FRP Vessels Market Updates

Q: What is the key market trend for FRP Vessels Market?

Rising Demand for Lightweight, Durable FRP Vessels: The global FRP vessels market is experiencing growing demand because of the lightweight, corrosion-resistant, and long-lasting character of the vessels. The vessels are increasingly being utilized in marine and industrial applications, where they withstand harsh conditions, and therefore are very effective for chemical, high-pressure, and extreme environment uses.

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to frp vessels market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

FRP Vessels Market News

In September 2024, Navantia, a Spanish shipbuilder, launched a "Smart Pipe System" under its Shipyard 4.0 program. The system employs passive and active RFID technologies to improve the identification, traceability, and indoor location of pipes during their lifecycle to increase productivity and safety in shipbuilding processes.

In August 2024, Hexagon Composites ASA took a 40% equity stake in Cryoshelter GmbH, an Austrian firm that specializes in cryogenic tank technology. This strategic acquisition will further boost Hexagon's capabilities to design Liquid Hydrogen (LH2) solutions for the heavy-duty transportation market, broadening its presence in sustainable fuel storage.

In December 2024, Steelhead Composites has been certified by the American Society of Mechanical Engineers (ASME) for its fiber-reinforced plastic (FRP) pressure vessels. The certification, following ASME Boiler and Pressure Vessel Code, Section X, RP, allows Steelhead to manufacture light pressure vessels, especially for hydrogen storage purposes, which aid in the shift towards clean energy solutions.

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FAQs

Global FRP Vessels Market size was valued at USD 5.94 Billion in 2023 poised to grow from USD 6.37 Billion in 2024 to USD 11.11 Billion by 2032, growing at a CAGR of 7.2% in the forecast period (2025-2032).

The global FRP vessels market is highly competitive, with key players like Haldor Topsoe, Gurit, LyondellBasell Industries, and Hexagon Composite leading the industry. All these companies are product innovation-driven, strategic partnering, and geographical extension. Haldor Topsoe capitalizes on material science expertise for sustainable solutions, whereas Hexagon Composite is light-weight solution-focused for the energy and transportation industries. These are helping to increase their market position and push technological innovation in FRP vessel applications. 'Haldor Topsoe (Denmark)', 'Gurit (Switzerland)', 'LyondellBasell Industries (Netherlands)', 'Hexagon Composites (Norway)', 'Veolia North America (USA)', 'Amcor (Australia)', 'Chemical Tankers Inc. (USA)', 'Rostfrei Steels (India)', 'DSM (Netherlands)', 'Plastic Omnium (France)', 'Fibre Glass Industries (USA)', 'Warren Environmental (USA)', 'The Japan Steel Works, Ltd. (Japan)', 'National Oilwell Varco (USA)', 'BASF (Germany)'

Increase in industrial activity across industries like chemicals, oil & gas, and water treatment is fueling need for corrosion-resistance storage applications. FRP tanks, due to their remarkable resistance to toxic chemicals and deterioration from the elements, provide an enduring alternative over conventional metal drums, thus lower maintenance costs as well as enhancing safety in severe storage applications.

Rising Demand for Lightweight, Durable FRP Vessels: The global FRP vessels market is experiencing growing demand because of the lightweight, corrosion-resistant, and long-lasting character of the vessels. The vessels are increasingly being utilized in marine and industrial applications, where they withstand harsh conditions, and therefore are very effective for chemical, high-pressure, and extreme environment uses.

How does the U.S. Chemical Manufacturing Sector Influence the FRP Vessels Market?

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FRP Vessels Market Updates

FRP Vessels Market News

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