Fiber Reinforced Plastic Vessels Global Market Report 2024

Fiber-reinforced plastic vessels are containers constructed from a modern composite material used in the fabrication of tanks and vessels within chemical plants. This material comprises fibers embedded in a polymer matrix, providing inherent corrosion resistance. The technical advantages of fiber-reinforced plastic include resistance to corrosion, the ability to withstand hydrostatic forces, and high tensile strength.

The primary types of fiber-reinforced plastic vessels include glass fiber, carbon fiber, aramid fiber, and other variations. Glass Fiber Reinforced Plastic is a composite material consisting of a polymer matrix and glass fibers. Various resins, such as polyester, epoxy, polyurethane, and others, are utilized in the construction of fiber-reinforced plastic vessels. These vessels are distributed through different channels, including online and offline platforms, and find applications in various industries such as automotive and transportation, water & wastewater, chemical, industrial, oil & gas, and others.

The fiber-reinforced plastic vessels market research report is one of a series of new reports that provides fiber-reinforced plastic vessels market statistics, including fiber-reinforced plastic vessels industry global market size, regional shares, competitors with a fiber-reinforced plastic vessels market share, detailed fiber-reinforced plastic vessels market segments, market trends and opportunities, and any further data you may need to thrive in the fiber-reinforced plastic vessels industry. This fiber-reinforced plastic vessels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The fiber reinforced plastic vessels market size has grown rapidly in recent years. It will grow from $3.32 billion in 2023 to $3.66 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The expansion observed during the historical period can be attributed to several factors, including the corrosion resistance offered by fiber-reinforced plastic vessels, their lightweight and durable nature, compliance with regulatory standards, ongoing infrastructure development projects, and the substitution of traditional materials with fiber-reinforced plastic.

The fiber reinforced plastic vessels market size is expected to see rapid growth in the next few years. It will grow to $5.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of the chemical industry, ongoing infrastructure upgrades, a continued emphasis on cost-effectiveness, growth in the water treatment sector, and increasing adoption in the oil and gas industry. Noteworthy trends expected during the forecast period include the integration of advanced composite technologies, the development of smart vessels, a focus on customization and modular design, an expansion within the chemical industry, and the use of lightweight and high-strength materials in fiber-reinforced plastic vessels.

The burgeoning demand for fiber-reinforced plastic (FRP) vessels in the automotive industry, particularly for fuel storage in natural gas vehicles, is a significant driver of market growth. FRP vessels used in the automotive sector are constructed as a single piece, reducing the risk of splitting in the event of a crash. The rapid adoption of natural gas vehicles, along with the conversion of existing gasoline vehicles to run on natural gas, especially in developing countries to curb pollution levels, has led to an increased need for FRP vessels. As an illustration, in June 2021, as reported by Advanced Clean Tech (ACT) News, despite the anomalies of 2020, the usage of natural gas fuel and natural gas vehicles (NGVs) continued to expand. In California, the use of Renewable Natural Gas (RNG) in on-road transportation witnessed a substantial increase, reaching 93% of total volume in 2020, a growth of over 225% since 2015. The rising demand for FRP vessels in the automotive industry is expected to drive market growth during the forecast period.

The growing demand for oil and gas exploration and production activities is another driving force behind the expansion of the fiber-reinforced plastic vessels market. The oil and gas exploration and production (E&P) sector, responsible for discovering, extracting, and processing oil and natural gas resources, extensively employs FRP vessels due to their corrosion resistance, chemical resistance, lightweight design, customization options, and ability to store and transport various substances. For instance, in December 2022, according to reports from the Energy Information Administration (EIA), US oil production and natural gas production both experienced an increase in 2021. Oil production rose from 11.2 million barrels per day (b/d) in 2020 to 11.6 million b/d in 2021, while natural gas production increased from 112.6 billion cubic feet per day in 2020 to 118.7 billion cubic feet per day in 2021. The growing demand for oil and gas exploration and production activities is a key factor propelling the fiber-reinforced plastic vessels market forward.

A notable trend gaining popularity in the fiber-reinforced plastic vessel market is the development of low-weight transportation FRP vessels. Carbon fiber-reinforced polymers and glass fiber-reinforced polymers are utilized in creating lightweight transportation materials. An example is Universal Hydrogen, a US-based carbon-free hydrogen transport company, which, in August 2021, launched a twin-tank module for 50-seat aircraft utilizing carbon fiber-wrapped pressure vessels to store hydrogen gas at 850 bar. This innovation enables a 400-nautical mile range for regional turboprop aircraft, such as Dash 8 or ATR, facilitating easy transport and loading using existing infrastructure.

Major players in the fiber-reinforced plastic (FRP) vessel industry are increasingly embracing a strategic partnerships approach to provide essential services to individuals, businesses, and governments. This approach involves companies leveraging each other's strengths and resources for mutual benefits and success. A notable example is the partnership formed in July 2022 between Rev1 Ventures, a US-based venture capital fund company, and Worthington Industries, a US-based metal manufacturer. Within this collaboration, Worthington Industries committed to providing individual investments of up to $10 million to advance emerging technologies aligned with its strategic vision, enhancing its ability to meet the present and future needs of the markets.

In another strategic move, Ipackchem Group SAS, a France-based material manufacturing company, acquired TPG Plastics LLC in October 2022 for an undisclosed amount. This acquisition positions Ipackchem to strengthen its barrier packaging product portfolio, expand manufacturing capabilities, and extend its product reach in North America. TPG Plastics LLC, based in the US, is a pioneer in plastic product manufacturing, particularly in the design and development of blow molding products. This strategic partnership demonstrates the industry's commitment to growth and innovation through collaborative efforts.

Major companies operating in the fiber reinforced plastic vessels market include Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, TROY Dualam Inc., Swami Plastic Industries, Augusta Fiberglass Coating Inc., Worthington Industries Inc., AVANCO GmbH, Cevotec Gmbh, Denali Therapeutics Inc., Enduro Composites Inc., EPP Composites Pvt Ltd., Faber Industrie SPA, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Nproxx BV, Quantum Fuel Systems Technologies Worldwide Inc., ZCL Composites Inc., Luxfer Group Ltd., Hexagon Composites ASA, Everest Kanto Cylinder Ltd., Liberty Flour Mills Inc., B & D Plastics LLC, Belco Manufacturing Co Inc., 3A Composites USA Inc., Diamond Fiberglass Fabricators Inc., Fiber-Tech Industries Inc., Fiberglass Tank & Pipe Institute, Fibrelite Composites Ltd., Fibrex Pvt Ltd., Fisher Tank Company

Asia-Pacific was the largest region in the fiber reinforced plastic vessels market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fiber reinforced plastic vessels market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the fiber reinforced plastic vessels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market for fiber-reinforced plastic vessels consists of sales of natural fiber, hemp fiber, plant-based fiber, polycarbonate, and polyamide. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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