The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s FRP Vessels Global Market Report 2024 offers crucial insights into the FRP vessels market help businesses analyse and build stronger strategies.

The FRP vessels market has witnessed significant growth in recent years, with its size expanding from $3.13 billion in 2023 to $3.38 billion in 2024, showcasing a commendable compound annual growth rate (CAGR) of 8.0%. This surge in demand stems from various factors such as corrosion resistance requirements, cost-effectiveness, lightweight design, versatility in manufacturing, and chemical resistance.

Charting the Future

Anticipating a robust future, the market is poised to reach $4.57 billion by 2028, with a CAGR of 7.8%. The forecasted growth is attributed to escalating environmental concerns, advancements in composite technologies, the expansion of renewable energy sources, increased demands for water treatment, and infrastructure development in emerging markets.

Increased Demand For FRP Vessels Fueled By Rising Popularity Of Alternative Fuel Vehicles

Driving Forces Behind Alternative Fuel Vehicles

The burgeoning demand for alternative fuel vehicles emerges as a significant catalyst propelling the FRP vessels market forward. With a global shift towards sustainable transportation, alternative fuel vehicles, including electric cars, buses, vans, and heavy trucks, are gaining momentum. FRP vessels play a pivotal role in creating various electric vehicle components, enhancing fuel efficiency, and prolonging component life.

Global Trends in Electric Vehicles

Statistics reveal a substantial surge in global electric vehicle sales, surpassing 6.5 million units in 2021, marking a 120% increase from the previous year. By 2030, an estimated 145 million electric vehicles are expected to be on the roads worldwide, highlighting the escalating adoption of alternative fuel vehicles. China and the USA are witnessing significant growth in electric vehicle sales, underscoring the burgeoning demand for sustainable transportation solutions.

Industry Leaders and Market Dynamics

Prominent companies such as TE Connectivity Ltd., Honeywell International Inc., Lockheed Martin Corporation, and Raytheon Technologies Corporation are actively contributing to the expansion of the FRP vessels market. Their innovative solutions and strategic partnerships are reshaping industry dynamics and catering to evolving consumer needs.

Development Of Low Weight Transportation FRP Vessels

Embracing Lightweight Transportation Solutions

The development of low-weight transportation FRP vessels emerges as a prominent trend reshaping the fiber reinforced plastic vessels market. Key players are focusing on innovating lightweight transportation solutions to gain a competitive edge. For instance, Universal Hydrogen’s launch of a twin-tank module for 50-seat aircraft showcases the potential of carbon fiber-wrapped pressure vessels in enabling hydrogen transport for regional aircraft.

Strategic Acquisitions and Collaborations

In August 2022, Hexagon Composites acquired a 40% stake in Cryoshelter GmbH, bolstering its position in the LH2 solutions market. This collaboration aims to leverage LNG technology platforms to develop innovative solutions for the heavy-duty transportation industry, further driving the adoption of FRP vessels in the market.

Market Segmentation and Regional Dominance

Insights into Market Segmentation

The FRP vessels market is segmented based on fiber type, resin type, and applications, enabling stakeholders to identify emerging opportunities and tailor strategies accordingly. Glass and polyester are among the dominant fiber and resin types, respectively, while automotive and transportation, chemicals, and oil and gas sectors are primary application areas.

Regional Dynamics

Asia-Pacific emerges as the largest region in the FRP vessels market, highlighting the region’s significant influence on global consumption patterns and production dynamics. The region’s burgeoning industrial sector and infrastructure development initiatives drive the demand for FRP vessels across various applications.

In conclusion, the FRP vessels market is poised for remarkable growth, driven by escalating demands for alternative fuel vehicles, innovations in lightweight transportation solutions, and strategic collaborations among industry players. As stakeholders embrace sustainability and technological advancements, the market is primed for transformative growth in the coming years.

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The FRP Vessels Global Market Report 2024  provides a comprehensive outlook of the FRP vessels market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The FRP vessels market forecast offers a thorough analysis on FRP vessels market size, FRP vessels market share, prominent players and their strategies.

The Table Of Content For The FRP Vessels Market Include:
1. FRP Vessels Market Executive Summary
2. FRP Vessels Market Segments
3. FRP Vessels Market Size And FRP Vessels Market Growth Rate
4. Key FRP Vessels Market Trends
5. Major FRP Vessels Market Drivers
……
25. Key Mergers And Acquisitions In The FRP Vessels Market
26. Top FRP Vessels Companies
27. FRP Vessels Market Opportunities And Strategies
28. FRP Vessels Market, Conclusions And Recommendations
29. Appendix

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