FRP Vessels Market worth $4.7 Billion by 2025 : Increasing demand in downstream Oil & Gas industry in US and Canada

The global FRP vessels 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.FRP tanks have a significant application in the oil & gas industry. The downstream industry needs underground storage FRP vessels. According to the Association of State and Territorial Solid Waste Management Officials analysis, it was found that ~7,500 underground storage tanks (USTs) are sold in North America annually. The management of ZCL Composites Inc. has found that steel tanks account for less than 15% of new installations but are still 40%-50% of the currently installed/ in-service tank base. But due to pandemic in the year 2020, the FRP vessels declined due to partial and complete lockdown at major countries which disturbed the the supply chain of the market. However, the demand for FRP vesselswould show recovery with the recovery in oil & gas, and automotive & transportation applications and increased focus of countries on clean fuels. 

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Companies operating in the FRP vessels market have strengthened their position in the global FRP vessels market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2015-2020. However, the novel coronavirus pandemic has created ripples across the global automotive & transportation, oil & gas, chemical, among other applications, affecting the global supply chains. This has resulted in a decline in vehicle sales, disrupted financial flows, and growing absenteeism among production line workers. These factors have affected the demand for FRP alternative fuel tanks. The demand is expected to recover bounce with natural gas and fuel cell vehicles sales picking up momentum by 2021.

Hexagon Composites ASA (Norway), Luxfer Group (England), Worthington Industries, Inc. (US), Everest Kanto Cylinders Ltd. (India), Quantum Fuel Systems LLC. (US), Faber Industrie SpA (Italy), Avanco Group (Germany), ZCL Composites Inc. (Canada), Denali Incorporated (US), and Lianyungang Zhongfu Lianzhong Composites Group Co. Ltd. (China), are some of the key players in the FRP vesselsmarket. The companies such as Hexagon Composites ASA, Luxfer Group, Quantum Fuel Systems are focusing on developing cost-effective technologies for developing type3 and type 4 FRP tanks.

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Impact of COVID-19 on global FRP vessels market

FRP vessels are used across industrial, chemicals, transportation, oil & gas applications where the impact of COVID-19 has been greater. Lockdown imposed in various countries impacted commercial sectors, such as chemical plants and transportation, which plays a very big role in the FRP vessels market. At the early stage of 2020, 57% of the decline in oil demand was noted, according to the International Energy Agency (IEA). Also, road transport activity dropped by 50% in the early part of 2020. The drop in demand for oil and reduced road transport activity affected the FRP vessels market.

Recent Developments

  • In August 2020, Hexagon Purus, a subsidiary of Hexagon Composites ASA, signed a two-year contract with a Northeast Asian automotive leader to supply composite cylinders for the OEM’s current fuel cell electric SUV. Hexagon Purus cylinders will be installed in vehicle models by 2022. The contract has a sale value of USD 30 million.
  • In July 2020, Hexagon Purus received the first contract from a major US hydrogen fuel supplier to provide hydrogen transport modules in the US. The purchased transport modules are composed of Hexagon’s proprietary, lightweight, Type 4, 500 bar pressure vessels.
  • In Oct 2018, Worthington Industries announced the launch of its first fully recyclable type 4 composite cylinder for the propane (LPG) industry. Named Fourtis, this cylinder is used for cooking, water heating, and outdoor grilling and was developed by Amtrol-Alfa, a global leader in low pressure steel and composite cylinders that was recently acquired by Worthington Industries.
  • In April 2018, Luxfer Gas Cylinders, a business unit of Luxfer Holding PLC, launched Luxfer ECLIPSE, its new carbon composite cylinders for firefighter self-contained breathing apparatus (SCBA). The launch of ECLIPSE cylinders has helped the company to grow its business and is offered by major safety equipment companies.
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