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How Fast Is the Fiber Reinforced Plastic Vessels Market Expected to Grow by 2025, and What Is the Projected CAGR?
There has been a robust growth in the market size of fiber-reinforced plastic vessels in the past few years. The industry, which was valued at $3.64 billion in 2024, is projected to expand to $3.98 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.4%.
Factors like resistance to corrosion, lightness and durability, regulatory conformity, infrastructure advancement, and shifting from old materials have played key roles in driving progress during the historic period.
In the forthcoming years, the market size of fiber reinforced plastic vessels is predicted to experience swift expansion. Forecasts indicate growth to $5.9 billion by 2029, with a compound annual growth rate (CAGR) of 10.3%.
Factors contributing to growth during the forecast period include the burgeoning chemical industry, escalated infrastructure improvements, a continuous focus on cost-efficiency, development in water treatment and increased uptake within oil and gas sectors. Forecast period trends to watch include developments in composite technology, the advent of smart vessels, custom and modular design options, growth in the chemical industry, as well as the rise of lightweight and high-strength materials.
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Which Factors Are Driving the Global Fiber Reinforced Plastic Vessels Market Forward?
The surge in demand for fiber-reinforced plastic vessels in the automotive sector is pushing the market’s expansion. These FRP vessels, employed for fuel storage in natural gas vehicles within the automotive industry, are made in a single piece to lower the chances of rupture in case of a collision.
The swift rise in the acceptance of natural gas vehicles or the switch from existing gasoline vehicles to natural gas ones in emerging countries for pollution mitigation has spiked the need for FRP vessels.
For example, as per a report by the European Automobile Manufacturers’ Association (ACEA) released in May 2023, the global production of motor vehicles in 2022 hit 85.4 million.
This represented a 5.7% rise from 2021. Therefore, the growing demand for FRP vessels within the automotive sector could potentially fuel the market’s growth during the projection period.
Which Segment Holds the Largest Share in the Fiber Reinforced Plastic Vessels Market?
The fiber reinforced plastic vessels market covered in this report is segmented –
1) By Type: Glass Fiber, Carbon Fiber, Aramid Fiber, Other Types
2) By Resin: Polyester, Epoxy, Polyurethane, Other Resins
3) By Distribution Channel: Online, Offline
4) By Application: Automotive And Transportation, Water And Wastewater, Chemical, Industrial, Oil And Gas, Other Applications
Subsegments:
1) By Glass Fiber: E-Glass Fiber, S-Glass Fiber
2) By Carbon Fiber: High-Strength Carbon Fiber, Intermediate Modulus Carbon Fiber
3) By Aramid Fiber: Kevlar Fiber, Twaron Fiber
4) By Other Types: Natural Fiber, Basalt Fiber
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What Are the Major Trends in the Global Fiber Reinforced Plastic Vessels Market?
The fiber-reinforced plastic vessel market is seeing a growing trend in the creation of lightweight transport FRP vessels. Carbon fiber and glass fiber reinforced polymers stand out as some of the FRP types in the production of such lightweight transport materials.
For example, in December 2022, the American Society of Mechanical Engineers (ASME) granted certification to Steelhead Composites, a manufacturing company based in the US, for its fiber-reinforced plastic (FRP) pressure vessels. This specific certification under the ASME Boiler and Pressure Vessel Code, Section X, RP, greenlights Steelhead to produce lightweight pressure vessels suited for a variety of uses, most notably in the hydrogen storage industry.
Which Companies Are Leading the Fiber Reinforced Plastic Vessels Market in 2025 and Beyond?
Major companies operating in the fiber reinforced plastic vessels market include Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, TROY Dualam Inc., Swami Plastic Industries, Augusta Fiberglass Coating Inc., Worthington Industries Inc., AVANCO GmbH, Cevotec Gmbh, Enduro Composites Inc., EPP Composites Pvt Ltd., Faber Industrie SPA, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Nproxx BV, Quantum Fuel Systems Technologies Worldwide Inc., ZCL Composites Inc., Luxfer Group Ltd., Hexagon Composites ASA, Everest Kanto Cylinder Ltd., B & D Plastics LLC, Belco Manufacturing Co Inc., 3A Composites USA Inc., Diamond Fiberglass Fabricators Inc., Fiber-Tech Industries Inc., Fiberglass Tank & Pipe Institute, Fibrelite Composites Ltd., Fibrex Pvt Ltd., Fisher Tank Company
What Are the Key Regional Trends Influencing the Fiber Reinforced Plastic Vessels Market in 2025?
Asia-Pacific was the largest region in the fiber reinforced plastic vessels market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the fiber reinforced plastic vessels market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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