The global FRP vessels market was valued at $1.1 billion in 2019, and is projected to reach $1.6 billion by 2027, growing at a CAGR of 6.4% from 2020 to 2027.
Fiber reinforced plastic (FRP) also known as glass reinforced plastic (GRP) is a blend of matrix that is usually made up of polymer and reinforced with fiber material. FRP is widely used for fabrication of vessels that are used in several sectors such as chemical, mining, power, pulp & paper, and others. Epoxy, vinyl ester, or polyester are commonly used polymer matrix during fabrication of FRP vessels. Properties such as fabrication & design, resilience, cost, stiffness, and impact resistance, makes FRP a widely adopted material across different industrial sectors such as chemical, oil & gas, food processing, and others. FRP vessels are fabricated through several design standards such as U.S. Code of Federal Regulations for MC-312 and ASTM tests. These design standards are incorporated to ensure specified thickness of the vessels, axial stress, hoop stress, physical properties, and Youngs modulus.
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FRP vessels are gaining importance in transportation and automotive application owing to its light weight and enhanced level of corrosion as compared to convectional steel tankers. In addition, product development of FRP vessels is another major growth factor in the global market. For instance, Kaymo manufactures vertical FRP vessels that are made up of three protective layers which in turn offer enhanced level of safety while carrying or handling hazardous chemicals. On the contrary, presence of wide number of regulatory approvals is predicted to hamper the market growth in the forecast period. An FRP vessel made of polyester resin is predicted to offer new opportunity 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 rei nforced plastic vessel (GRP). Carbon reinforced plastic (CRPF) is a high tech material made up of carrier substance (matrix), carbon fiber that is embedded in matrix, and secondary reinforcing substance. Fiber reinforced plastic can also be manufactured using different fiber material such as aramid and basal. The CRPF segment accounted for the largest market share in 2019.
Based on resin, the global FRP vessels market is segmented into polyester, epoxy, and others. Fiberglass reinforced polyester 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 as well as witnessed 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.
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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 accounting for 47.0% of FRP vessels market share.
The global FRP vessels market 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. The global FRP vessels market report provides in-depth competitive analysis as well as profiles of these major players.
The global market is forecast to witness a rapid growth, owing to increasing demand for technological advancements from end-users. Moreover, increasing investments in research and development activities, launches, partnerships, and other strategic initiatives will benefit the market. Furthermore, the growing focus of authorities towards increasing urbanization and industrialization is forecast to drive the market growth.
1.1. Key benefits for stakeholders – Porters five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building. – It outlines the current trends and future estimations of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets. – The major countries in the region have been mapped according to their individual revenue contribution to the regional market. – The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study. – The profiles of key players and their key strategic developments are enlisted in the report.
Market Segment Analysis: The document provides a primary review of the industry along with definitions, classifications, and enterprise chain shape. Market analysis is furnished for the worldwide markets which include improvement tendencies, aggressive panorama evaluation, and key regions development reputation. Development policies and plans are discussed in addition to manufacturing strategies and fee systems are also analysed. This file additionally states import/export consumption, supply and demand, charge, sales and gross margins.
1.2. Key market segments – By Fiber Type – Glass Fiber – Carbon Fiber – Other – By Resin – Polyester – Epoxy – Other – By Application – Automotive & Transportation – Water & Wastewater – Chemicals – Oil & Gas – Industrial – Others
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– By Region – North America o U.S. o Canada o Mexico – Europe o Germany o U.K. o France o Italy o Spain o Rest of Europe – Asia-Pacific o China o Japan o India o South Korea o Australia o Rest of Asia-Pacific – LAMEA o Brazil o Saudi Arabia o South Africa o Rest of LAMEA
Key players in the global FRP vessels market are: 1. Sainath Industrial Corporation (SIC) 2. Plas-Tank Industries Inc. 3. Augusta Fiberglass 4. Group Surya 5. JRMS Engineering Works 6. TROY Dualam Inc. 7. Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd. 8. Swami Plastic Industries 9. Palmer 10. Link Engineers
1.1.Report description 1.2.Key benefits for stakeholders 1.3.Key market segments
1.3.1.List of key players profiled in the report
1.4.1.Secondary research 1.4.2.Primary research 1.4.3.Analyst tools and models
2.1.Key findings of the study
3.1.Market definition and scope 3.2.Key findings
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Major Points Covered in TOC:
Market Overview: It consists of six sections, research scope, extensive makers blanketed, marketplace fragments via type, Market place portions by utility, study desires, and years considered.
Market Landscape: Here, the opposition within the Worldwide Market is dissected, by fee, profits, offers, and piece of the pie by means of agency, marketplace fee, cutthroat situations Landscape, and maximum recent patterns, consolidation, improvement, obtaining, and portions of the general industry of pinnacle agencies.
Market Status and Outlook via Region: In this phase, the report examines approximately internet part, deals, earnings, advent, portion of the general industry, CAGR, and marketplace size by means of locale. Here, The Global Market is profoundly tested primarily based on regions and nations like North America, Europe, China, India, Japan, and the MEA.
Application or End User: This segment of the exploration looks at suggests how remarkable cease-consumer/software sections add to the worldwide market.
Market Forecast: Production Side: In this piece of the record, the creators have zeroed in on creation and advent esteem conjecture, key makers gauge, and creation and creation esteem estimate with the aid of type.
Research Findings and Conclusion: This is one of the last segments of the document where the discoveries of the investigators and the end of the exploration study are given.
Characterize, depict and conjecture 2030, by type, application, end client and district. Give venture outside climate examination and PESTEL investigation. Give systems to organization to manage the effect of COVID-19. Give market dynamic investigation, including market driving variables, market advancement requirements.
Give market passage technique examination to new players or players who are prepared to enter the market, including market section definition, client investigation, circulation model, item informing and situating, and cost system investigation. Stay aware of global market drifts and give examination of the effect of the COVID-19 plague on significant districts of the world. Examine the market chances of partners and give market pioneers subtleties of the serious scene.
The report conveys an exhaustive investigation of the relative multitude of portions and offers data with respect to the main districts on the lookout. This report additionally states import/send out utilization, organic market Figures, cost, industry share, strategy, value, income, and gross edges.
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