Fiber Reinforced Plastic Vessels Market Report 2025

The fiber reinforced plastic vessels market size has grown rapidly in recent years. It will grow from $3.64 billion in 2024 to $4.02 billion in 2025 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to corrosion resistance, lightweight and durable, regulatory compliance, infrastructure development, replacement of traditional materials.

The fiber reinforced plastic vessels market size is expected to see rapid growth in the next few years. It will grow to $6.03 billion in 2029 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to expanding chemical industry, increasing infrastructure upgrades, ongoing emphasis on cost-effectiveness, growth in water treatment, increasing adoption in oil and gas. Major trends in the forecast period include advanced composite technologies, smart vessels, customization and modular design, expansion in chemical industry, lightweight and high-strength materials.

The expanding construction industry is propelling the growth of the market. This sector is responsible for the planning, design, construction, and maintenance of buildings, infrastructure, and facilities, which include residential, commercial, and industrial projects. Several factors, such as urbanization, infrastructure development, and economic growth, are driving the expansion of the construction industry. Fiberglass-reinforced plastic (FRP) vessels are significantly lighter than traditional materials like steel or concrete, making them easier to transport and install. Additionally, their durability and corrosion resistance contribute to a longer lifespan and reduced maintenance costs. For example, in June 2024, TST Europe AG, a Switzerland-based private company, reported that total construction spending reached $1.98 trillion in 2023, marking a 7.4% increase from the previous year. Consequently, the growing construction industry is anticipated to enhance the market during the forecast period.

The increasing demand for oil and gas exploration and production is projected to propel the growth of the fiber-reinforced plastic vessels market. The exploration and production (E&P) sector is a vital component of the energy industry, focused on discovering, extracting, and processing oil and natural gas resources from underground reservoirs. Fiber-reinforced plastic vessels are favored in this industry due to their corrosion and chemical resistance, lightweight design, customization options, and capability to store and transport a variety of substances. For example, in June 2023, Datacenter Forum, a Sweden-based business development services provider, reported that the Norwegian government approved an investment of $18 billion to develop 19 oil and gas fields. Thus, the rising demand for oil and gas exploration and production is driving the growth of the fiber-reinforced plastic vessels market.

For example, in December 2022, Steelhead Composites, a US-based manufacturing company, received ASME Certification for Fiber-Reinforced Plastic (FRP) Pressure Vessels. This certification indicates that Steelhead Composites' products meet the stringent safety and performance standards set by the ASME Boiler and Pressure Vessel Code (BPVC). It ensures compliance with rigorous requirements regarding material quality, fabrication techniques, inspection processes, and testing methodologies, thereby guaranteeing the safety of these pressure vessels in various applications, such as grid-scale fuel cells, gas turbines, hydrogen buffer storage, and green ammonia production. FRP pressure vessels offer several advantages over traditional metal vessels, including being lightweight, corrosion-resistant, and capable of withstanding high pressures, making them especially suitable for hydrogen storage applications.

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, 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., 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.

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.

Asia-Pacific was the largest region in the fiber reinforced plastic vessels market in 2024. 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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