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 app