FRP Vessels Market Size Worth $8.07 Billion By 2032 | CAGR: 7.6%

FRP Vessels Market Size Worth $8.07 Billion By 2032 | CAGR: 7.6%

The global FRP vessels market size is expected to reach USD 8.07 billion by 2032, according to a new study by Polaris Market Research. The report “FRP Vessels Market Share, Size, Trends, Industry Analysis Report, By Resin Type (Polyester, Epoxy, and Others); By Fiber Type; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

FRP vessels are widely being employed in water and wastewater treatment plants as well as sewage treatment plants as it has greater longevity, does not cause pollution, and consisting better anti-aging features, which are major factors projected to fuel the demand and growth of the market over the study period.

Moreover, rapid surge in the demand for chemical and oil & gas products in countries like India and China owing to increased population burden and their high disposable income and implementation on R&D activities for the development of new and more effective vessels by key market companies are also expected to create amole growth opportunities in the coming years.

For instance, in September 2022, The Department of Agriculture-Bureau of Fisheries and Aquatic Resources unveiled the latest FRP fishing boats for municipal fisherman. The vessel is a part of the 33-unit contract with the Pacificfortia Marine Technologies. The project has been inaugurated with the aim to improve the socio-economic well-being of large number of small-scale fishers.

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In the recent past, FRP vessels has gained higher popularity compared to the conventional steel tankers across various automotive and transportation applications due to its superior corrosion resistance and vital expansion in the production. Moreover, with the growing need to address the offshore oil & gas business needs regarding corrosion issues that results in monetary loss and higher maintenance expenses, the adoption of these vessels is higher in the oil & gas sector than others.

FRP Vessels Market Report Highlights

  • Polyester segment accounted for largest market share in 2022 owing to its numerous advantageous properties like heat & moisture resistant and longer life span as compared to others available resins in the market
  • Glass fiber segment held the largest market share in 2022, on account of its exception mechanical and chemical properties and ability to provide attractive appearance without any environment loss
  • Automotive & transportation segment is projected to grow at fastest CAGR throughout the estimated period, which is mainly accelerated by high infrastructure development and investments on enhanced transportation facilities
  • Asia Pacific region dominated the global market in 2022, due to the extensive rise in various different end-user industries and increased awareness regarding the benefits of FRP vessels in the region
  • The global key market players include Hexagon Composites, Worthington Industries, Quantum Fuel Systems, Swami Plastic Industries, and Fiberglass Coating

Polaris Market Research has segmented the FRP vessels market report based on resin type, fiber type, application, and region:

FRP Vessels, Resin Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Polyester
  • Epoxy
  • Others

FRP Vessels, Fiber Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Glass
  • Fiber
  • Others

FRP Vessels, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Water & Wastewater
  • Chemical
  • Automotive & Transportation
  • Oil & Gas
  • Industrial
  • Others

    FRP Vessels, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa