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FRP Vessels Market Product (Glass Fiber, Carbon Fiber), Resin, Application (Automotive & Transportation, Water & Wastewater, Chemical, Oil & Gas, Industrial)
PORTLAND, OREGON, UNITED STATES, October 13, 2022 /EINPresswire.com/ --
FRP Vessels Top Industry Contenders
The FRP vessels market profiles the leading players that 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.
According to a new report published by Allied Market Research, the FRP vessels market size 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.
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The FRP vessels market is driven by increase in applications in industries such as water & wastewater, chemical, transportation, and oil & gas.
Oil & gas industry requires underground storage tanks & vessels for storing various products and by products.
Rising number of FRP vessels sales across the oil & gas industry is a prime factor that is augmenting the demand for the global FRP vessels market.
For instance, according to Association of State and Territorial Solid Waste Management Officials analysis, nearly 7,500 FRP fabricated storage tanks & vessels are sold annually in North America.
FRP storage tanks and vessels are gaining importance in water & wastewater industry owing to their capability of withstanding highly reactive acids, alkali, and organic resins.
FRP vessels that are used widely in treatment of domestic sewage waste are another growth factor in the global market. However, presence of wide number of regulatory approvals is predicted to hamper the market growth during the forecast period.
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An FRP vessel made of polyester resin is predicted to offer new opportunity in the global FRP vessels market. These vessels are widely used in water & wastewater treatment plants and chemical storage plants.
Polyurethane FRP is a widely adopted material in the fiberglass sector, owing to its durability and robustness.
The Asia-Pacific FRP market size is projected to grow at the highest CAGR of 8.7% during the forecast period and accounting for 47.0% of the FRP vessels market share.
Countries such as China, the U.S., Germany, and India, are emerging as investment centric economies.
The global FRP vessels market is segmented into automotive & transportation, water & wastewater, chemicals, oil & gas, industrial, and others. The water & wastewater segment accounted for the largest revenue in 2019, and it is further expected to grow at the highest CAGR during the assessment period.
Impact Of Covid-19 On The Global FRP Vessels Market
FRP is used in water & wastewater treatment plant; however, this sector has been negatively affected owing to spread of coronavirus. 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 decarbonisation 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 witness a mixed effect from the chemical sector.
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Fiber reinforced plastic (FRP) of fiber reinforced polymer is a compound material consisting of polymer matrix such as epoxy, vinyl ester, or polyester.
Properties such as fabrication & design, resilience, cost, stiffness, and impact resistance makes it widely adopted material over traditional materials.
David Correa Allied Analytics LLP +1 503-894-6022 email us here Visit us on social media: Facebook Twitter LinkedIn
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