Paper, Plastics, Rubber, Wood And Textile

FRP Vessels Market Expansion Outlook: $4.9 Billion by 2029 Forecast

November 13, 2025 by The Business Research Company

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#What Are The Forecasted Market Size Estimates For The FRP Vessels Market Between 2025 And 2029?#_x000D_

The FRP vessels market has shown strong growth in recent years. It will grow from $3.36 billion in 2024 to $3.59 billion in 2025, recording a CAGR of 6.9%. The growth in the historic period can be attributed to the need for corrosion resistance, cost efficiency, lightweight and versatile design, and high chemical resistance._x000D_

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Projections indicate substantial expansion for the fiber-reinforced plastic (FRP) vessel sector going forward, charting a course to reach a valuation of $4.9 billion by 2029, reflecting a robust compound annual growth rate of 8.1%; this upward trajectory is fueled by escalating ecological awareness, innovations within composite materials science, the broadening deployment of sustainable energy sources, increasing requirements for water purification processes, and significant construction activity underway in developing economies, while key industry movements involve prioritizing designs that reduce weight, incorporating intelligent remote monitoring capabilities, a rise in utilization within the petroleum and natural gas sectors, and heightened attention toward eco-friendliness and ecological factors._x000D_

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#What Are The Top Growth Drivers Impacting The FRP Vessels Market Outlook?#_x000D_

The escalating need for vehicles powered by non-conventional energy sources is anticipated to stimulate the expansion of the Fiber Reinforced Plastic (FRP) vessels market moving ahead. Automobiles adopting alternative energy sources, referred to as AFVs, run on fuels other than traditional petrol or diesel; these alternative energy sources comprise biodiesel, ethanol, and electricity, including that sourced from solar power. Since FRP vessels are employed in manufacturing diverse components for electric vehicles, their inherent advantages of superior durability and minimal mass contribute positively to enhancing fuel economy and extending the lifespan of these parts. Illustratively, statistics from the U.S. Energy Information Administration, a governmental body in the US, noted that by the third quarter of 2023, battery-electric vehicles (BEVs) captured 17.7% of all newly sold light-duty vehicles; furthermore, according to Wards Intelligence, BEVs constituted 16.0% of all new vehicle transactions for the current year to date, marking an increase from 12.5% in 2022 and 9.0% in 2021. This collection of figures highlights a significant upward trajectory in the market for electric vehicles, signalling an increasing alignment with consumer tastes and overall market proliferation, which consequently means that the rising uptake of alternative fuel vehicles is serving as a catalyst for the FRP vessels market’s growth._x000D_

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#What Are The Different Segment Classifications Within The FRP Vessels Market?#_x000D_

The frp vessels market covered in this report is segmented – _x000D_

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1) By Fiber: Glass, Carbon, Other Fibers _x000D_

2) By Resin: Polyester, Epoxy, Other Resins_x000D_

3) By Applications: Automotive And Transportation, Chemicals, Industrial, Oil And Gas, Water And Wastewater, Other Applications_x000D_

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Subsegments:_x000D_

1) By Glass Fiber: E-Glass Fiber, S-Glass Fiber_x000D_

2) By Carbon Fiber: Prepreg Carbon Fiber, Standard Carbon Fiber_x000D_

3) By Other Fibers: Aramid Fiber, Natural Fibers, Basalt Fiber_x000D_

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#What Trends Are Redefining The FRP Vessels Market Dynamics?#_x000D_

A significant movement observed within the fiber reinforced plastic vessels sector is the increasing emphasis on engineering lighter-weight transportation FRP vessels, with major competitors concentrating their efforts on this area to secure a stronger market position. Illustrating this, Universal Hydrogen, an American enterprise dedicated to carbon-neutral, cost-effective hydrogen logistics, recently unveiled a twin-tank module designed for aircraft seating fifty passengers; this system incorporates carbon fiber-wrapped pressure containment units to hold hydrogen gas at 850 bar, which consequently facilitates a 400-nautical-mile operational radius for an ATR or Dash 8 regional turboprop, permitting streamlined handling and loading utilizing current logistical frameworks._x000D_

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#Who Are The Key Multinational Companies Dominating The FRP Vessels Market?#_x000D_

Major companies operating in the FRP vessels market are Belco Manufacturing Co., Augusta Fiberglass Coatings Inc., Enduro Composites Inc., ZCL Composites Inc., Hengrun Group Co. Ltd., RL Industries, Denali Incorporated, L.F. Manufacturing Inc., EPP Composites Pvt. Ltd., Composite Advantage LLC, Cekaseal Composite, CMI Composites, CGH Belgium Group, Watts Water Technologies Inc., Plasticon Composites, Ashland Global Holdings Inc., Ershigs Inc., National Oilwell Varco Inc., Continental Steel & Tube Co., Industrial Plastic Systems Inc., Beijing Zhongxing Shiqiang Fiberglass Reinforced Plastic Co. Ltd., Composites USA, Amiblu Holding GmbH, Shreya Industries, Balaji Fiber Reinforce Pvt. Ltd., KCH Services Inc. _x000D_

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#What Regional Growth Trends Are Shaping The FRP Vessels Market Outlook?#_x000D_

Asia-Pacific was the largest region in the FRP vessels market share in 2024. The regions covered in the FRP vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_

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