FRP Vessels Market Size

Global FRP Vessels Market size was valued at USD 6.6 billion in 2023 and is poised to grow from USD 7.13 billion in 2024 to USD 13.3 billion by 2032, growing at a CAGR of 8.1% during the forecast period (2025-2032).

One of the main drivers for the global FRP vessels market is increasing demand from the chemical industry, where storage and transportation of corrosive substances are standard practice. Conventional metal tanks are prone to corrosion and thus are being replaced repeatedly and pose safety hazards. FRP vessels, however, are lightweight, corrosion-free, and possess high chemical resistance. This keeps maintenance low and reduces downtime, making them perfect for long-term industrial application. As chemical production continues to grow internationally particularly in Asia-Pacific and North America sectors are increasingly relying on FRP vessels to address operational and safety requirements, directly contributing to demand and fueling steady global FRP vessels market growth.

A critical driver of the global FRP vessels market is the increasing demand from environmental regulatory agencies. Governments across the globe are imposing tougher regulations on the storage of hazardous materials, emissions, and waste handling to avoid harming the environment. FRP vessels, due to their considerable resistance to leakage and corrosion, are an acceptable and environmentally friendly solution for water treatment, oil and gas, as well as chemicals industries. Their inert, non-toxic nature provides safety to the environment, while their long life meets long-term sustainability objectives. With regulatory scrutiny ever tightening, businesses are pre-emptively investing in FRP vessels to remain compliant and avoid facing hefty penalties, thereby driving market uptake.

How does AI Contribute to the Improved Strength and Durability of FRP Vessels?

Artificial intelligence (AI) is adding immense value to the global FRP vessels market by optimizing design and manufacturing procedures. Artificial Intelligence algorithms are capable of forecasting the behavior of materials and tailoring composite compositions for optimal properties. This gives birth to FRP vessels that exhibit enhanced strength, durability, and corrosion resistance, making them reliable and long-service vessels, even under demanding industry standards. Besides, AI-based automation of mold design expedites production, saves costs, and lowers human errors, thus FRP vessels are made more accessible and attractive to the chemical processing and water treatment industries. For instance, organizations like Plyable have come up with AI-based solutions that automate mold design, thereby saving considerable time from several hours to only 20 minutes per part. Such inclusion of AI enables innovation and optimality, increasing the FRP vessels market in a direct way.

In December 2022, Steelhead Composites, a U.S. based manufacturing company, received ASME certification for its fiber-reinforced plastic (FRP) pressure vessels. This certification signifies that Steelhead Composites' products meet the stringent safety and performance standards set by the ASME Boiler and Pressure Vessel Code (BPVC). This innovation increases the credibility of the company and places it in a position to better serve industries that demand high-quality FRP vessels.

How are Innovative Startups Addressing Challenges in the Global FRP Vessels Market?

The global FRP vessels market is seeing an influx of innovative startups that aim to address conventional industry pain points such as corrosion, weight, and lifecycle cost. These startups are utilizing next-generation composite materials, artificially intelligent design software, and eco-friendly production to capitalize on expanding demand in applications such as water treatment, marine, and chemical processing. Focusing on performance, conformity, and eco-friendliness, these nimble companies are driving product development faster and moving the market toward smarter, safer vessels.

Founded in 2019 in the San Francisco Bay Area, Navier Boat is revolutionizing maritime mobility with electric hydrofoiling boats. Their lead product, the Navier 30, employs underwater foils to lift the vessel, minimizing drag and maximizing energy efficiency. An AI-driven autonomous docking system improves accuracy and safety in port maneuvers. By integrating hydrofoil design with AI, Navier creates cleaner, faster seafaring transportation balancing sustainability, intelligent technology, and high-end composites at its center.

Established in the year 2015, Sea Machines Robotics builds autonomous and remote-control marine vessel systems. Its SM300 offering improves navigation via autonomous path planning and avoidance of obstacles to improve operational safety. A significant innovation was their Bureau Veritas-approved wireless helm, the first industry acceptance for remote marine operation. By combining automation with rugged FRP platforms, Sea Machines enhances performance, particularly in harsh marine conditions where accuracy and stamina are indispensable for vessel success.