Global FRP Vessels Market Overview
As per MRFR analysis, the FRP Vessels Market Size was estimated at 5.18 (USD Billion) in 2022.
The FRP Vessels Market Industry is expected to grow from 5.55(USD Billion) in 2023 to 10.33 (USD Billion) by 2032. The FRP Vessels Market CAGR (growth rate) is expected to be around 7.15% during the forecast period (2024 - 2032).
Key FRP Vessels Market Trends Highlighted
The FRP vessel industry has been witnessing a good growth rate in the recent past owing to the fact that lightweight vessels are gaining traction, alienating different industries. The growing acceptance of Made from Composites materials in the boat-building sector of the business gives promising prospects to the FRP Vessels owing to this property of the material being stronger, resistant to corrosion and easy to maintain.
Even more, it is the accessibility of FRP Vessels for offshore wind energy, which seems to be one of the arms for growth. Due to globalization, there is more and more emphasis on various kinds of energy, especially renewables; therefore, the need for special vessels to assist in the construction and operation of offshore wind farms is booming.
Some of the latest activities in the industry include the design and development of new products that are efficient, cost-effective and high-performing. Technological advancements in resin systems and fiber reinforcement have given rise to such vessels, which are lighter, darker, tougher and more durable. Furthermore, operational capability is also improved by the use of sophisticated communication and navigation systems.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
FRP Vessels Market Drivers
Rising Demand for Chemical Processing and Storage
The FRP Vessels Market is primarily driven by the increasing demand for chemical processing and storage solutions across various industries, including chemicals, pharmaceuticals, and food and beverage. Fiberglass-reinforced plastic (FRP) vessels offer superior corrosion resistance, making them ideal for handling and storing corrosive chemicals. Their lightweight and durable construction also makes them suitable for applications where weight reduction and portability are critical.The growing need for efficient and reliable chemical storage solutions is expected to continue driving the demand for FRP Vessels in the coming years.
Growing Adoption in Water and Wastewater Treatment
The second major driver of the FRP Vessels Market is the growing emphasis on water and wastewater treatment. FRP Vessels are used in a number of applications in water and wastewater treatment plants, including water storage, chemical dosing, and sludge handling. These vessels are highly preferred due to their corrosion resistance and ability to withstand harsh chemicals. The increase in demand for water and wastewater treatment in developing countries, in particular, is expected to drive this market.
Expansion of Marine and Offshore Applications
The global FRP vessel market is also expected to extend due to growing marine and offshore industries around the world. FRP Vessels are largely employed across marine and offshore verticals to serve a range of applications, including storage tanks, boat hulls, and offshore platforms. FRP, known for its lighter weight and better strength, is always in high demand across marine and offshore verticals because of its ability to smoothly resist several harmful elements, including saltwater corrosion.High demand and popularity for offshore oil exploration and production and recreational boating across the globe are expected to drive the demand for FRP Vessels in the marine and offshore industries.
FRP Vessels Market Segment Insights
FRP Vessels Market Propulsion System Insights
The Propulsion System segment of the FRP Vessels Market is set to gain traction over the analysis period, owing to the rising demand for efficient and eco-friendly propulsion systems. The market was dominated by Diesel Engines in 2023, diesel engines accounted over 60% revenue share in the FRP Vessels Market in 2023. However, Electric Motors and Hybrid Propulsion Systems are gaining momentum, as they offer better fuel efficiency and lower emissions. Electric Motors are expected to grow at a higher CAGR in the forecast period, as they are zero-emission and have low maintenance costs.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
FRP Vessels Market Vessel Type Insights
The FRP Vessels Market is segmented by Vessel Type into Workboats, Yachts and Pleasure Boats, Fishing Vessels, Passenger Vessels, and Commercial Vessels. Among these segments, Workboats held the largest market share in 2023, accounting for over 45% of the FRP Vessels Market revenue. The growth of this segment can be attributed to the increasing demand for workboats in various industries, including offshore oil and gas, construction, and marine transportation. Yachts and Pleasure Boats is another significant segment in the FRP Vessels Market, with a market share of over 25% in 2023.The rising popularity of recreational boating and the growing number of high-net-worth individuals are driving the growth of this segment. Fishing Vessels is expected to witness a steady growth rate during the forecast period, owing to the increasing demand for seafood and the need for efficient fishing vessels. Passenger Vessels, which include ferries, cruise ships, and other passenger-carrying vessels, is also expected to grow steadily during the forecast period. Commercial Vessels, such as cargo ships, tankers, and container ships, is another important segment in the FRP Vessels Market.The growth of this segment is driven by the increasing global trade and the need for efficient and reliable transportation of goods.
