Fiber Reinforced Plastic Vessels Market Report 2026

The fiber reinforced plastic vessels market size has grown rapidly in recent years. It will grow from $3.98 billion in 2025 to $4.4 billion in 2026 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to expansion of chemical processing industries, replacement of metal tanks due to corrosion issues, increasing industrial storage requirements, availability of glass and carbon fiber materials, growth in wastewater treatment infrastructure.

The fiber reinforced plastic vessels market size is expected to see rapid growth in the next few years. It will grow to $6.46 billion in 2030 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to increasing investments in corrosion-resistant infrastructure, rising demand from oil and gas and water treatment sectors, expansion of composite material innovation, growing focus on lifecycle cost reduction, increasing adoption of custom-engineered frp vessels. Major trends in the forecast period include increasing adoption of corrosion-resistant composite vessels, rising demand for lightweight industrial storage solutions, growing use of frp vessels in chemical processing, expansion of custom-designed composite tanks, enhanced focus on long service life and structural strength.

The increasing demand for oil and gas exploration and production is expected to drive the growth of the fiber-reinforced plastic vessels market going forward. Oil and gas exploration and production is a vital segment of the energy industry that focuses on the discovery, extraction, and processing of oil and natural gas resources from underground reserves. Fiber-reinforced plastic vessels are widely used in this sector due to their excellent corrosion and chemical resistance, lightweight construction, customization flexibility, and ability to safely store and transport a wide range of substances. For example, in June 2023, according to Datacenter Forum, a Sweden-based business development services provider, the Norwegian government approved investments totaling $18 billion for the development of 19 oil and gas fields. Therefore, the growing demand for oil and gas exploration and production is driving the expansion of the fiber-reinforced plastic vessels market.

Companies operating in the fiber-reinforced plastic vessels market are increasingly focusing on product innovation, such as the development of corrosion-resistant FRP vessels, to address rising demand for durable, lightweight, and sustainable storage solutions across industrial applications. Corrosion-resistant FRP vessels are composite tanks manufactured from fiber-reinforced plastics that resist chemical degradation, helping to extend service life, reduce maintenance costs, and ensure safe and reliable storage in harsh operating environments. For instance, in October 2024, ZCL Composites Inc., a Canada-based designer and manufacturer of composite process equipment, launched a new range of environmentally friendly FRP vessels tailored for the chemical industry. These vessels are designed to meet environmental compliance requirements while delivering long-term performance in corrosive conditions, supporting a wide range of industrial chemical storage and processing needs. By leveraging advanced composite materials and engineering techniques, these products offer enhanced durability and sustainability compared to traditional materials, aligning with industry demand for high-performance and eco-efficient solutions.

In June 2024, Worthington Enterprises Inc., a US-based industrial manufacturing company, acquired Hexagon Ragasco for an undisclosed amount. Through this acquisition, Worthington Enterprises aims to strengthen its global footprint and expand its portfolio of fiber-reinforced plastic pressure vessels used for liquefied petroleum gas storage across residential, commercial, and industrial markets. Hexagon Ragasco is a Norway-based industrial manufacturing company specializing in advanced fiber-reinforced plastic composite pressure vessels.

Major companies operating in the fiber reinforced plastic vessels market are Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, TROY Dualam Inc., Swami Plastic Industries, Augusta Fiberglass Coating Inc., AVANCO GmbH, 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., B & D Plastics LLC, Belco Manufacturing Co Inc., Diamond Fiberglass Fabricators Inc., Fiber-Tech Industries Inc., Fibrex Pvt Ltd.

Asia-Pacific was the largest region in the fiber reinforced plastic vessels market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fiber reinforced plastic vessels market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fiber reinforced plastic vessels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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