DUBLIN--(BUSINESS WIRE)--The "FRP Vessels Market by Fiber Type (Glass, Carbon), Resin Type (Polyester, Epoxy, Others), Application (Automotive & Transportation, Water and Wastewater, Chemical, Industrial, Oil & Gas), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global FRP vessels market size is projected to grow from USD 3.9 Billion in 2022 to USD 5.7 Billion by 2027, at a CAGR of 8.0%. The increasing demand for FRP vessels in water & wastewater treatment and chemical industries is one of the most significant factors projected to drive the growth of the FRP vessels market.
Greater tax incentives for CNG vehicles and infrastructure to boost the market growth.
Tax incentives for CNG vehicles have been increased or extended in various regions, including Asia Pacific, Europe, and North America, in a bid to reduce CO2 emissions. In May 2019, the government of the US state of Oklahoma revised and approved its legislation concerning tax credits as they apply to compressed natural gas (CNG) vehicles and their refueling. The legislation was extended from January 1, 2020, to December 31, 2027. This will ensure that Oklahoma consistently leads the country in supporting natural gas for vehicles as the best fuel option. In turn, this will generate demand for FRP vessels.
In December 2019, the Ministry of Petroleum and Natural Gas in India cut GST on CNG vehicles to 5% from the current 28%, which indirectly helped the government to drive the popularity of gas vehicles. This has resulted in the increasing demand for FRP vessels development of low-weight FRP vessels for hydrogen-powered cars to create opportunities for FRP vessels market.
Hydrogen-powered cars have electric motors that drive the wheels, like in an electric car. However, while electrical power is stored in a conventional battery in an electric car, in a hydrogen car, the electricity is stored in the form of hydrogen and converted into electricity in a device known as a fuel cell. Currently, the cost of storage tanks for such cars is very high, thus limiting their use. A 5-kg storage tank for a car costs around USD 4,000-4,500, which i is a huge price addition to the total cost of the car. Research is underway to develop Class 4-cylinder tanks made from lightweight carbon fiber. The top manufacturers of hydrogen storage FRP tanks for cars are Luxfer Group (UK), Worthington Industries, Inc. (US), Quantum Fuel System LLC (US), Ullit SA (France), and Agility Fuel Systems (US).
Well established infrastructure for electric cars to be a major challenge for FRP vessels market.
Hydrogen-powered cars are popular in countries such as South Korea and Japan, where the respective governments have offered subsidies for these vehicles and also provided finance to build the necessary infrastructure. In the US, the state of California offers incentives for the use of fuel cell-powered vehicles. Although hydrogen-powered cars may be a sustainable technology in the modern world, experts believe hydrogen needs to be developed from a natural gas source, which results in the use of fossil fuels. Electric cars rely on battery power and hence are greener than hydrogen-powered cars.
However, efforts are being made to use hydrogen produced from renewable sources. Hydrogen-powered cars are three times less energy efficient, have less volumetric efficiency, and have higher weight as compared to electric cars. The necessary infrastructure for refueling the tanks is inadequate, which restrains the growth of the FRP vessels market.
Market Dynamics
Drivers
- Increasing Demand for FRP Vessels in Automotive Industry
- Growing Use of FRP Vessels in Downstream Oil & Gas Industry in US and Canada
- Greater Tax Incentives for Cng Vehicles and Infrastructure
- Rising Demand for Natural Gas Vehicles in Asia-Pacific
Restraints
- High Manufacturing Cost and Need for Regulatory Approvals
Opportunities
- Growth of End-use Industries in Emerging Economies
- Development of Low-Weight FRP Vessels for Hydrogen-Powered Cars
Challenges
- Lack of Standardization in Manufacturing Process for FRP Vessels
- Well-Established Infrastructure for Electric Cars
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 FRP Vessels Market, by Fiber Type
7 FRP Vessels Market, by Resin Type
8 FRP Vessels Market, by Application
9 FRP Vessels Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Aeron Composites Pvt. Ltd.
- Agility Fuel Solutions
- Augusta Fiberglass
- Avanco Group
- Cevotec GmbH
- Compomex
- Dragerwerk AG & Co. KGaA
- Enduro Composites Inc.
- Epp Composites Pvt. Ltd.
- Everest Kanto Cylinders Ltd.
- Faber Industrie Spa
- Hexagon Composites Asa
- Jrms Engineering Works
- Kaymo Fiber Reinforced Plastic Manufacture Co. Ltd.
- Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd.
- Luxfer Group
- Nov Inc.
- Nproxx
- Quantum Fuel Systems LLC
- Saudi Arabian Amiantit Co
- Shawcor Ltd.
- Steelhead Composites, Inc.
- Time Technoplast Ltd.
- Ullit SA
- Worthington Industries Inc.
For more information about this report visit https://www.researchandmarkets.com/r/mw91py
