Publishing: November 2021 | Report Code: CM12150 | Available Format: PDF
The increasing demand for FRP vessels over metallic vessels usually made up of steel is identified as a prominent trend in the global FRP vessels market. These are the fiber-reinforced plastic vessels, used in industries, such as water and wastewater, chemical, and oil & gas, for the storage of water, chemicals, and oil and gas. The industries are preferring to use these vessels due to their lightweight, corrosion resistant, and low-cost, relative to steel vessels. These are also used in the automotive & transportation industry as a liquefied petroleum gas (CNG) storage vessel.
The FRP vessels market is categorized into glass, carbon, and others, based on fiber type. Among these, the glass category holds a significant share in the market, due to its low-cost owing to less-expensive raw material, as compared to other types of fiber. Moreover, it has bulk strength and weight properties, when compared to steel vessels, which make the glass fiber a favorite choice among companies.
The FRP vessels market is classified into polyester, epoxy, and others, on the basis of resign. Of these, the polyester category accounts for the considerable market share. Polyester resin costs 3–5 times less as compared to epoxy resin, owing to which companies are using polyester-based FRP vessels to reduce the fixed cost of their facilities. Further, in the manufacturing of polyester-based vessels, manufacturers can vary the resin cure time depending upon the production requirement, which cannot be done with epoxy resin.
Geographically, Asia-Pacific (APAC) holds the considerable share in the FRP vessels market. Well-established chemical, automotive, and oil & gas industries are driving the demand for FRP vessels in the region. Further, increasing consumption of chemicals, oil and gas, and other products due to the rising population in the region is encouraging companies to expand their facilities to meet the growing demand, which, in turn, is propelling the demand for these vessels.
The FRP vessels market is primarily driven on account of the demand arising from the water and wastewater, chemical, and oil & gas industries. These vessels are used in the water and wastewater industry for water softening, filtration, and storage. Since, investment in this industry is increasing, in order to provide safe drinkable water to people. In addition, the companies are installing wastewater plants within their facilities, in order to protect the environment, which, in turn, boosts the demand for these vessels. Moreover, increasing demand for chemical and oil & gas products, due to the growing population and rising income, is also driving the market growth. For instance, as per the European Chemical Industry Council (Cefic), the global chemical sales rose three-fold between 1998 and 2018, which stood at $3,749.1 billion in 2018, as compared to $1,228.8 billion in 1998.
Fluctuating raw material price, due to uncertainty in the commodity industry and high manufacturing cost, is the prime factor that may affect the FRP vessels market in a negative way. The raw materials, such as polyester and epoxy resins, are the products of crude oil and since the crude oil industry is highly uncertain, therefore the raw material price fluctuation risk is always associated with this market. Further, high investment is required for the manufacturing of these vessels, therefore many small vendors find hindrance in the form of capital, while entering into the market.
Some of the major companies operating in the global market include Augusta Fiberglass Coatings Inc., Luxfer Group, Hexagon Composites ASA, Worthington Industries Inc., and Everest Kanto Cylinder Limited.
The study provides the historical as well the forecast size of the FRP vessels market.
The fiberglass reinforced plastic vessels market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Fiber Type
Based on Resin
Based on End User
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