New York, United States, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The Global FRP Vessels Market Size is to Grow from USD 3.78 billion in 2022 to USD 8.04 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.8% during the projected period. The rapidly increasing demand for FRP vessels from the automotive and transportation industries around the globe, as well as the increased demand for alternative fuel vehicles, are major drivers influencing global market growth.
Get a Sample PDF Brochure: https://www.sphericalinsights.com/request-sample/2409
Fiberglass-reinforced plastic (FRP) is a revolutionary composite material utilized for building chemical plant equipment such as vessels, tanks, and various types of piping structures, as well as other types of industrial machinery. FRP vessels are utilized extensively in a variety of industries, including water treatment, chemical processing, oil and gas, pulp and paper, and wastewater management. Because of their excellent properties such as high strength-to-weight ratio, low thermal conductivity, and chemical resistance, they are becoming increasingly popular for storing and transporting various liquids and gases. As a result of rising demand for environmentally friendly and cost-effective storage solutions, the market has grown significantly in recent years. Furthermore, stringent environmental regulations governing industrial waste management have hastened the adoption of FRP vessels over traditional materials such as steel or concrete. However, the expensive price of raw materials, as well as the substantial investments required throughout the manufacturing process, limit economies of scale. Because carbon fiber and glass fiber are particularly expensive to produce, numerous potential market participants are disinclined to enter the market.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global FRP Vessels Market Size, Share, and COVID-19 Impact Analysis, By Product Fiber Type (Glass Fiber, Carbon Fiber, and Other), By Resin (Polyester, Epoxy, and Other), By Application (Automotive & Transportation, Water & Wastewater, Chemical, Oil & Gas, Industrial, and Other), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
Buy Now Full Report: https://www.sphericalinsights.com/checkout/2409
In 2022, the glass fiber segment is dominating the market with the largest market share during the forecast period.
The global FRP vessels market is divided into three segments based on product fiber type: glass fiber, carbon fiber, and others. Among these, the glass fiber segment is expected to have the largest market share during the forecast period. The flexibility, strength, durability, and resistance to high temperatures, heat, and moisture of glass fiber are driving the segment's traction among various end-users.
The polyester segment accounted for the largest share of the global FRP vessels market in 2022.
The global FRP vessels market is classified into polyester, epoxy, and other resins. Among these, polyester held the greatest share of the global FRP vessels market in 2022. The polyester resin does not expand when exposed to high temperatures and has good electrical, mechanical, and thermal resistance properties, allowing it to become the fastest-growing sector in China's automotive and chemical industries.
The water & wastewater segment accounted for the largest share of the global FRP vessels market in 2022.
The global FRP vessels market is classified into automotive & transportation, water & wastewater, chemical, oil & gas, industrial, and others. The water & wastewater segment held a major share of the global FRP vessels market in 2022. These vessels are frequently used to store drinking water as well as waste water containing a variety of contaminants and sold wastes of various densities.
Inquire Before Buying This Research Report: https://www.sphericalinsights.com/inquiry-before-buying/2409
Asia Pacific is anticipated to hold the largest share of the global FRP vessels market over the predicted timeframe.
The Asia-Pacific region, which includes China, India, Japan, South Korea, and Australia, has significant FRP vessel market potential. The rapid industrialization, urbanization, and infrastructure development of emerging economies drives demand for FRP vessels in industries such as chemicals, water treatment, and automotive.
During the forecast period, North America is projected to expand at the highest pace in the global FRP vessels market. FRP vessels are popular in this region, which includes the United States and Canada. The existence of various industries such as chemicals, oil and gas, water treatment, and aerospace drives demand for FRP vessels.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global FRP Vessels Market include Hexagon Composites ASA, Luxfer Group, Worthington Industries, Inc., Everest Kanto Cylinders Ltd., Quantum Fuel Systems LLC., Faber Industrie SpA, Avanco Group, Shawcor Ltd, NOV Inc., Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., and Others.
Get Discount At @ https://www.sphericalinsights.com/request-discount/2409
Recent Developments
- In August 2022, Mitsui & Co., Ltd. invested approximately USD 8.15 million in Norwegian Hydrogen AS, a company in which Hexagon Purus ASA owns the majority stake, to improve infrastructure and expand production capacity.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global FRP Vessels Market based on the below-mentioned segments:
Global FRP Vessels Market, By Product Fiber Type
- Glass Fiber
- Carbon Fiber
- Other
Global FRP Vessels Market, By Resin
- Polyester
- Epoxy
- Other
Global FRP Vessels Market, By Application
- Automotive & Transportation
- Water & Wastewater
- Chemical
- Oil & Gas
- Industrial
- Other
Global FRP Vessels Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
Browse Related Reports
Global Gas Separation Membrane Market Size, By Material Type (Polyimide & Polyaramide, Polysulfone, Cellulose Acetate, and Others), By Application (Nitrogen Generation & Oxygen Enrichment, Hydrogen Recovery, Carbon Dioxide Removal, and Others), By Geographic Scope and Forecast, 2023 - 2032 Global Gas Separation Membrane Market Insights Forecasts to 2032
Global Dunnage Packaging Market Size, By Raw Material (Fabric, Corrugated Plastic), By Application (Automotive, Electronics), By Region, And Segment Forecasts, By Geographic Scope and Forecast 2022 – 2032
Europe Hydrocarbon Refrigerants Market Size, Share, and COVID-19 Impact Analysis, By Type (R290 Propane, R600a Isobutane, R1270 Propylene, Others), By Application (Refrigeration Systems, Chillers, Air Conditioning Systems, Heat Pumps, Others), By Country (Germany, UK, France, Italy, Spain, Russia, Rest of Europe), and Europe Hydrocarbon Refrigerants Market Insights Forecasts to 2032
Global Cosmetic Packaging Market Size, By Type (Bottles, Jars and Containers, Pen Types, Roller Balls, Sticks, Tubes), By Material (Glass, Metal, Paper, Plastic), By Region, And Segment Forecasts, By Geographic Scope and Forecast 2022 – 2032
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us
Follow Us: LinkedIn | Facebook | Twitter
