NEW YORK, Jan. 19, 2022 /PRNewswire/ -- The global Fiber Reinforced Plastic (FRP) vessels market size is expected to reach USD 5,924.0 Million in 2028 and register a revenue CAGR of 7.7% over the forecast period, according to the latest report by Reports and Data. Increasing adoption of FRP vessels in chemical plants because of many beneficial properties such as the ease of handling and lightweight nature are key factors driving global Fiber Reinforced Plastic (FRP) vessels market revenue growth. Moreover, increasing number of FRP vessel sales in the oil & gas industry is another factor driving market revenue growth. For the storage of various products, the oil & gas industry requires underground storage vessels and tanks.
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Some Key Highlights From the Report
Carbon fiber segment is expected to account for a significant revenue share over the forecast period. Carbon fibers are relatively expensive and are used in high-end industries such as sporting equipment, aerospace, and industrial parts because these are stronger and lighter. Carbon fibers offer many benefits, including high stiffness, tensile strength, high-temperature tolerance, low weight, minimal thermal expansion, and good chemical resistance.
Polyurethane segment is expected to account for a large revenue share in the global Fiber Reinforced Plastic (FRP) vessels market over the forecast period. In terms of flexural strength, compression, and tensile strength, polyurethane resin in fiberglass composites has been extensively investigated. It has a high strength-to-weight ratio, is more durable, and has better UV resistance than other materials.
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. Feces, 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 within. FRP vessels have distinct attributes such as robust strength, durability, and corrosion resistance.
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Asia Pacific is expected to register a robust revenue CAGR in the global Fiber Reinforced Plastic (FRP) vessels market during the forecast period. Increased use of these vessels in water and wastewater, chemicals, oil & gas, and automotive and transportation industries is driving revenue growth of the market in this region. High industrial growth in countries such as Japan, China, and South Korea also expected to propel demand for FRP vessels. Governments of developing countries in this region are focusing on boosting the use of alternative fuels and decreasing pollution in cities, which is projected to assist FRP vessel market revenue growth in this region.
Some major companies profiled in the global Fiber Reinforced Plastic (FRP) vessels report are Sainath Industrial Corporation, 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 the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/fiber-reinforced-plastic-vessels-market
For the purpose of this report, Reports and Data has segmented the global Fiber Reinforced Plastic (FRP) vessels market based on fiber type, resin, distribution channel, application, and region:
Fiber Type Outlook (Revenue, USD Million; 2018-2028)
Resin Outlook (Revenue, USD Million; 2018-2028)
Distribution Channel Outlook (Revenue, USD Million; 2018-2028)
Application Outlook (Revenue, USD Million; 2018-2028)
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Regional Outlook (Revenue, USD Million; 2018-2028)
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