FRP Vessels Market Outlook, Dynamics and Strategic Insights by 2031

MARKET INTRODUCTION

Fiber reinforced plastic (FRP) is a combination material made up of a polymer matrix and fibre reinforcement. Chemical plants, oil and gas fields, wastewater treatment plants, mining, and power plants all use FRP vessels. FRP is used to fabricate vessels ranging in size from 1 to 20 metres. Several design standards, including Bs4994-87, ASME RTP-1, ASTM 3299, and SS2451995, are used to construct FRP vessels. These design standards ensure that the vessel thickness, axial stress, hoop stress, physical characteristics, and Young's modulus are all maintained. These are also utilised in chlor-alkali producing plants, pulp and paper industries, air pollution control equipment, electroplating applications, and brine production plants, among many other applications. Factors such as growing need of municipal waste water treatment and rising number of portable water treatment plant is creating profitable opportunities for the FRP vessels market in the forecast period.

MARKET DYNAMICS

The increasing demand for FRP vessels in automotive industry and increasing demand for FRP vessels in downstream oil & gas industry in US and Canada are driving the growth of the FRP vessels market. High cost of FRP vessels and regulatory approvals may restrain the growth of the FRP vessels market. Furthermore growing need of new FRP material for renovation of civil structures is anticipated to create market opportunities for the FRP vessels market during the forecast period.

MARKET SCOPE

The "Global FRP Vessels Market Analysis to 2031" is a specialized and in-depth study of the FRP vessels market with a special focus on the global market trend analysis. The report aims to provide an overview of FRP vessels market with detailed market segmentation by fiber type, resins, application, and geography. The global FRP vessels market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading FRP vessels market players and offers key trends and opportunities in the FRP vessels market.

MARKET SEGMENTATION

The global FRP vessels market is segmented on the basis of by fiber type, resins, and application. On the basis of fiber type the market is segmented into glass, carbon, and others. Based on resins the market is segmented into polyester, epoxy, and others. Based on application the market is segmented into automotive & transportation, chemicals, industrial, oil & gas, water & wastewater, and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global FRP vessels market based on various segments. It also provides market size and forecast estimates from year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The FRP vessels market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.

The report analyzes factors affecting FRP vessels market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the FRP vessels market in these regions.
IMPACT OF COVID-19 HYDRAULIC TURBINE MARKET
COVID-19 has had a greater impact on FRP vessels in industrial, chemical, transportation, and oil & gas applications. Commercial sectors such as chemical plants and transportation, which play a significant role in the FRP vessel market, were disrupted by the various countries' lockdowns. According to the International Energy Agency, 57% of the reduction in oil demand was observed in early 2021. (IEA). In addition, in the first half of 2021, road transport activity fell by 50%. The market for FRP vessels was impacted by the decline in oil demand and reduced road transport activity. FRP is used in water and wastewater treatment plants, although this industry has been negatively impacted by the spread of coronavirus. COVID-19 caused a $12.5 billion income loss, according to the National Association of Clean Water Agencies (NACWA). As a result, the pandemic has had a negative impact on the global FRP vessel market.

MARKET PLAYERS

The reports cover key developments in the FRP vessels market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from FRP vessels market are anticipated to lucrative growth opportunities in the future with the rising demand for FRP vessels market. Below mentioned is the list of few companies engaged in the FRP vessels market.

The report also includes the profiles of key FRP vessels market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.

•  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
  
•  Link Engineers
  
•  Denali Incorporated
  
•  ZCL Composites Inc.
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

FRP Vessels Report Scope