Portland, OR, March 23, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global FRP vessels market generated $1.1 billion in 2019, and is expected to garner $1.6 billion by 2027, witnessing a CAGR of 6.4% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
Surge in adoption in the water and waste water treatments plants and utilization in the chemical production units fuel the growth of the global FRP Vessels market. However, expensive nature of FRP vessels and regulatory guidelines restrain the market growth. Contrarily, replacement activities of steel vessels with FRP vessels in the oil and gas industry create new opportunities in the next few years.
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Covid-19 Scenario:
- Manufacturing activities of FRP vessels hindered due to lockdown imposed in many countries by governments. In addition, the raw material procurement has been restrained due to transportation restrictions and ban on import and export activities.
- Daily operations in end use industries such as automotive and transportation, industrial, chemicals, and other sectors were restricted. So, the demand decreased significantly. The demand is expected to rise steadily during the post-lockdown as activities in end use sectors get back on track.
The report offers detailed segmentation of the global FRP vessels market based on fiber type, resin, application, and region.
By fiber type, the glass fiber segment held the largest market share in 2019, accounting for more than three-fifths of the total market share, and is projected to maintain its lead position during the forecast period. Furthermore, this segment is projected to witness the highest CAGR of 6.9% from 2020 to 2027. The research also analyzes the segments including carbon fiber and others.
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By resin type, the polyester segment accounted for the highest share of the market in 2019, contributing to nearly three-fifths of the global FRP Vessels market, and is expected to maintain its leadership status during the forecast period. In addition, the segment is estimated to portray the largest CAGR of 7.0% from 2020 to 2027. The research also analyzes the segments including epoxy and others.
Based on region, Asia-Pacific contributed to the largest market share, holding nearly two-fifths of the global market share in 2019, and is estimated to maintain its highest contribution in terms of revenue by 2027. In addition, this region is expected to register the fastest CAGR of 8.7% during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global FRP vessels market discussed in the research include Plas-Tank Industries Inc., Sainath Industrial Corporation (SIC), Group Surya, Augusta Fiberglass, TROY Dualam Inc., JRMS Engineering Works, Swami Plastic Industries, Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd., Plamer, and Link Engineers.
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