Increasing utilization of FRP vessels in industries such as water & wastewater, automotive, chemicals, oil & gas, and pulp & paper has enhanced the demand for the FRP vessels market. There is extensive use of FRP vessels in the oil & gas industry owing to their supportive properties such as chemical resistance, high impact resistance, and resilience.
Fiber-reinforced plastic (FRP) of fiber reinforced polymer
is a compound material consisting of polymer matrices such as epoxy, vinyl ester,
or polyester. Properties such as fabrication & design, resilience, cost,
stiffness, and impact resistance make it a widely adopted material over
traditional materials. FRP made up of polyester resin is versatile in nature,
and offers enhanced dimensional stability, and chemical resistance. Vinyl ester
FRP is stronger than polyester FRP, offers improved flexibility, and is
designed to withstand flexing and compression. Epoxy FRP includes extended
properties over vinyl ester and polyester FRP.
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Polyurethane FRP is a widely adopted material in the
fiberglass sector, owing to its durability and robustness.
The global FRP vessels market is driven by an increase in
applications in industries such as water & wastewater, chemical,
transportation, and oil & gas. The oil & gas industry requires
underground storage tanks & vessels for storing various products and
byproducts. In addition, the rising number of FRP vessels sales across the oil
& gas industry is a prime factor that is augmenting the demand for the
global market. For instance, according to an Association of State and
Territorial Solid Waste Management Officials analysis, nearly 7,500 FRP
fabricated storage tanks & vessels are sold annually in North
America.
FRP storage tanks and vessels are gaining importance in the
water & wastewater industry owing to their capability of withstanding
highly reactive acids, alkalis, and organic resins. In addition, FRP vessels
that are used widely in the treatment of domestic sewage waste are another
growth factor in the global market. However, the presence of a wide number of
regulatory approvals is predicted to hamper the market growth during the
forecast period.
An FRP vessel made of polyester resin is predicted to offer
new opportunities in the global FRP vessels market. These vessels are widely
used in water & wastewater treatment plants and chemical storage
plants.
The global FRP vessels market is segmented by fiber type,
resin, application, and region.
Based on fiber type, the global FRP vessels market is
categorized into glass fiber, carbon fiber, and others. FRP vessels made up of
glass fiber are also known as glass-reinforced plastic vessels (GRP).
Carbon-reinforced plastic (CRPF) is a high-tech material made up of a carrier
substance (matrix), carbon fiber that is embedded in a matrix, and a secondary
reinforcing substance. Fiber-reinforced plastic can also be manufactured using
different fiber materials such as aramid and basal. The CRPF segment accounted
for the largest market share in 2019.
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Based on resin, the global FRP vessels market is segmented
into polyester, epoxy, and others. Fiberglass-reinforced polyester is also
known as reinforced thermoset plastic (RTP) or reinforced thermosetting resin
plastic (RTRP). RTP is widely used in trucking &transportation owing to its
cost efficiency, internal surface, temperature & corrosion resistance, and
mechanical strength. In 2019, the polyester segment accounted for the largest
market share and is expected to witness the highest growth during the forecast
period.
Based on application, the global FRP vessels market is
segmented into automotive & transportation, water & wastewater,
chemicals, oil & gas, industrial, and others. The water & wastewater
segment accounted for the largest revenue in 2019, and it is further expected
to grow at the highest CAGR during the assessment period.
Based on region, the global FRP vessels market is studied
across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific FRP
market size is projected to grow at the highest CAGR of 8.7% during the
forecast period and account for 47.0% of the FRP vessels market share.
The global FRP vessels industry profiles the leading players
that include Sainath Industrial Corporation (SIC), Plas-Tank Industries Inc.,
Augusta Fiberglass, Group Surya, JRMS Engineering Works, TROY Dualam Inc.,
Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd., Swami Plastic Industries,
Plamer, and Link Engineers.
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Key findings of the study
- By
region, Asia-Pacific accounted for the largest market share in 2019, owing
to the rising demand for R&D activity in developing nations such as
China and India.
- By
fiber type, the glass fiber FRP vessels segment held the largest market
share in 2019.
- By
resin, the polyester segment is anticipated to witness the highest CAGR in
terms of revenue, during the forecast period.
- By
application, the water & wastewater segment accounted for the largest
market share in 2019, while the automotive & transportation segment is
anticipated to witness the highest growth rate in terms of revenue, during
the forecast period.
- Countries
such as China, the U.S., Germany, and India, are emerging as investment-centric
economies.
- The
emergence of the COVID-19 event had mixed effects on the growth trajectory
of this market.
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