New York, United States, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Fiber-reinforced plastic (FRP), also referred to as glass-reinforced plastic (GRP), consists of a polymer matrix with fiber reinforcement. FRP is widely used to fabricate vessels for numerous industries, including chemical, mining, power, pulp & paper, and other sectors. Polymer matrices like epoxy, vinyl ester, and polyester are typically employed in fabricating FRP vessels. FRP composed of polyester resin is versatile, dimensionally stable, and chemically resistant. Vinyl ester FRP is designed to withstand bending and compression and is more durable and flexible than polyester FRP. Epoxy FRP has more excellent qualities compared to polyester and vinyl ester FRP. Polyurethane FRP is a common material in the fiberglass industry because of its durability and lifespan. Due to its production and design capabilities, resilience, cost, stiffness, and impact resistance, FRP is widely utilized in various industrial sectors, including chemical, oil & gas, food processing, and others.
FRP vessels are increasingly popular in transportation and automotive applications due to their lightweight and excellent corrosion resistance compared to conventional steel tankers. Moreover, the manufacture of FRP vessel products is essential to expanding the international market. Since FRP vessels play a crucial role in the automotive & transportation, water & wastewater, chemicals, oil & gas, and industrial sectors, the global fiber reinforced plastic vessel market is a low-volume, high-value industry. In addition, specific application industries, such as pulp & paper, pharmaceuticals, food processing, desalination plant, and power plant, are predicted to provide future growth opportunities. Construction, consumer goods, protective equipment, and maritime infrastructure use FRP vessels widely as a construction material, another factor driving the worldwide fiber-reinforced plastic vessel market growth.
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Growing Employment of Fiber Reinforced Plastic Vessels in Water & Wastewater Treatment and Chemical Industry
In water and wastewater treatment plants with a daily purifying capacity of between 10,000 and 150,000 liters, FRP containers are utilized. Various FRP containers are used depending on the type of procedure, such as anaerobic or aerobic. In addition, they can be used efficiently to treat wastewater from household restrooms, baths, kitchens, and washing facilities. Due to their eco-friendliness, durability, ease of installation, lightweight, and lack of leakage, they are an excellent material for wastewater treatment vessel construction. Most sludge treatment vessels are constructed from FRP. Critical rivals in the global FRP vessels market are pursuing strategic developments, such as partnerships and new product releases, which is a significant growth driver for the global fiber-reinforced plastic vessel market.
FRP is the material of choice in the chemical industry for producing process tanks, subsurface storage tanks, and vats because of its lightweight and corrosion resistance. It is used as a sandwich material in steel tanks and as a protective lining, increasing steel's strength. FRP is also used in the chemical industry to construct reaction vessels, exhaust ducts, towers, valves, pumps, chimney stacks, cryogenic pressure vessels, and agitators. The chemical industry primarily utilized rubber-lined steel to construct tanks, electrostatic precipitators, gas accumulators, and agitators. Because of its mechanical strength, excellent resistance to water vapor, and capacity to withstand stress are being replaced by a new type of FRP based on the vinyl ester. The chemical industry must battle strong corrosive conditions and water vapour to produce chlorine. Due to its capacity to extend the vessels' service life, FRP is commonly employed in constructing ducts and vessel coverings in chlorine production facilities.
Report Scope
| Report Metric | Details |
| Market Size | USD 1.96 Billion by 2030 |
| CAGR | 6.4% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fiber Type, Resin, Application, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Sainath Industrial Corporation (SIC), Plas-Tank Industries Inc., Augusta Fiberglass, Group Surya, JRMS Engineering Works, TROY Dualam Inc., Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd., Swami Plastic Industries, Palmer, Link Engineers |
| Key Market Opportunities | Use of FRP Vessels as Replacement in the Oil & Gas Sector |
| Key Market Drivers | Growing Employment of Fiber Reinforced Plastic Vessels in the Water and Wastewater Treatment Industry |
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Regional Insights
Asia-Pacific is expected to advance with a CAGR of 9% and reach USD 1,010 million by 2030. China and India utilize FRP to efficiently and affordably address structural challenges. Due to its superior benefits over conventional materials, FRP is the material of choice for repairing and reinforcing civil structures in this region. India and China are two developing and emerging nations increasing demand in the building industry. China's rising research and development efforts to cut the price of fiberglass reinforced plastic (FRP) and the increased usage of FRP in the aerospace, marine, and automotive industries have increased the demand for FRP vessels.
Leading civil firms in India have adopted FRP due to the growing demand for new FRP materials to renovate civil constructions. The building industry is a significant growth sector in rapidly developing countries like China and India. Existing mission-critical structures require maintenance and upgrades. As a result of its superior corrosion resistance and load-bearing capacity, FRP is commonly used for remodeling in India. These are the key factors driving demand for FRP vessels in the Asia-Pacific region. Renovation of civil infrastructure is predicted to create a growth opportunity for the FRP vessel market because of its superior advantages over conventional materials and retrofitting techniques.
