Dublin, Feb. 10, 2025 (GLOBE NEWSWIRE) — The “Fiber Reinforced Plastic Vessels Market Report 2025” has been added to ResearchAndMarkets.com’s offering.
The fiber reinforced plastic vessels market size has grown rapidly in recent years. It will grow from $3.64 billion in 2024 to $4.02 billion in 2025 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to corrosion resistance, lightweight and durable, regulatory compliance, infrastructure development, replacement of traditional materials.
The fiber reinforced plastic vessels market size is expected to see rapid growth in the next few years. It will grow to $6.03 billion in 2029 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to expanding chemical industry, increasing infrastructure upgrades, ongoing emphasis on cost-effectiveness, growth in water treatment, increasing adoption in oil and gas.
Major trends in the forecast period include advanced composite technologies, smart vessels, customization and modular design, expansion in chemical industry, lightweight and high-strength materials.
The expanding construction industry is propelling the growth of the market. This sector is responsible for the planning, design, construction, and maintenance of buildings, infrastructure, and facilities, which include residential, commercial, and industrial projects. Several factors, such as urbanization, infrastructure development, and economic growth, are driving the expansion of the construction industry. Fiberglass-reinforced plastic (FRP) vessels are significantly lighter than traditional materials like steel or concrete, making them easier to transport and install. Additionally, their durability and corrosion resistance contribute to a longer lifespan and reduced maintenance costs. For example, in June 2024, TST Europe AG, a Switzerland-based private company, reported that total construction spending reached $1.98 trillion in 2023, marking a 7.4% increase from the previous year. Consequently, the growing construction industry is anticipated to enhance the market during the forecast period.
The increasing demand for oil and gas exploration and production is projected to propel the growth of the fiber-reinforced plastic vessels market. The exploration and production (E&P) sector is a vital component of the energy industry, focused on discovering, extracting, and processing oil and natural gas resources from underground reservoirs. Fiber-reinforced plastic vessels are favored in this industry due to their corrosion and chemical resistance, lightweight design, customization options, and capability to store and transport a variety of substances. For example, in June 2023, Datacenter Forum, a Sweden-based business development services provider, reported that the Norwegian government approved an investment of $18 billion to develop 19 oil and gas fields. Thus, the rising demand for oil and gas exploration and production is driving the growth of the fiber-reinforced plastic vessels market.
For example, in December 2022, Steelhead Composites, a US-based manufacturing company, received ASME Certification for Fiber-Reinforced Plastic (FRP) Pressure Vessels. This certification indicates that Steelhead Composites’ products meet the stringent safety and performance standards set by the ASME Boiler and Pressure Vessel Code (BPVC). It ensures compliance with rigorous requirements regarding material quality, fabrication techniques, inspection processes, and testing methodologies, thereby guaranteeing the safety of these pressure vessels in various applications, such as grid-scale fuel cells, gas turbines, hydrogen buffer storage, and green ammonia production. FRP pressure vessels offer several advantages over traditional metal vessels, including being lightweight, corrosion-resistant, and capable of withstanding high pressures, making them especially suitable for hydrogen storage applications.
Major players in the fiber-reinforced plastic (FRP) vessel industry are increasingly embracing a strategic partnerships approach to provide essential services to individuals, businesses, and governments. This approach involves companies leveraging each other’s strengths and resources for mutual benefits and success. A notable example is the partnership formed in July 2022 between Rev1 Ventures, a US-based venture capital fund company, and Worthington Industries, a US-based metal manufacturer. Within this collaboration, Worthington Industries committed to providing individual investments of up to $10 million to advance emerging technologies aligned with its strategic vision, enhancing its ability to meet the present and future needs of the markets.
In another strategic move, Ipackchem Group SAS, a France-based material manufacturing company, acquired TPG Plastics LLC in October 2022 for an undisclosed amount. This acquisition positions Ipackchem to strengthen its barrier packaging product portfolio, expand manufacturing capabilities, and extend its product reach in North America. TPG Plastics LLC, based in the US, is a pioneer in plastic product manufacturing, particularly in the design and development of blow molding products. This strategic partnership demonstrates the industry’s commitment to growth and innovation through collaborative efforts.
Major companies operating in the fiber reinforced plastic vessels market include Sainath Industrial Corporation, Plas-Tank Industries Inc., JRMS Engineering Works, TROY Dualam Inc., Swami Plastic Industries, Augusta Fiberglass Coating Inc., Worthington Industries Inc., AVANCO GmbH, Cevotec Gmbh, Enduro Composites Inc., EPP Composites Pvt Ltd., Faber Industrie SPA, Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd., Nproxx BV, Quantum Fuel Systems Technologies Worldwide Inc., ZCL Composites Inc., Luxfer Group Ltd., Hexagon Composites ASA, Everest Kanto Cylinder Ltd., B & D Plastics LLC, Belco Manufacturing Co Inc., 3A Composites USA Inc., Diamond Fiberglass Fabricators Inc., Fiber-Tech Industries Inc., Fiberglass Tank & Pipe Institute, Fibrelite Composites Ltd., Fibrex Pvt Ltd., Fisher Tank Company.
