The global fibre-reinforced plastic (FRP) vessels market is driven by increase in applications in industries such as water and wastewater, chemical, transportation, and oil and gas. Oil and gas industry requires underground storage tanks and vessels for storing various products and byproducts. In addition, rising number of FRP vessels sales across the oil and gas industry is a prime factor that is augmenting the demand for the global market. For instance, according to the Association of State and Territorial Solid Waste Management Officials analysis, nearly 7,500 FRP fabricated storage tanks and vessels are sold annually in North America.
FRP storage tanks and vessels are gaining importance in water and wastewater industry owing to their capability of withstanding highly reactive acids, alkali and organic resins. In addition, FRP vessels that are used widely in treatment of domestic sewage waste are another growth factor in the global market. However, presence of wide number of regulatory approvals is predicted to hamper the market growth during 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 and wastewater treatment plants and chemical storage plants.
Based on fibre types, the global FRP vessels market is categorised into glass fibre, carbon fibre, and others. FRP vessels made up of glass fibre are also known as glass reinforced vessel (GRP). Carbon reinforced plastic (CRPF) is a high-tech material made up of carrier substance (matrix), carbon fibre that is embedded in matrix, and secondary reinforcing substance. Fibre reinforced plastic can be also manufactured using different fibre 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. Fibreglass reinforced polyester is also known as reinforced thermoset plastic (RTP) or reinforced thermosetting resin plastic (RTRP). RTP is widely used in trucking and transportation owing to its cost efficiency, internal surface, temperature and corrosion resistance, and mechanical strength. In 2019, the polyester segment accounted for the largest market share and is expected to witness the highest growth during the forecast period.
Based on application, the global FRP vessels market is segmented into automotive and transportation, water and wastewater, chemicals, oil and has, industrial, and others. The water and wastewater segment accounted for the largest revenue in 2019, and is further expected to grow at the highest CAGR during the assessment period.
Based on region, the global FRP vessels market is studied across North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (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% of the FRP vessels market share.
The global FRP vessels industry profiles the players that include Sainath Industrial Corporation (SIC), Plas-Tank Industries, Augusta Fibreglass, Group Surya, JRMS Engineering Works, TROY Dualam, Kaymo Fibre Reinforced Plastic Manufacture, Swami Plastic Industries, Plamer, and Link Engineers.
Impact of the COVID-19 pandemic on the global FRP vessels market:
- COVID-19 has negatively affected the global economy and is subsequently shrinking the GDP in global economies, thereby changing consumer spending patterns globally.
- Automotive sector had a severe negative impact due to disruption in import and export of automotive parts, manufacturing interruptions across the European region, and temporary closure of assembly plants in the US. FRP finds its application in the automotive sector and thus, the global market has negatively affected in this pandemic situation.
- FRP is used in water and wastewater treatment plant; however, this sector has been negatively affected owing to spread of the virus as well. According to the National Association of Clean Water Agencies, US$12.5 billion revenue loss was observed due to the pandemic.
- Chemical industry has observed minimal impact due to the pandemic, this is attributed to newer decarburization technologies, increased use of digital technologies, and some chemical companies facing oversupply situation in specific market segments. Thus, the FRP vessels market is predicted to witness a mixed effect from the chemical sector.
This article is provided by Allied Analytics.