Europe is expected to project at a CAGR of 5.2% and reach USD 522 million by 2030. As a result of fiberglass reinforced plastic's excellent insulating properties and lower carbon footprint, the United Kingdom's building sector is increasingly turning to the material for house construction. In addition, the growing production and consumption of FRP in the building industry result from the rising demand for low-cost housing and sustainable construction. This need has led to a growth in the number of people looking for sustainable construction. The shifting demographics of Europe's population and the increased need for more energy-efficient buildings favor using FRP in house construction. The construction business in Europe is growing, with the annual construction pace going from 120k houses in 2017 to 160k in 2018. Therefore, the additional benefits of FRP, such as its adaptability, low weight, and cost- and energy efficiency, have caught the attention of some of the most prominent home builders in the UK. The demand for FRP in Europe has expanded due to the prevailing trend observed in the global market.
In addition, the government in the Europe region favors modern methods of construction (MMC). The most significant contributors to MMC's expansion have been bathrooms and kitchens. In the United Kingdom, where over 5 million homes are being built each year, fibreglass reinforced plastic (FRP) is the material for constructing bathrooms and kitchens.
Key Highlights
- The global fiber reinforced plastic vessel market had a share of USD 1,123 million, which is estimated to project with a CAGR of 6.4% and reach USD 1,963 million during the forecast period.
- Based on fiber type, glass fiber is expected to hold a massive share of USD 1,290 million with a CAGR of 7.2% during the forecast period.
- Based on resin, the polyester segment is expected to hold a share of 1,244 million with a CAGR of 7.3% during the forecast period.
- Based on application, the water & wastewater segment is expected to generate a share of USD 5,780 million with a CAGR of 4.7% during the forecast period.
- Based on regional analysis, Asia-Pacific is expected to command the market with a share of USD 1,010 million with a CAGR of 9% during the forecast period.
Competitive Players in the Market
- Sainath Industrial Corporation (SIC)
- Plas-Tank Industries Inc.
- Augusta Fiberglass
- Group Surya
- JRMS Engineering Works
- TROY Dualam Inc.
- Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd.
- Swami Plastic Industries
- Palmer
- Link Engineers
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Global Fiber Reinforced Plastic Vessel Market: Segmentation
By fiber type
- Glass Fibre
- Carbon Fibre
- Others
By Resin
- Polyester
- Epoxy
- Others
By Application
- Automotive & Transportation
- Water & Wastewater
- Chemicals
- Oil & Gas
- Industrial
- Others
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Fiber Reinforced Plastic (FRP) Vessel Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Fiber Type Overview
- Introduction
- Market Size & Forecast
- Glass Fibre
- Market Size & Forecast
- Carbon Fibre
- Market Size & Forecast
- Introduction
- Resin Overview
- Introduction
- Market Size & Forecast
- Polyester
- Market Size & Forecast
- Epoxy
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Fiber Type
- By Resin
- Canada
- By Fiber Type
- By Resin
- Mexico
- By Fiber Type
- By Resin
- Latin America
- By Fiber Type
- By Resin
- Europe
- Market Size & Forecast
- Germany
- By Fiber Type
- By Resin
- France
- By Fiber Type
- By Resin
- U.K.
- By Fiber Type
- By Resin
- Italy
- By Fiber Type
- By Resin
- Spain
- By Fiber Type
- By Resin
- Rest of Europe
- By Fiber Type
- By Resin
- Asia Pacific
- Market Size & Forecast
- Japan
- By Fiber Type
- By Resin
- China
- By Fiber Type
- By Resin
- Australia
- By Fiber Type
- By Resin
- India
- By Fiber Type
- By Resin
- South Korea
- By Fiber Type
- By Resin
- Rest of Asia-Pacific
- By Fiber Type
- By Resin
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Fiber Type
- By Resin
- South Africa
- By Fiber Type
- By Resin
- Kuwait
- By Fiber Type
- By Resin
- Rest of Middle East & Africa
- By Fiber Type
- By Resin
- Introduction
- Company Profile
- Plas-Tank Industries Inc
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Augusta Fiberglass
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Group Surya
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Plas-Tank Industries Inc
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/fiber-reinforced-plastic-vessel-market/toc
Market News
- In 2021, TROY Dualam Inc. announced the launch of a field service division called Troy Dualam Services Inc. (TDS) in Quebec.
- In 2021, Link Engineers enrolled in DTE Energy's MIGreenPower program. The enrolment culminated in 100% of the company's electricity use attributed to renewable energy by 2030.
News Media
North American Market to Hold Substantial Share in the Polypropylene Market
Plastic Injection Molding Market Size Worth USD 15734 Million By 2030 | CAGR of 4%
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