FRP Vessels Market End Use Insights
The FRP Vessels Market segmentation by end use includes commercial, government, and private. Commercial end use accounted for the largest revenue share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth of the commercial segment can be attributed to the increasing demand for FRP Vessels in various industries, such as fishing, transportation, and offshore oil and gas exploration. Government end use is expected to witness significant growth during the forecast period due to increased investments in defense and security applications.Private end use is anticipated to grow at a steady pace due to the rising popularity of FRP Vessels for recreational purposes, such as boating and fishing.
FRP Vessels Market Size Insights
The FRP Vessels Market segmentation by size comprises Less than 20 meters, 20-50 meters, and Over 50 meters. The Less than 20 meters segment held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The segment's growth is attributed to the increasing demand for FRP Vessels in the fishing, recreational, and coastal transportation industries. The 20-50 meters segment is anticipated to witness significant growth due to the rising demand for FRP Vessels for offshore applications, such as crew transfer vessels and offshore patrol vessels.The Over 50 meters segment is expected to expand at a steady pace, driven by the growing use of FRP Vessels for specialized applications, such as research vessels and naval vessels. Overall, the FRP Vessels Market is projected to reach a valuation of 6.15 Billion USD by 2024, exhibiting a CAGR of 7.65% during the forecast period.
FRP Vessels Market Construction Material Insights
The FRP Vessels Market segmentation based on Construction Material includes Glass Fiber Reinforced Polymer (GFRP), Carbon Fiber Reinforced Polymer (CFRP), and Hybrid Composite. Among these, GFRP holds the dominant position in the market owing to its cost-effectiveness, high strength-to-weight ratio, and excellent corrosion resistance. It is widely used in the construction of small to medium-sized FRP Vessels such as fishing boats, workboats, and recreational boats. CFRP, on the other hand, is gaining traction in the market due to its superior strength and stiffness, making it suitable for high-performance applications such as racing boats and military vessels.Hybrid composites, which combine the properties of GFRP and CFRP, offer a balance of cost and performance, making them a viable option for a range of FRP vessel applications. According to market data, the GFRP segment is projected to reach a revenue of USD 1.68 billion by 2026, while the CFRP segment is expected to grow at a CAGR of 8.5% during the forecast period.
FRP Vessels Market Regional Insights
North America is expected to hold the largest market share in the FRP Vessels Market in 2023, owing to the strong demand from the oil and gas industry in the region. The Asia Pacific region is expected to witness the highest growth rate during the forecast period, due to the increasing demand from the shipbuilding industry in China and India. Europe is also a major market for FRP Vessels, with a strong demand from the offshore wind energy sector. South America and MEA are expected to witness moderate growth rates during the forecast period, due to the increasing demand from the oil and gas industry in these regions.The FRP Vessels Market revenue is expected to reach USD 6.41 Billion in 2024, registering a CAGR of 7.8% over the forecast period. The growing demand for lightweight and durable vessels in various industries is expected to drive the growth of the FRP Vessels Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
FRP Vessels Market Key Players And Competitive Insights
Major players in the FRP Vessels Market industry are constantly involved in research and development activities to enhance their product offerings and maintain their competitive edge. Leading FRP Vessels Market players are focusing on developing innovative designs and incorporating advanced technologies to meet evolving customer requirements. Strategic partnerships and collaborations with other companies in the value chain are also common in the FRP Vessels Market landscape as companies seek to expand their reach and enhance their capabilities. The competitive landscape is expected to remain dynamic in the coming years, with new entrants and established players vying for market share.One of the leading companies in the FRP Vessels Market is Fiber-line Composites. The company is known for its expertise in the design and production of high-quality FRP vessels. Fiber-line Composites has a global presence with manufacturing facilities in several countries. The company's commitment to innovation and customer satisfaction has made it a trusted partner for many organizations in the shipbuilding industry.Another prominent player in the FRP Vessels Market is Vetus. The company offers a wide range of FRP vessels, including boats, yachts, and workboats. Vetus is known for its technologically advanced products and its commitment to sustainability. The company has a strong distribution network and provides excellent customer support. Vetus is well-positioned to continue its growth in the FRP Vessels Market.
