demand for corrosion-resistant storage solutions, and the expansion of wastewater treatment and desalination projects worldwide. The integration of IoT-based monitoring systems, AI-driven predictive maintenance, and automation in FRP vessel fabrication is enhancing durability, safety, and operational efficiency. Additionally, government regulations promoting eco-friendly, lightweight materials are encouraging the adoption of FRP vessels in industrial, municipal, and commercial applications.

The increasing demand for cost-effective, high-capacity water storage solutions, along with the growth of chemical processing and energy industries, is further driving market expansion. Additionally, the development of high-performance fiber-reinforced resins and customized, application-specific FRP vessel designs is opening new opportunities for manufacturers. With continued innovation in high-strength composites, digitalized condition monitoring, and modular FRP tank solutions, the FRP vessels market is poised for sustained growth, meeting the evolving needs of industries focused on corrosion resistance, safety, and efficiency.

SCOPE OF STUDY:

The report analyzes the FRP Vessels market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Resin (Polyester Resin, Epoxy Resin, Other Resins); Fiber (Glass Fiber, Carbon Fiber, Other Fibers); Application (Water & Wastewater Application, Chemical Application, Automotive & Transportation Application, Oil & Gas Application, Industrial Application, Other Applications)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 42 Featured) -

• Avanco Group
• CST Optimum
• Everest Kanto Cylinders Ltd.
• Faber Industrie SpA
• Hexagon Composites ASA
• Infinite Composites
• Kangnam Corporation
• Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
• Luxfer Gas Cylinders
• NOV Inc.
• NPROXX
• Pentair
• Praga Marine Pvt. Ltd.
• Quantum Fuel Systems LLC
• Shawcor Ltd
• Steelhead Composites
• Ta Shing Yacht Building Co., Ltd.
• Umoe Mandal
• Vadyar Boats Pvt. Ltd.
• Worthington Industries, Inc.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

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CHINA
MEXICO
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EU
JAPAN
INDIA
176 OTHER COUNTRIES.

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