FRP Vessels Market Technology, Applications, Recent Trends, Future Growth, Size, Share, Types, Products, High Demand, Industry Analysis and Forecasts 2027

The global FRP vessels market is projected to be valued at USD 5,538.8 Million by 2027, according to a current analysis by Emergen Research. FRP (fiber-reinforced plastic) vessels are witnessing increasing demand from the automotive industry. FRP vessels are used for fuel storage in passenger cars and commercial vehicles. These vessels are constructed in one piece, without any welded seams, which helps in decreasing splitting in the event of a crash. Besides, FRP composites do not corrode, which increases durability of FRP vessels. Furthermore, increasing demand for natural gas vehicles (NGVs) worldwide is significantly driving the demand for FRP vessels in the automotive sector. The global FRP Vessels market is projected to be valued at USD 5,786.1 Million by 2027, according to a current analysis by Emergen Research.    

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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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Fiber Type Outlook (Revenue, USD Billion; 2017–2027)

Carbon

Glass

Aramid

Others

Resin Outlook (Revenue, USD Billion; 2017–2027)

Polyester

Epoxy

Polyurethane

Others

Distribution Channel Outlook (Revenue, USD Billion; 2017–2027)

Online

Offline

Industry Vertical Outlook (Revenue, USD Billion; 2017–2027)

Automotive & Transportation

Chemicals

Oil & Gas

Water & Wastewater

Others

Regional Outlook (Revenue, USD Billion; 2017–2027)

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

 

Table of Content

Chapter 1. Methodology & Sources

    1.1. Market Definition

    1.2. Research Scope 

    1.3. Methodology

    1.4. Research Sources

          1.4.1. Primary

          1.4.2. Secondary

          1.4.3. Paid Sources

    1.5. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2019-2027

Chapter 3. Key Insights

Chapter 4. FRP Vessels Market Segmentation & Impact Analysis

    4.1. FRP Vessels Market Material Segmentation Analysis

    4.2. Industrial Outlook

          4.2.1. Market indicators analysis

          4.2.2. Market drivers analysis

                    4.2.2.1. Demand for natural FRP Vessels

                    4.2.2.2. Rise in construction activities in the emerging economies

                    4.2.2.3. Increasing need to protect the wood from decaying

          4.2.3. Market restraints analysis

                    4.2.3.1. Stringent regulations regarding conservation of natural resources

                    4.2.3.2. Present challenging economic conditions due to the pandemic

    4.3. Technological Insights

    4.4. Regulatory Framework

    4.5. Porter’s Five Forces Analysis

    4.6. Competitive Metric Space Analysis

    4.7. Price trend Analysis

    4.8. Covid-19 Impact Analysis

Continue…

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