Increasing utilization of FRP vessels in industries such as water & wastewater, automotive, chemicals, oil & gas, and pulp & paper has enhanced the demand for the FRP vessels market. There is extensive use of FRP vessels in the oil & gas industry owing to their supportive properties such as chemical resistance, high impact resistance, and resilience.
Fiber-reinforced plastic (FRP) of fiber reinforced polymer is a compound material consisting of polymer matrices such as epoxy, vinyl ester, or polyester. Properties such as fabrication & design, resilience, cost, stiffness, and impact resistance make it a widely adopted material over traditional materials. FRP made up of polyester resin is versatile in nature, and offers enhanced dimensional stability, and chemical resistance. Vinyl ester FRP is stronger than polyester FRP, offers improved flexibility, and is designed to withstand flexing and compression. Epoxy FRP includes extended properties over vinyl ester and polyester FRP.
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Polyurethane FRP is a widely adopted material in the fiberglass sector, owing to its durability and robustness.
The global FRP vessels market is driven by an increase in applications in industries such as water & wastewater, chemical, transportation, and oil & gas. The oil & gas industry requires underground storage tanks & vessels for storing various products and byproducts. In addition, the rising number of FRP vessels sales across the oil & gas industry is a prime factor that is augmenting the demand for the global market. For instance, according to an Association of State and Territorial Solid Waste Management Officials analysis, nearly 7,500 FRP fabricated storage tanks & vessels are sold annually in North America.
FRP storage tanks and vessels are gaining importance in the water & wastewater industry owing to their capability of withstanding highly reactive acids, alkalis, and organic resins. In addition, FRP vessels that are used widely in the treatment of domestic sewage waste are another growth factor in the global market. However, the presence of a wide number of regulatory approvals is predicted to hamper the market growth during the forecast period.
An FRP vessel made of polyester resin is predicted to offer new opportunities in the global FRP vessels market. These vessels are widely used in water & wastewater treatment plants and chemical storage plants.
The global FRP vessels market is segmented by fiber type, resin, application, and region.
Based on fiber type, the global FRP vessels market is categorized into glass fiber, carbon fiber, and others. FRP vessels made up of glass fiber are also known as glass-reinforced plastic vessels (GRP). Carbon-reinforced plastic (CRPF) is a high-tech material made up of a carrier substance (matrix), carbon fiber that is embedded in a matrix, and a secondary reinforcing substance. Fiber-reinforced plastic can also be manufactured using different fiber materials such as aramid and basal. The CRPF segment accounted for the largest market share in 2019.
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Based on resin, the global FRP vessels market is segmented into polyester, epoxy, and others. Fiberglass-reinforced polyester is also known as reinforced thermoset plastic (RTP) or reinforced thermosetting resin plastic (RTRP). RTP is widely used in trucking &transportation owing to its cost efficiency, internal surface, temperature & corrosion resistance, and mechanical strength. In 2019, the polyester segment accounted for the largest market share and is expected to witness the highest growth during the forecast period.
Based on application, the global FRP vessels market is segmented into automotive & transportation, water & wastewater, chemicals, oil & gas, industrial, and others. The water & wastewater segment accounted for the largest revenue in 2019, and it is further expected to grow at the highest CAGR during the assessment period.
Based on region, the global FRP vessels market is studied across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific FRP market size is projected to grow at the highest CAGR of 8.7% during the forecast period and account for 47.0% of the FRP vessels market share.
The global FRP vessels industry profiles the leading players that include 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, Plamer, and Link Engineers.
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Key findings of the study
- By region, Asia-Pacific accounted for the largest market share in 2019, owing to the rising demand for R&D activity in developing nations such as China and India.
- By fiber type, the glass fiber FRP vessels segment held the largest market share in 2019.
- By resin, the polyester segment is anticipated to witness the highest CAGR in terms of revenue, during the forecast period.
- By application, the water & wastewater segment accounted for the largest market share in 2019, while the automotive & transportation segment is anticipated to witness the highest growth rate in terms of revenue, during the forecast period.
- Countries such as China, the U.S., Germany, and India, are emerging as investment-centric economies.
- The emergence of the COVID-19 event had mixed effects on the growth trajectory of this market.
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