Key Companies in the FRP Vessels Market Include
- Four Winns
- CrownlineAzure
- Wellcraft
- Bayliner
- Chaparral Boats
- Quicksilver Group
- Formula Boats
- GradyWhite Boats
- Regal
FRP Vessels Market Industry Developments
The FRP Vessels Market is anticipated to exhibit a steady growth trajectory over the forecast period of 2024-2032. The FRP Vessels have gained prominence due to advantages like corrosion resistance, lightweight, and durability. Growing demand from various industries including marine, offshore, and chemical processing sectors is expected to drive market expansion. The increasing adoption of FRP Vessels for recreational purposes such as fishing and leisure boating further contributes to the market growth. Moreover, rising environmental concerns and government regulations promoting the use of sustainable materials in the marine industry are creating favorable conditions for the FRP Vessels market. Strategic initiatives by key players, such as mergers and acquisitions, and investments in research and development, are expected to support the market's growth in the coming years.
FRP Vessels Market Segmentation Insights
- FRP Vessels Market Propulsion System Outlook
- Diesel Engines
- Electric Motors
- Hybrid Propulsion Systems
- FRP Vessels Market Vessel Type Outlook
- Workboats
- Yachts and Pleasure Boats
- Fishing Vessels
- Passenger Vessels
- Commercial Vessels
- FRP Vessels Market End Use Outlook
- Commercial
- Government
- Private
- FRP Vessels Market Size Outlook
- Less than 20 meters
- 20-50 meters
- Over 50 meters
- FRP Vessels Market Construction Material Outlook
- Glass Fiber Reinforced Polymer (GFRP)
- Carbon Fiber Reinforced Polymer (CFRP)
- Hybrid Composite
| Report Attribute/Metric |
Details |
| Market Size 2022 |
5.18(USD Billion) |
| Market Size 2023 |
5.55(USD Billion) |
| Market Size 2032 |
10.33(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.15% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Four Winns, CrownlineAzure, Wellcraft, Bayliner, Chaparral Boats, Quicksilver Group, Formula Boats, GradyWhite Boats, Regal |
| Segments Covered |
Propulsion System, Vessel Type, End Use, Size, Construction Material, Regional |
| Key Market Opportunities |
Growing Offshore Wind Industry Rising Demand for Lightweight Vessels Application in Aquaculture Technological Advancements Environmental Regulations |
| Key Market Dynamics |
Growing demand Technological advancements Increasing government investments Focus on sustainability Rising recreational activities |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The FRP Vessels Market is expected to reach a valuation of 5.55 billion USD in 2023.
The FRP Vessels Market is projected to grow at a CAGR of 7.15% from 2024 to 2032.
The Asia-Pacific region is expected to hold the largest market share in the FRP Vessels Market in 2023.
Key applications of FRP Vessels include chemical processing, water treatment, and food processing.
Key competitors in the FRP Vessels Market include Ascend Performance Materials, Owens Corning, and Jushi Group.
The FRP Vessels Market is expected to reach a valuation of 10.33 billion USD by 2032.
Key factors driving the growth of the FRP Vessels Market include increasing demand for lightweight and corrosion-resistant materials.
Challenges faced by the FRP Vessels Market include high raw material costs and competition from traditional materials.
Opportunities for growth in the FRP Vessels Market include increasing adoption in emerging markets and development of new applications.
Key trends in the FRP Vessels Market include increasing demand for customized solutions and focus on sustainability.
