The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increasing demand for alternative fuel vehicles is expected to drive innovation in the manufacturing of FRP vessels, driving the market during the forecast period.

The global FRP vessels market is expected to grow from $2.90 billion in 2022 to $3.13 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The FRP vessels market is expected to grow to $4.14 billion in 2027 at a CAGR of 7.2%.

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Global FRP Vessels Market Segments Include:

• By Fiber: Glass, Carbon, Other Fibers
• By Resin: Polyester, Epoxy, Other Resins
• By Applications: Automotive and Transportation, Chemicals, Industrial, Oil and Gas, Water and Wastewater, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global FRP vessels market in 2021.

Major Market Players in the FRP vessels market include Sainath Industrial Corporation, Plas-Tank Industries Inc., Augusta Fiberglass, Group Surya, JRMS Engineering Works, Troy Dualam Inc., Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd.

The development of low-weight transportation FRP vessels is a key trend gaining traction in the fibre reinforced plastic vessels market. To gain a competitive advantage in the market, key players are concentrating on the development of low weight transportation FRP vessels. For example, in August 2020, Universal Hydrogen, a US-based carbon-free economical hydrogen transport company, announced a new product launch of a twin-tank module for 50 seat aircraft that uses carbon fiber-wrapped pressure vessels to store H2 gas at 850 bar, enabling a 400-nm range for a Dash 8 or ATR turboprop regional aircraft that enables easy transport and loading using existing infrastructure.

The FRP Vessels Global Market Report 2023  provides a FRP vessels market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The FRP vessels market forecast analyzes FRP vessels market size, FRP vessels market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

FRP (fibreglass reinforced plastic) vessels are large tanks made of high-grade FRP material. It has the advantage of being more resistant to harsh and extreme events.

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