The report analyzes the leading players of the global FRP Vessels market by inspecting their market share, recent developments, new product launches, partnerships, mergers, or acquisitions, and their target markets.
Vancouver, BC -- (SBWIRE) -- 01/15/2021 -- Market Size – USD 3,140.5 Million in 2019, Market Growth – at a CAGR of 7.3%, Market Trend – Rising preference for FRP vessels over steel vessels
FRP (fiber-reinforced plastic) vessels are extensively deployed in wastewater, water treatment plants, and sewage treatment plants. They have enhanced longevity, are non-polluting, non-hazardous to humans, and are equipped with improved anti-aging features, reliability and safety. According to Emergen Research, the global FRP Vessels Market is predicted to reach USD 5,538.8 Million by 2027, proliferating at a CAGR of 7.3% throughout the projected period.
Key market participants include Faber Industries SPA, National Oilwell Varco, Luxfer Holdings PLC, Shawcor, Everest Canto Cylinder Ltd., Agility Fuel Solutions LLC, JRMS Engineering Works, ULLIT SA, Hexagon Composites ASA, and Worthington Industries Inc.
Regional Scope: North America; Europe; Asia Pacific; Central & South America; MEA
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Market Drivers
FRP vessels are witnessing augmented demand from industry verticals such as water & wastewater treatment, automotive, oil & gas, and chemicals industry. Increasing demand for FRP vessels in the automotive industry, the rapid expansion of the oil & gas industry, surging preference for FRP vessels instead of steel vessels, and soaring demand for the market product in the APAC region is anticipated to boost the market growth over the projected years. Their remarkable attributes such as antistatic, non-conductive, and non-combustible are augmenting their utilization over steel vessels, which is bolstering the market growth. Furthermore, augmenting need for natural gas vehicles (NGVs) across the globe is powerfully propelling the demand for FRP vessels in the automotive sector, thereby boosting the industry's expansion.
Regional Analysis
Asia Pacific market is projected to snowball at the highest CAGR during the projected period of 2020-2027. This growth can be accredited to the rapid industrialization, population growth, increasing disposable income levels, and the evolution of industrial verticals such as energy, chemicals, and oil and gas in the region. The Asia Pacific occupied a substantial share of the market, nearly 44.4%, in 2019.
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Fiber Type Outlook (Revenue, USD Billion; 2017–2027)
1. Carbon
2. Glass
3. Aramid
4. Others
Resin Outlook (Revenue, USD Billion; 2017–2027)
1. Polyester
2. Epoxy
3. Polyurethane
4. Others
Distribution Channel Outlook (Revenue, USD Billion; 2017–2027)
1. Online
2. Offline
Industry Vertical Outlook (Revenue, USD Billion; 2017–2027)
1. Automotive & Transportation
2. Chemicals
3. Oil & Gas
4. Water & Wastewater
5. Others
Additionally, the report gives two distinct market forecasts, one from the perspective of the producer and another from that of the consumer. It also offers valuable recommendations for new as well as established players of the global FRP Vessels market. It also provides beneficial insights for both new as well as established players of the global FRP Vessels market.
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Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. FRP Vessels Market Segmentation & Impact Analysis
4.1. FRP Vessels Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing demand for FRP vessels from the automotive industry
4.2.2.2. Growth of the oil & gas industry
4.2.2.3. Surging demand for FRP vessels over steel vessels
4.2.2.4. Increasing demand in the APAC region
4.2.3. Market restraints analysis
4.2.3.1. Cost-prohibitive FRP vessels
4.2.3.2. Strict legislative regulations
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. FRP Vessels Market By Fiber Type Insights & Trends, Revenue (USD Million)
5.1. Fiber Type Dynamics & Market Share, 2019 & 2027
5.1.1. Carbon
5.1.2. Glass
5.1.3. Aramid
5.1.4. Others
Chapter 6. FRP Vessels Market By Resin Insights & Trends Revenue (USD Million)
6.1. Resin Dynamics & Market Share, 2019 & 2027
6.1.1. Polyester
6.1.2. Epoxy
6.1.3. Polyurethane
6.1.4. Others
Continue…
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