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