FRP Vessels Market Growth Analysis and Industry Forecast, 2020–2027

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The global FRP vessels market forecast was valued at $1.1 billion in 2019, and is projected to reach $1.6 billion by 2027, growing at a CAGR of 6.4% from 2020 to 2027. Fiber reinforced plastic (FRP) is a combination of polymer matrix reinforced with fiber material. FRP vessels are modern equipment that is used in chemical plants, oil & gas, wastewater treatment plant, mining, and power. FRP is used to fabricate vessels that have size ranging from 1 meter to 20 meter. FRP vessels are fabricated through several design standards such as Bs4994-87, ASME RTP-1, ASTM 3299, and SS245:1995. These design standards are incorporated to ensure specified thickness of the vessels, axial stress, hoop stress, physical properties, and Young’s modulus. Other than main stream applications, these are also used in chlor-alkali manufacturing plant, pulp and paper industry, air pollution control equipment, electroplating application, and brine manufacturing plant.

FRP vessels market growth factors are rising adoption of FRP vessels in chemical plants owing to their beneficial properties such as light weight, easy to handle, can be customized easily depending upon customer requirement, and simple installation process. In addition, growing need of municipal waste water treatment and rising number of portable water treatment plant is the key market trend in the global market. On the contrary, FRP has low elastic modulus; thus, vessels made up of FRP lack rigidity, have poor long term temperature resistance, and these vessels are susceptible to performance degradation under the influence of UV rays. These factors are predicted to hinder the global market growth in the forecast period. However, FRP composite vessels can be easily moved, handled, and require minimal installation cost as compared to steel or metallic vessels.

The FRP vessels market analysis is done based on fiber type, resin, application, and region. Based on fiber type, the global market is segmented into glass fiber, carbon fiber, and others. Based on resin, the global market is segmented into polyester, epoxy, and others. Based on application, the global market is segmented into automotive & transportation, water & wastewater, chemicals, oil & gas, industrial, and others. On the basis of region, the global FRP vesselsmarket is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share in the global market, followed by North America and Europe. The major companies profiled in this report 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.

Glass fiber is projected as the most lucrative segment.

The Asia-Pacific FRP vessels market size is projected to grow at the highest CAGR of 8.7% during the forecast period and accounting for 47.0% of FRP vessels market share. Rising R&D activity in China for reduction of FRP vessel cost and widened adoption of FRP in aeronautic, marine, and automotive sector has pushed the need of FRP, which are the major FRP vessels growth drivers in this region. In addition, growing need of new FRP material for renovation of civil structures has pushed the adoption of FRP among top civil infrastructure companies in India, which are considerable factors that are augmenting the FRP vessels market in the Asia-Pacific region.

Asia-Pacific holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.

In 2019, the polyester FRP vessels segment was the largest revenue-generating segment and is anticipated to grow at CAGR 7.0% in the forecast period. While the epoxy FRP vessels segment is predicted to grow with 5.8% CAGR.

Polyester is projected as the most lucrative segment.

In 2019, the water & wastewater was the largest revenue-generating segment, and is anticipated to grow at a CAGR of 4.6% during the forecast period, while the automotive & transportation segment is anticipated to grow with 7.8% CAGR during the forecast period.

Automotive & transportation is projected as the most lucrative segment.

Impact Of Covid-19 On The Global FRP Vessels Market

Analyst Review

The global FRP vessels market is a low-volume high-value market in regards to an extremely essential role played by FRP vessels in automotive & transportation, water & wastewater, chemicals, oil & gas, and industrial sectors. In addition, mainstream application industries such as pulp & paper, pharma, food processing, desalination plant, and power plant, are predicted to offer lucrative growth opportunities in the future. Industrial sectors such as construction, consumer goods, protective equipment, and marine infrastructure widely incorporate FRP as base material of construction, which is another factor favorable for the growth of the global market. Oil & gas exploration activity and production has been increasing drastically and coupled with new innovative technologies needs durable and corrosive resistant material. For instance, hydraulic fracturing is an advanced technology in the oil & gas industry for extracting unconventional oil & gas resource, which is predicted to augment the demand of the global market according to various CXOs.

Since early development of oil production steel pipes were used for transportation of crude oil and gas. However, steel pipes are being replaced by FRP insulated pipes due to their capability of withstanding hostile environmental conditions. Coupled with other factors such as sulfur crude, mud, and saltwater, which decrease the service life of steel pipes. Thus, FRP is being adopted as the material of construction in oil & gas application that are located and need to be operated under these environmental conditions.

Automotive and transportation industry is projected to increase the demand of FRP vessels market

Polyester resin type is leading segment in FRP vessels market

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Mainstream application industries such as pulp & paper, pharma, food processing, desalination plant, and power plant are the major growth factor in the global market.

Water & wastewater application is expected to drive the demand of FRP vessels market

The top ten market players are selected based on two key attributes - competitive strength and market positioning

Growing need of municipal waste water treatment and rising number of portable water treatment plant are the other major growth factors in the global market

The FRP vessels market size is projected to reach $1,638.1 million by 2027.

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 are the top companies in the global FRP vessels market.

COVID-19 will impact negatively on the global FRP vessels market. This is attributed due to• The COVID-19 pandemic has negatively affected the global economy and is subsequently shrinking the GDP in global economies, thereby changing consumer spending patterns globally.• Automotive sector had severe negative impact due to disruption in import & export of automotive parts, manufacturing interruptions across European region, and temporary closure of assembly plants in the U.S. FRP finds its application in automotive sector and in turn the global market has been negatively affected in this pandemic situation.• FRP is used in water & wastewater treatment plant, however owing to spread of coronavirus, this sector has been affected negatively. According to National Association of Clean Water Agencies (NACWA), $12.5 billion revenue loss was observed due to COVID-19 pandemic. Thus, the global FRP vessels market has been affected negatively in the pandemic.• Chemical industry has observed minimal impact due to COIVD-19, this is attributed to newer decarbonization technologies, increased use of digital technologies, and some chemical companies facing oversupply situation in specific market segments. Thus, the FRP vessels market is predicted to have mixed effect inthe chemical sector.

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