FRP Vessels Market Size – USD 3,140.5 million in 2019, Market Growth – at a CAGR of 7.3%, Market Trend – Growing preference for FRP Vessels over Steel Vessels
VANCOUVER, BC, CANADA, Feb. 23, 2022 /EINPresswire.com/ — The global FRP vessel market is expected to be valued at USD 5,538.8 million by 2027, according to current analysis by Emergen Research. FRP (Fiber Reinforced Plastic) vessels are seeing increasing demand from the automotive industry. FRP vessels are used for fuel storage in passenger cars and commercial vehicles. These ships are constructed in one piece, with no welded seams, which helps reduce cracking in the event of a crash. Also, FRP composites do not corrode, which increases the durability of FRP vessels. Additionally, the growing demand for Natural Gas Vehicles (NGV) globally is significantly driving the demand for FRP vessels in the automotive sector.
The latest market research on the FRP Vessels Market covers the performance of major vendors and new entrants for the forecast period, 2017-2027. Estimated value, profit, gross margin, purchasing power and consumption volume are an important part of the study which aims to give business owners, stakeholders and marketing personnel a competitive advantage over the others. It is important to note that the study discusses a lot about the application, classification and performance of the product in different regions. The industry assessment report weighs in on the top performers along with the winning strategies that have led them to a firm foothold in the market of the FRP Vessels market.
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Competitive landscape is broadly assessed alongside company profiles of major players engaged in the FRP Vessels market are Faber Industries SPA, National Oilwell Varco, Luxfer Holdings PLC, Shawcor, Everest Canto Cylinder Ltd., Agility Fuel Solutions LLC, JRMS Engineering Works, ULLIT SA, Hexagon Composites ASA and Worthington Industries Inc.
Data triangulation and market breakdown
Research hypotheses Research data, including primary and secondary data
Primary data includes primary breakdown and key industry insights
Secondary data includes key data from secondary sources
The industry assessment report offers an overview of the technological trends in the FRP Ships market industry for the forecast period, 2017-2027. are explained through resources including charts, graphs and graphic images. Analyzing the strengths and weaknesses of key market players helps business owners understand which strategies they should avoid and embrace.
CFRP vessels are experiencing a significant increase in demand, due to the higher tensile strength of CFRP. The tensile strength of CFRP is about 10 times that of ordinary steel. In addition, the modulus of elasticity of CFRP is higher than that of steel, fiberglass and aramid.
Polyurethane resin in fiberglass composites has been extensively tested for compression, tensile strength and flexural strength. Polyurethane has an exceptional strength-to-weight ratio, improved toughness and superior UV resistance.
In the chemical industry, FRP vessels are widely used in applications such as fertilizers, food processing, metal mining, refining, pulp and paper, electroplating, chlor-alkali production and air pollution control equipment.
The high demand for FRP vessels in North America is attributed to the increasing installation of these vessels in industries such as chemical and petrochemical, power generation, oil and gas. Growing deployment of nuclear reactors in the energy sector is expected to drive the market in the region from 2020 to 2027.
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Emergen Research has segmented the global FRP VESSELS market based on product, end-use, and region.
Fiber Type Outlook (Revenue, USD Billion; 2017-2027)
Resin Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channels Outlook (Revenue, USD Billion; 2017-2027)
Industry Vertical Outlook (Revenue, USD Billion; 2017-2027)
Automotive and transportation
Water and wastewater
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America (United States) (Canada) (Mexico)
Europe (Germany) (UK) (France) (BENELUX) (Rest of Europe)
Asia-Pacific (China) (Japan) (South Korea) (Rest of APAC)
Latin America (Brazil) (rest of LATAM)
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A qualitative approach to reviewing industry standards, regulations, and opportunities that major vendors can rely on speaks volumes about where the FRP Vessels market will stand in the coming years. The researchers behind the study bring the best of primary and secondary research techniques to derive market-specific estimates for recent investments, product sales, profit, and gross margin. These values based mainly on the total revenue earned by the product manufacturers are explained through various resources such as illustrations.
This survey provides answers to the following important questions:
What is the expected growth rate of the FRP Vessels Market? What is the market size for the forecast period from 2017 to 2027?
What are the main drivers of change in the direction of the industry?
Who are the major vendors dominating the FRP Vessels market industry across different regions? What are their winning strategies to stay ahead of the competition?
What are the market trends for the FRP Ships market that business owners can trust over the next few years?
What are the threats and challenges expected to limit the progress of the FRP Vessels Market industry across different countries?
What are the main opportunities for employers during the forecast period from 2017 to 2027?
Reasons to choose Emergen Research
Regional Demand Forecasts and Forecasts
Product price volatility
Analysis of technological updates
Location index analysis
Raw Material Sourcing Strategy
Product Composition Matrix
Management of suppliers
Supply Chain Optimization Analysis
Carbon footprint analysis
Mergers and Acquisitions
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