FRP Vessels Global Market Report 2024

The global frp vessels market has grown strongly in recent years. It will grow from $3.13 billion in 2023 to $3.38 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth observed in the historical period can be attributed to the demand for corrosion resistance, emphasis on cost-effectiveness, the pursuit of lightweight design, versatility in manufacturing, and the need for chemical resistance.

The global frp vessels market is expected to see strong growth in the next few years. It will grow to $4.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth in the forecast period can be credited to the increasing environmental concerns, progress in composite technologies, the expansion of renewable energy sources, a surge in demand for water treatment solutions, and ongoing infrastructure development in emerging markets. Key trends expected in the forecast period include a heightened emphasis on lightweight design, the integration of smart monitoring systems, expanding applications in the oil and gas industry, and a growing commitment to sustainability and environmental considerations.

The escalating demand for alternative fuel vehicles (AFVs) is a significant driver propelling the growth of the FRP (fiberglass reinforced plastic) vessels market. AFVs, which include electric vehicles (EVs) among other alternatives, have witnessed a substantial surge in global sales. FRP vessels play a crucial role in the production of various electric vehicle components, benefiting from their high strength and low weight. These attributes contribute to increased fuel efficiency and the prolonged life of vehicle components. The global sales of electric vehicles surpassed 6.5 million units in 2021, marking a remarkable 120% increase over 2020. With projections indicating 145 million electric vehicles on the road by 2030, the rising demand for AFVs is expected to drive sustained growth in the FRP vessels market.

The growing demand for renewable energy is another key driver fueling the expansion of the FRP vessel market. Renewable energy sources, including solar, wind, hydro, geothermal, and ocean-based energy, are experiencing increased utilization. FRP vessels are integral to the production and storage of biogas generated from organic materials, contributing to the renewable energy sector. The share of renewable energy technologies in total global energy supply is rising, emphasizing the global shift towards sustainable and eco-friendly energy sources. As the renewable energy market expands, the demand for FRP vessels used in biogas production and storage is expected to grow, contributing to the overall growth of the FRP vessel market.

A notable trend in the FRP vessel market is the development of low-weight transportation FRP vessels. Major players are actively focusing on creating lightweight FRP vessels for transportation purposes. For instance, Universal Hydrogen, a U.S.-based hydrogen transport company, introduced a twin-tank module for a 50-seat aircraft. This module utilizes carbon fiber-wrapped pressure vessels to store hydrogen gas at high pressure, enabling an extended range for regional aircraft. The emphasis on low-weight transportation solutions using FRP vessels aligns with the increasing demand for lightweight and fuel-efficient transportation across various sectors.

Major companies operating in the FRP vessel market are strategically focusing on FRP handling boats to maintain a competitive edge. FRP boats are recognized for their durability, fuel efficiency, and lower maintenance requirements compared to other boat-building materials. For instance, the Department of Agriculture-Bureau of Fisheries and Aquatic Resources (DA-BFAR) in the Philippines launched a 62-foot fiberglass-reinforced plastic (FRP) tuna handline fishing boat. These FRP boats, manufactured by Pacificfortia Marine Technologies Inc., are expected to enhance the capabilities of local fishermen, contributing to increased productivity in the fishing industry. This initiative underscores the versatility of FRP vessels across various applications, including fishing boats, as part of efforts to support different sectors with durable and efficient watercraft.

In August 2022, Hexagon Composites, a Norwegian company specializing in composite cylinder technology, successfully acquired a 40% ownership stake in Cryoshelter GmbH. This strategic investment establishes a collaboration between Hexagon and Cryoshelter to leverage the LNG technology platform for the advancement of Liquid Hydrogen (LH2) solutions, particularly targeted at the heavy-duty transportation industry. Cryoshelter GmbH, based in Austria, is a firm renowned for its expertise in the development of cryogenic tank technology, with a focus on liquid hydrogen and natural gas (LNG/RLNG) solutions.

Major companies operating in the frp vessels market report are TE Connectivity Ltd., Ametek Inc., Analog Devices Inc., Bradford Space Inc., Honeywell International Inc., Innovative Sensor Technology IST AG, Lockheed Martin Corporation, Maxar Technologies Inc., MinebeaMitsumi Inc., Moog Inc., Northrop Grumman Corporation, Renesas Electronics Corporation, Teledyne UK Limited, Texas Instruments Incorporated, Cedrat Technologies SA, InnaLabs Limited, Leonardo DRS Inc., Sierra Nevada Corporation, Rüstungs Unternehmen AG, STMicroelectronics N.V., Raytheon Technologies Corporation, Digi-Key Electronics Pvt. Ltd., Minebea Intec GmbH, Ball Aerospace & Technologies Corp., BAE Systems PLC, L3Harris Technologies Inc., Thales Group, Airbus Defence and Space, Safran Electronics & Defense, Sensata Technologies Holding PLC, Kistler Holding AG, First Sensor AG, MTS Systems Corporation, Curtiss-Wright Corporation, Parker Hannifin Corporation, Woodward Inc., Eaton Corporation PLC, Spanish Society of Engineering and Construction, and Space Inventor A/S.

Asia-Pacific was the largest region in the FRP vessels market share in 2023. The regions covered in the frp vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the frp vessels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The fibers utilized in FRP vessels include glass, carbon, and other materials. Fiberglass itself is a type of plastic reinforced with small glass threads, providing insulation against heat loss. The resins employed in FRP vessels consist of polyester, epoxy, and other types. These vessels find application in various industries such as automotive and transportation, chemicals, industrial settings, oil and gas, water and wastewater treatment, and more. The robust nature of FRP vessels, coupled with their resistance to adverse conditions, makes them a reliable choice for storage and containment in diverse applications.

This report provides FRP vessels market statistics, including FRP vessels industry global market size, regional shares, competitors with FRP vessels market share, detailed FRP vessels market segments, market trends, and opportunities, and any further data you may need to thrive in the FRP vessels industry. This FRP vessels market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The FRP vessels market consists of sales of membrane housing, aromatic polyamide fiber, polypropylene vessels. 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.


This product will be delivered within 3-5 business days.