The FRP vessels market size has grown strongly in recent years. It will grow from $3.36 billion in 2024 to $3.63 billion in 2025 at a compound annual growth rate (CAGR) of 8%. The growth in the historic period can be attributed to corrosion resistance requirements, cost-effectiveness, lightweight design, versatility in manufacturing, chemical resistance.
The FRP vessels market size is expected to see strong growth in the next few years. It will grow to $5 billion in 2029 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to growing environmental concerns, advancements in composite technologies, expansion of renewable energy, rise in water treatment demands, infrastructure development in emerging markets. Major trends in the forecast period include focus on lightweight design, integration of smart monitoring systems, application in oil and gas industry, sustainability and environmental considerations.
The rising demand for alternative fuel vehicles (AFVs) is anticipated to drive the growth of the FRP (fiberglass reinforced plastic) vessels market. AFVs are vehicles that operate on fuels other than conventional gasoline or diesel, including ethanol, electricity (such as solar power), and biodiesel. FRP vessels are employed in the production of various electric vehicle components, where their high strength and lightweight properties contribute to improved fuel efficiency and longer component lifespan. For example, in November 2023, the U.S. Energy Information Administration reported that the share of battery-electric vehicles (BEVs) in new light-duty vehicle sales reached 17.7% in the third quarter of 2023, with BEVs representing 16% of total new vehicle sales thus far in the year, an increase from 12.5% in 2022 and 9% in 2021, according to Wards Intelligence. This trend highlights the growing consumer preference for electric vehicles and the expansion of the market. Consequently, the increasing demand for alternative fuel vehicles is fueling the growth of the FRP vessels market.
The growing demand for renewable energy is expected to enhance the growth of the FRP (fiberglass reinforced plastic) vessel market. Renewable energy refers to energy derived from resources that are replenished naturally within a human timescale. FRP vessels are utilized in the production and storage of biogas, which is generated from organic materials. Biogas is regarded as a renewable energy source, and FRP vessels are ideal for its storage and transportation. For example, in 2022, the International Energy Agency (IEA), a France-based autonomous international government organization, reported in its global energy review that the supply of renewable energy from solar, wind, hydro, geothermal, and ocean sources increased by nearly 8%, indicating a growing share of these technologies in the total global energy supply. Moreover, the U.S. power grid is transitioning from fossil fuels to renewable sources, with renewables expected to increase by approximately 380% from 2022 to 2050. Consequently, the rising demand for renewable energy is propelling the 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 are Belco Manufacturing Co., Augusta Fiberglass Coatings Inc., Enduro Composites Inc., ZCL Composites Inc., Hengrun Group Co. Ltd., RL Industries, Denali Incorporated, L.F. Manufacturing Inc., EPP Composites Pvt. Ltd., Composite Advantage LLC, Cekaseal Composite, CMI Composites, CGH Belgium Group, Watts Water Technologies Inc., Plasticon Composites, Ashland Global Holdings Inc., Ershigs Inc., National Oilwell Varco Inc., Continental Steel & Tube Co., Industrial Plastic Systems Inc., Beijing Zhongxing Shiqiang Fiberglass Reinforced Plastic Co. Ltd., Composites USA, Amiblu Holding GmbH, Shreya Industries, Balaji Fiber Reinforce Pvt. Ltd., KCH Services Inc.
Asia-Pacific was the largest region in the FRP vessels market share in 2024. 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.
FRP (fiberglass reinforced plastic) vessels are large tanks made from high-grade FRP material. These vessels are known for their exceptional resistance to harsh and extreme conditions. They find applications in various industries, including chemical processing, water treatment, and pharmaceuticals, thanks to their corrosion resistance, durability, and lightweight characteristics.
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.
The FRP vessels market research report is one of a series of new reports that 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.
The FRP vessels market size is expected to see strong growth in the next few years. It will grow to $5 billion in 2029 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to growing environmental concerns, advancements in composite technologies, expansion of renewable energy, rise in water treatment demands, infrastructure development in emerging markets. Major trends in the forecast period include focus on lightweight design, integration of smart monitoring systems, application in oil and gas industry, sustainability and environmental considerations.
The rising demand for alternative fuel vehicles (AFVs) is anticipated to drive the growth of the FRP (fiberglass reinforced plastic) vessels market. AFVs are vehicles that operate on fuels other than conventional gasoline or diesel, including ethanol, electricity (such as solar power), and biodiesel. FRP vessels are employed in the production of various electric vehicle components, where their high strength and lightweight properties contribute to improved fuel efficiency and longer component lifespan. For example, in November 2023, the U.S. Energy Information Administration reported that the share of battery-electric vehicles (BEVs) in new light-duty vehicle sales reached 17.7% in the third quarter of 2023, with BEVs representing 16% of total new vehicle sales thus far in the year, an increase from 12.5% in 2022 and 9% in 2021, according to Wards Intelligence. This trend highlights the growing consumer preference for electric vehicles and the expansion of the market. Consequently, the increasing demand for alternative fuel vehicles is fueling the growth of the FRP vessels market.
