Growing market demand for FRP vessels in the downstream oil and gas industry in the United States and Canada
Browse 117 market data tables and 44 figures spread over 169 pages and an in-depth table of contents on the âFRP Vessel Marketâ
FRP Vessels Market by Fiber (Glass, Carbon, Others), Resin (Polyester, Resin, Others), Application (Automotive & Transportation, Water & Wastewater, Chemical, Industrial, Oil & Gas, Others) and Region
FRP tanks have an important application in the oil and gas industry. The downstream industry needs underground FRP storage tanks. According to the Association of State and Territorial Solid Waste Management Officials analysis, it has been found that approximately 7,500 underground storage tanks (USTs) are sold in North America each year. ZCL Composites Inc. management has found that steel tanks represent less than 15% of new installations, but still represent 40-50% of the tank base currently installed / in service. But due to the pandemic of the year 2020, FRP vessels have shrunk due to a partial and complete lockdown in major countries, which has disrupted the market‘s supply chain. However, demand for FRP vessels would show a recovery with the resumption of oil and gas, automotive and transportation applications and an increased focus of countries on clean fuels. The global FRP vessel market size is expected to grow from USD 3.3 billion in 2020 to USD 4.7 billion by 2025, projecting a CAGR of 8.0% during the forecast period between 2020 and 2025.
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The growth of the FRP vessel market in APAC is driven by the increasing consumption of chemicals, water and wastewater, automobiles and transportation, and oil and gas applications. This growing consumption is attributed to strong industrial growth in countries like China, Japan and South Korea. China has become the largest consumer of FRP vessels in the automotive sector and is expected to further strengthen its position. The Chinese government’s focus on reducing air pollution by encouraging the use of natural gas vehicles is driving the growth of the FRP vessel market.
Companies operating in the FRP vessel market have strengthened their position in the global FRP vessel market by adopting expansions, partnerships, agreements, new product / technology launches, joint ventures, contracts and mergers and acquisitions of 2015 to 2020. However, the novel coronavirus pandemic has created ripples in the global automotive and transportation, oil and gas, chemicals, among other applications, affecting global supply chains. This has resulted in declining vehicle sales, disrupted financial flows and increasing absenteeism among production line workers. These factors have affected the demand for alternative FRP fuel tanks. Demand is expected to rebound with the resumption of sales of natural gas and fuel cell vehicles by 2021.
Hexagon Composites ASA (Norway), Luxfer Group (England), Worthington Industries, Inc. (United States), Everest Kanto Cylinders Ltd. (India), Quantum Fuel Systems LLC. (United States), Faber Industrie SpA (Italy), Avanco Group (Germany), ZCL Composites Inc. (Canada), Denali Incorporated (United States) and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. players in the FRP vessel market. Companies such as Hexagon Composites ASA, Luxfer Group, Quantum Fuel Systems focus on the development of cost effective technologies for the development of type 3 and type 4 FRP tanks.
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