This report focuses on fiber reinforced plastic vessels market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Markets Covered:
1) By Type: Glass Fiber; Carbon Fiber; Aramid Fiber; Other Types
2) By Resin: Polyester; Epoxy; Polyurethane; Other Resins
3) By Distribution Channel: Online; Offline
4) By Application: Automotive And Transportation; Water And Wastewater; Chemical; Industrial; Oil And Gas; Other Applications
Subsegments:
1) By Glass Fiber: E-Glass Fiber; S-Glass Fiber
2) By Carbon Fiber: High-Strength Carbon Fiber; Intermediate Modulus Carbon Fiber
3) By Aramid Fiber: Kevlar Fiber; Twaron Fiber
4) By Other Types: Natural Fiber; Basalt Fiber
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2025 – 2029 |
| Estimated Market Value (USD) in 2025 | $4.02 Billion |
| Forecasted Market Value (USD) by 2029 | $6.03 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Fiber Reinforced Plastic Vessels Market Characteristics
3. Fiber Reinforced Plastic Vessels Market Trends And Strategies
4. Fiber Reinforced Plastic Vessels Market – Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics And Covid And Recovery On The Market
5. Global Fiber Reinforced Plastic Vessels Growth Analysis And Strategic Analysis Framework
5.1. Global Fiber Reinforced Plastic Vessels PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
5.2. Analysis Of End Use Industries
5.3. Global Fiber Reinforced Plastic Vessels Market Growth Rate Analysis
5.4. Global Fiber Reinforced Plastic Vessels Historic Market Size and Growth, 2019 – 2024, Value ($ Billion)
5.5. Global Fiber Reinforced Plastic Vessels Forecast Market Size and Growth, 2024 – 2029, 2034F, Value ($ Billion)
5.6. Global Fiber Reinforced Plastic Vessels Total Addressable Market (TAM)
6. Fiber Reinforced Plastic Vessels Market Segmentation
6.1. Global Fiber Reinforced Plastic Vessels Market, Segmentation By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
- Other Types
6.2. Global Fiber Reinforced Plastic Vessels Market, Segmentation By Resin, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Polyester
- Epoxy
- Polyurethane
- Other Resins
6.3. Global Fiber Reinforced Plastic Vessels Market, Segmentation By Distribution Channel, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
6.4. Global Fiber Reinforced Plastic Vessels Market, Segmentation By Application, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Automotive And Transportation
- Water And Wastewater
- Chemical
- Industrial
- Oil And Gas
- Other Applications
6.5. Global Fiber Reinforced Plastic Vessels Market, Sub-Segmentation Of Glass Fiber, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- E-Glass Fiber
- S-Glass Fiber
6.6. Global Fiber Reinforced Plastic Vessels Market, Sub-Segmentation Of Carbon Fiber, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- High-Strength Carbon Fiber
- Intermediate Modulus Carbon Fiber
6.7. Global Fiber Reinforced Plastic Vessels Market, Sub-Segmentation Of Aramid Fiber, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
6.8. Global Fiber Reinforced Plastic Vessels Market, Sub-Segmentation Of Other Types, By Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
- Natural Fiber
- Basalt Fiber
7. Fiber Reinforced Plastic Vessels Market Regional And Country Analysis
7.1. Global Fiber Reinforced Plastic Vessels Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
7.2. Global Fiber Reinforced Plastic Vessels Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8-29. Country Specific Fiber Reinforced Plastic Vessels Market Analysis
30. Fiber Reinforced Plastic Vessels Market Competitive Landscape And Company Profiles
30.1. Fiber Reinforced Plastic Vessels Market Competitive Landscape
30.2. Fiber Reinforced Plastic Vessels Market Company Profiles
- Sainath Industrial Corporation
- Plas-Tank Industries
- JRMS Engineering Works
- TROY Dualam
- Swami Plastic Industries
31. Fiber Reinforced Plastic Vessels Market Other Major And Innovative Companies
- EPP Composites
- Faber Industries
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
- Nproxx
- Quantum Fuel Systems Technologies Worldwide Inc.
- ZCL Composites Inc.
- Luxfer Group Ltd.
- Hexagon Composites ASA
- Everest Kanto Cylinder Ltd.
- B & D Plastics LLC
- Belco Manufacturing Co Inc.
- 3A Composites USA Inc.
- Diamond Fiberglass Fabricators Inc.
- Fiber-Tech Industries Inc
- Fiberglass Tank & Pipe Institute
32. Global Fiber Reinforced Plastic Vessels Market Competitive Benchmarking And Dashboard
33. Key Mergers And Acquisitions In The Fiber Reinforced Plastic Vessels Market
34. Recent Developments In The Fiber Reinforced Plastic Vessels Market
35. Fiber Reinforced Plastic Vessels Market High Potential Countries, Segments and Strategies
For more information about this report visit https://www.researchandmarkets.com/r/2xopbz
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- Fiber Reinforced Plastic Vessels Market