The growing demand for renewable energy is expected to enhance the growth of the FRP (fiberglass reinforced plastic) vessel market. Renewable energy refers to energy derived from resources that are replenished naturally within a human timescale. FRP vessels are utilized in the production and storage of biogas, which is generated from organic materials. Biogas is regarded as a renewable energy source, and FRP vessels are ideal for its storage and transportation. For example, in 2022, the International Energy Agency (IEA), a France-based autonomous international government organization, reported in its global energy review that the supply of renewable energy from solar, wind, hydro, geothermal, and ocean sources increased by nearly 8%, indicating a growing share of these technologies in the total global energy supply. Moreover, the U.S. power grid is transitioning from fossil fuels to renewable sources, with renewables expected to increase by approximately 380% from 2022 to 2050. Consequently, the rising demand for renewable energy is propelling the 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 are Belco Manufacturing Co., Augusta Fiberglass Coatings Inc., Enduro Composites Inc., ZCL Composites Inc., Hengrun Group Co. Ltd., RL Industries, Denali Incorporated, L.F. Manufacturing Inc., EPP Composites Pvt. Ltd., Composite Advantage LLC, Cekaseal Composite, CMI Composites, CGH Belgium Group, Watts Water Technologies Inc., Plasticon Composites, Ashland Global Holdings Inc., Ershigs Inc., National Oilwell Varco Inc., Continental Steel & Tube Co., Industrial Plastic Systems Inc., Beijing Zhongxing Shiqiang Fiberglass Reinforced Plastic Co. Ltd., Composites USA, Amiblu Holding GmbH, Shreya Industries, Balaji Fiber Reinforce Pvt. Ltd., KCH Services Inc.
Asia-Pacific was the largest region in the FRP vessels market share in 2024. 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.
FRP (fiberglass reinforced plastic) vessels are large tanks made from high-grade FRP material. These vessels are known for their exceptional resistance to harsh and extreme conditions. They find applications in various industries, including chemical processing, water treatment, and pharmaceuticals, thanks to their corrosion resistance, durability, and lightweight characteristics.
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.
The FRP vessels market research report is one of a series of new reports that 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.
Table of Contents
1. Executive Summary2. FRP Vessels Market Characteristics3. FRP Vessels Market Trends and Strategies4. FRP Vessels Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, and the Recovery from COVID-19 on the Market32. Global FRP Vessels Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the FRP Vessels Market34. Recent Developments in the FRP Vessels Market
5. Global FRP Vessels Growth Analysis and Strategic Analysis Framework
6. FRP Vessels Market Segmentation
7. FRP Vessels Market Regional and Country Analysis
8. Asia-Pacific FRP Vessels Market
9. China FRP Vessels Market
10. India FRP Vessels Market
11. Japan FRP Vessels Market
12. Australia FRP Vessels Market
13. Indonesia FRP Vessels Market
14. South Korea FRP Vessels Market
15. Western Europe FRP Vessels Market
16. UK FRP Vessels Market
17. Germany FRP Vessels Market
18. France FRP Vessels Market
19. Italy FRP Vessels Market
20. Spain FRP Vessels Market
21. Eastern Europe FRP Vessels Market
22. Russia FRP Vessels Market
23. North America FRP Vessels Market
24. USA FRP Vessels Market
25. Canada FRP Vessels Market
26. South America FRP Vessels Market
27. Brazil FRP Vessels Market
28. Middle East FRP Vessels Market
29. Africa FRP Vessels Market
30. FRP Vessels Market Competitive Landscape and Company Profiles
31. FRP Vessels Market Other Major and Innovative Companies
35. FRP Vessels Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
FRP Vessels Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on frp vessels market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for frp vessels? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The frp vessels market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Fiber: Glass; Carbon; Other Fibers2) by Resin: Polyester; Epoxy; Other Resins
3) by Applications: Automotive and Transportation; Chemicals; Industrial; Oil and Gas; Water and Wastewater; Other Applications
Subsegments:
1) by Glass Fiber: E-Glass Fiber; S-Glass Fiber2) by Carbon Fiber: Prepreg Carbon Fiber; Standard Carbon Fiber
3) by Other Fibers: Aramid Fiber; Natural Fibers; Basalt Fiber
Key Companies Mentioned: Belco Manufacturing Co.; Augusta Fiberglass Coatings Inc.; Enduro Composites Inc.; ZCL Composites Inc.; Hengrun Group Co. Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this FRP Vessels market report include:- Belco Manufacturing Co.
- Augusta Fiberglass Coatings Inc.
- Enduro Composites Inc.
- ZCL Composites Inc.
- Hengrun Group Co. Ltd.
- RL Industries
- Denali Incorporated
- L.F. Manufacturing Inc.
- EPP Composites Pvt. Ltd.
- Composite Advantage LLC
- Cekaseal Composite
- CMI Composites
- CGH Belgium Group
- Watts Water Technologies Inc.
- Plasticon Composites
- Ashland Global Holdings Inc.
- Ershigs Inc.
- National Oilwell Varco Inc.
- Continental Steel & Tube Co.
- Industrial Plastic Systems Inc.
- Beijing Zhongxing Shiqiang Fiberglass Reinforced Plastic Co. Ltd.
- Composites USA
- Amiblu Holding GmbH
- Shreya Industries
- Balaji Fiber Reinforce Pvt. Ltd.
- KCH Services Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 3.63 Billion |
| Forecasted Market Value ( USD | $ 5 Billion |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 27 |
