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Increasing demand for FRP Vessels Market in downstream oil & gas industry in US and Canada

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Increasing demand for FRP Vessels Market in downstream oil & gas industry in US and Canada

August 31
18:16 2021
Increasing demand for FRP Vessels Market in downstream oil & gas industry in US and Canada
Browse 117 market data Tables and 44 Figures spread through 169 Pages and in-depth TOC on “FRP Vessels Market”
FRP Vessels Market by Fiber (Glass, Carbon, Others), Resin (Polyester, Resin, Others), Application (Automotive & Transportation, Water and Wastewater, Chemical, Industrial, Oil & Gas, Others), and Region

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. 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.

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The growth of the FRP vessels market in APAC is driven by the increasing consumption in chemicals, water & wastewater, automotive & transportation, and oil & gas applications. This growing consumption is attributed to the high industrial growth in countries such as China, Japan, and South Korea. China has become the largest consumer of FRP vessels in the automobile sector and is expected to strengthen its position further. The focus of the Chinese government on reducing air pollution by promoting the use of natural gas vehicles is driving the growth of the FRP vessels market.

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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