What Are FRP Vessels?
FRP (fiber reinforced plastic) is a composite material designed as an effective replacement for conventional water storage tanks, which are a better choice for residential and light commercial water treatment applications and filtration. Chemical plants, pulp and paper mills, and food and pharmaceutical appliances such as tanks and vessels are fabricated using FRP as the material of construction.
Advantages of FRP Vessels
- Long cycle life and low maintenance cost
- Light weight
- UV Light and Corrosion Resistant
- Meets all drinkable water requirements
- Easy installation and handling
- Cost-effective
Why Are FRP Vessels in Demand Now a Day?
FRP vessels are in demand as they offer design flexibility and require minimal maintenance. They are eco-friendly materials that find applications in industries such as oil and gas, water treatment, transportation, and chemical processing. Unlike metal vessels, FRP vessels do not rust or deteriorate when in contact with chemicals or saltwater, ensuring durability and longevity.
FRP Vessels Industry Statistics
The global FRP vessels market was valued at USD 3.90 billion in 2022 and is anticipated to reach USD 8.07 billion with a CAGR of 7.6% during the forecast period.
The rising growing demand for FRP vessels from the automotive and transportation industry globally and the increase in the requirement for alternative fuel vehicles are key factors driving the market growth. Also, growing prevalence of chemical processing, wastewater management, and water storage across some of the sectors, coupled with rising popularity of dielectric property of FRP vessels, is expected to propel the FRP vessels market growth during the forecast period.
What Are the Primary Segments of Market?
By Resin Type: Polyester category held the highest market share in 2022. The key contributors to this growth include longer life span, chemical & water resistance, weathering resistance, and improved glass fiber wetting. Polyester resin type also offers enhanced protection which positively influences market growth.
By Fiber Type: Glass fiber segment dominated the market in 2022 owing to its wonderful physical and mechanical properties like lightweight, durability, flexibility, and high strength as well as resistance to moisture, heat, and temperature resistant.
By Application: Automotive & transportation category is likely to show the highest growth because FRPs are commonly used as substitutes for expensive metals in trailer body sidings and the frames of opulent cars.
FRP vessels find extensive usage in a wide range of industries due to their beneficial characteristics. Some of the industries where FRP vessels are highly utilized include:
- Fertilizer Industry
- Oil and Gas Industry
- Water Treatment Plant
- Food and Beverages Industry
- Petroleum Industry
- Pharmaceutical and Biotechnical Industry
- Marine and Offshore
Market Growth in Asia Pacific and North America
Asia Pacific: The region witnessed the largest market share in 2022 and is predicted to retain its dominance over the anticipated period. Widespread use of vessels, oil & gas, transportation, chemical, and automotive applications in nations such as India, China, South Korea, & Malaysia is fueling the regional market growth.
North America: The region is anticipated to register significant growth throughout the study period due to the high demand for lightweight products that comes with superior properties combined with strict government regulations regarding the manufacturing industry.
Competitive Insight
Some of the FRP vessels market key players include Luxfer Group, Worthington Industries, Everest Kanto Cylinders, Quantum Fuel Systems, Faber Industries, Avanco Group, Shawcor., NOV Inc., Zhongfu Lianzhing Composites, ZCL Composites, Swami Plastic Industries, Fiberglass Coating, Reinforced Olastic Manufacture, and TROY Dualam.
Recent Development
In July 2022, Rev1 Ventures formed a strategic partnership with Worthington Industries Inc. to accelerate advancements in IoT, smart manufacturing, sustainability, and data & analytics. Worthington will invest approximately $10 million into innovative technologies to expand their market reach and enhance their ability to serve current and future markets.
Future Potential
The future outlook of the FRP vessels market appears promising, driven by the growing demand across industries, rising focus on sustainability, and developments in IoT and smart manufacturing. With these factors shaping the industry, the market is predicted to expand and create opportunities for companies to grow and deliver advanced solutions to meet the evolving market demands.