FRP Vessels Market Future Growth, High Demand, Recent Trends, Industry Analysis, and Outlook 2027

emergen research
emergen research

This comprehensive study provides various aspects of business such as important definition, end use and total revenue generated across various regions. The study is a professional probe into the revenue generated and capacity estimates for the FRP Vessels Market for the forecast period 2020 – 2027 empower the business owners to maintain a competitive edge over their rivals. The research further examines and provides data on the market by type, application and geography interspersed with illustrations and other graphical representations. The market analysis not only determines the attractiveness of the industry but also the evolving challenges and opportunities and their association with the weaknesses and strengths of prominent market leaders. Other factors taken into consideration when studying the industry include profitability, manufacturing capability, distribution channels and industry cost structure and major success factors.

The global FRP vessels market size was USD 3,140.5 Million in 2019 and is projected to reach USD 5,538.8 Million by 2027, at a CAGR of 7.3% during the forecast period. FRP (fiber-reinforced plastic) vessels are witnessing high demand in industries such as automotive, oil & gas, water & wastewater treatment, and chemicals. Factors such as increasing demand for FRP vessels in the automotive industry, growth of the oil & gas industry, surging preference for FRP vessels over steel vessels, and increasing demand in the APAC region drive the market.

The latest market study, FRP Vessels Market blends in qualitative and quantitative research techniques to present vital data on the competitive landscape for the period of 2020 – 2027.This research allows the business owners/individuals/ stakeholders to collect decisive information about market segmentation based on product category, usage and sale volume across the various geographical regions. Business stakeholders can prepare effective expansion plan by using the statistics on market share, size and the growth rate discussed in the report, for the forecast period of 2020 – 2027.Unmatched information on past, present and upcoming market trends covered in the study offer lucidity on the future projection of the industry.

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Key Highlights of Report

In October 2019, National Oilwell Varco made an announcement about the acquisition of Denali Inc. The largest business unit of Denali, called Containment Solutions, Inc., primarily produces underground FRP tanks deployed for fuel storage at gasoline stations throughout North America.

CFRP vessels are witnessing significant increase in the demand, due to higher tensile strength of CFRP. Tensile strength of CFRP is about 10 times higher than that of ordinary steel. Also, the elasticity modulus of CFRP is higher than steel, glass fiber, and aramid.

Polyurethane resin in fiberglass composites has been widely tested in terms of compression, tensile strength, and flexural strength. Polyurethane possesses an exceptional strength-to-weight ratio, improved robustness, and superior UV resistance.

In the chemical industry, FRP vessels are extensively employed in applications such as fertilizers, food processing, metal extraction, refining, pulp and paper, electroplating, chlor-alkali production, and air pollution control equipment.

High demand for FRP vessels in North America is attributable to surging installation of these vessels in industries such as chemical & petrochemical, power generation, and oil & gas. Rising deployment of nuclear reactors in the energy sector is projected to drive the market in the region from 2020 to 2027.

Key market participants include Faber Industries SPA, National Oilwell Varco, Luxfer Holdings PLC, Shawcor, Everest Canto Cylinder Ltd., Agility Fuel Solutions LLC, JRMS Engineering Works, ULLIT SA, Hexagon Composites ASA, and Worthington Industries Inc.

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Regional Landscape

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Market Taxonomy:

Chapter 1: Methodology & Scope

  • Definition and forecast parameters
  • Methodology and forecast parameters
  • Data Sources

Chapter 2: Executive Summary

  • Business trends
  • Regional trends
  • Product trends
  • End-use trends

Chapter 3: Industry Insights

  • Industry segmentation
  • Industry landscape
  • Vendor matrix
  • Technological and innovation landscape

Chapter 4: Regional Landscape

Chapter 5:  Company Profile

  • Business Overview
  • Financial Data
  • Product Landscape
  • Strategic Outlook

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