Fiber Reinforced Plastic (FRP) Vessel Market Size Will Reach USD 5,924.0 Million in 2028 | Rising demand from automotive, oil and gas industries is a key driver of market revenue growth
NEW YORK, January 19, 2022 /PRNewswire/ — The World Fiber Reinforced Plastic (FRP) Ships Market the size should reach $5,924.0 million in 2028 and register a revenue CAGR of 7.7% over the forecast period, according to the latest Reports and Data report. Rising adoption of FRP vessels in chemical plants owing to numerous beneficial properties such as ease of handling and light weight are key factors driving the revenue growth of the global Fiber Reinforced Plastic (FRP) Vessels market. Additionally, the growing number of sales of FRP vessels in the oil and gas industry is another factor driving the market revenue growth. For the storage of various products, the oil and gas industry needs underground storage tanks and tanks.
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Some highlights of the report
- The carbon fiber segment is expected to account for a major share of revenue over the forecast period. Carbon fibers are relatively expensive and are used in high-end industries such as sports equipment, aerospace and industrial parts because they are stronger and lighter. Carbon fibers offer many advantages including high stiffness, tensile strength, high temperature tolerance, low weight, minimal thermal expansion and good chemical resistance.
- The polyurethane segment is expected to account for a major share of the global fiber reinforced plastic (FRP) ship market revenue during the forecast period. In terms of flexural, compressive and tensile strength, polyurethane resin in fiberglass composites has been widely studied. It has a high strength to weight ratio, is more durable and has better UV resistance than other materials.
- The water and wastewater segment is expected to register a significantly high revenue CAGR in the global fiber reinforced plastic (FRP) vessels market during the forecast period. Faeces, urine and other solid wastes are present in wastewater in various proportions, with varying densities, particle sizes and hardness; and these particles can destroy the tanks from the inside. FRP vessels have distinct attributes such as strength, durability and corrosion resistance.
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- Asia Pacific is expected to record a robust revenue CAGR in the global Fiber Reinforced Plastic (FRP) Ships Market during the forecast period. The increased use of these vessels in the water and wastewater, chemical, oil and gas, automotive and transportation sectors is driving the market revenue growth in this region. Strong industrial growth in countries like Japan, China, and South Korea should also propel the demand for FRP vessels. Governments of developing countries in this region are focusing on increasing the use of alternative fuels and reducing pollution in cities, which is expected to contribute to the growth of FRP vessel market revenue in this region .
- Some major companies profiled in the global Fiber Reinforced Plastic (FRP) Ships report are Sainath Industrial Company, Plas-Tank Industries Inc., JRMS engineering works, TROY Dualam Inc., Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd., Swami Plastic Industries, Augusta Fiberglass Coating Inc., Link Engineers, Hexagon Composites ASA and Worthington Industries, Inc.
To identify key industry trends, a research study at https://www.reportsanddata.com/report-detail/fiber-reinforced-plastic-vessels-market
For the purposes of this report, Reports and Data has segmented the global Fiber Reinforced Plastic (FRP) Ships market on the basis of fiber type, resin, distribution channel, application and region:
- Fiber Type Outlook (Revenue, USD Million; 2018-2028)
- Glass fibers
- Carbon fiber
- Aramid fiber
- Resin Outlook (Revenue, USD Million; 2018-2028)
- Distribution Channel Outlook (Revenue, USD Million; 2018-2028)
- Application Outlook (Revenue, USD Million; 2018-2028)
- Automotive and transportation
- Water and wastewater
- petroleum gas
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- Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- a. we
- b. Canada
- vs. Mexico
- a. Germany
- b. UK
- vs. France
- D. Italy
- e. Spain
- f. Sweden
- g. BENELUX
- h. Rest of Europe
- Asia Pacific
- a. China
- b. India
- vs. Japan
- D. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- Middle East & Africa
- a. Saudi Arabia
- b. United Arab Emirates
- vs. South Africa
- D. Israel
- e. Rest of MEA
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