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MARKET REPORT OVERVIEW
The global High Pressure Composite Gas Cylinder Market size was USD 6.8 Billion in 2021 and the market is projected to touch USD 54.60 Billion by 2032, exhibiting a CAGR of 19.4% during the forecast period.
Helically woven fiber and resin are combined to create LPG cylinders. With the advantage of being recyclable and UV resistant, this feature facilitates the shift to a new generation and amazing new-age of technology. This particular product has experienced a surge in its demand all across the world. Demand from variety of industries is expected to expand, which will boost the composites industry. This factor has augmented the high pressure composite gas cylinder market growth. The lightweight design and ease of handling of this cylinder make it an excellent substitute for traditional metal cylinders.
This special technique has created a lot of opportunities for this particular product market. The ongoing demand for composite cylinders in marketing can be attributed to the rise in urbanization. It has evidently in terms raised resource demands. of emerging nations and aslo proportionally increased demand for LPG cylinders is also the reason behind the rise of composite cylinders.
COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
This has affected the overall supply and demand chains of the particular market. The production of glass fiber composites was either stopped or slowed down in order to preserve the social distance between engineers and floor workers. This particular factor drastically affected the market growth. Therefore, a small influence from COVID-19 is anticipated on the high pressure composite gas cylinder market share.
LATEST TRENDS
"Technical Developments to Drive Market Growth"
To meet shifting consumer needs, gas cylinder producers are always refining their cylinder bundles. Without sacrificing safety, more gas, cylinder intelligence, and easier transportation are made possible by higher pressures, digital displays, and newly designed guards and valves. There is an increasing need for safe, regulated gas cylinders due to the importance of high-value gas transportation. Innovation and technical developments are anticipated to present a global expansion potential for the high pressure composite gas cylinder industry as a result of this surge in cylinder production.
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MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Hydrogen Cylinder, Oxygen Cylinder, CNG Cylinder, LPG Cylinder, and Other amongst which the leading segment is the Hydrogen Cylinder.
- Hydrogen Cylinder: It is nothing but a cylinder used to store hydrogen.
- Oxygen Cylinder: It is basically a cylinder used to store oxygen.
- CNG Cylinder: It is nothing a cylinder used to store CNG.
- LPG Cylinder: It is basically a cylinder used to store LPG.
By Application
Based on application the global market can be categorized into Chemical Industry, Automotive, Aviation, Food Industry, Medical lndustry, and Other amongst which the leading segment is the Chemical Industry.
- Chemical Industry: It is just an application where it is used by internet userschemical industry.
- Automotive: It is nothing but an application where it is used by automotive industry.
- Aviation: It is just an application where it is used by aviation industry.
- Food Industry: It is nothing but an application where it is used by food indsutry.
- Medical lndustry: It is just an application where it is used by medical industry
DRIVING FACTORS
"Oxygen Cylinders to Boost the Market"
Older patients who struggle with mobility and need a steady supply of oxygen are the ones who usually choose for these systems. This is the major factor attributing the growth of this particular market. Oxygen gas cylinders are commonly used by medical professionals for diagnostic and therapeutic purposes.These factors are anticipated to drive the market growth during the forecast period. Medical oxygen gas systems, which include concentrators, compressed oxygen gas cylinders, and oxygen, are commonly utilized in homecare environments.
"LPG to Expand the Market"
This is the second major factor attributing the growth of this particular market. Clients benefit from it. Liquefied petroleum gas, or LPG, is an efficient, sustainable, and clean burning fuel. because it is an inventive, efficient, low-carbon, and sustainable energy source. These factors are anticipated to drive the market growth in the present times and also during the forecast period. Industry and the environment Since the majority of the energy in LPG is converted to heat, it is less expensive than other traditional fuels. It can also be transported, stored, and used for a variety of purposes, such as vehicle gas, commercial, residential, and agricultural.
RESTRAINING FACTOR
"High Cost of Cylinders to Impede Market Growth"
Materials used to make gas cylinders include composite and steel. The main reason steel is used to make gas cylinders is because of its superior anti-stress ability, which boosts strength, reduces energy consumption during manufacture, and is recyclable when the product's life is over. Aluminum alloy is used to create the composite cylinder, which is composed of three layers, a composite layer of fiberglass wrapped in polymer. Recent price fluctuations for these materials have affected the cost of high pressure composite gas cylinder as well.
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REGIONAL INSIGHTS
The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
"Asia Pacific Dominating the Market due to Advanced Technology"
Asia Pacific is the dominating region for this particular product industry. The growing demand for medical oxygen cylinders in Asia-Pacific is likely to propel China to the forefront of the market. Asia Pacific is expected to be the leading region of this particular product market and is anticipated to to grow over the forecasted period.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Luxfer Gas Cylinders (U.S.)
- Advanced Material Systems (Taiwan)
- Hexagon Ragasco (Norway)
- Doosan Mobility Innovation (South Korea)
- Catalina Cylinders (U.S.)
INDUSTRIAL DEVELOPMENT
September 2022: This particular company has attributed the market growth in terms of revenue and shares system. Under two years was the completion time for Worthington Industries' new factory that caters to the hydrogen mobility sector. Composite Type III and IV pressure cylinders will be manufactured at the new facility. Lightweight and built with carbon fiber reinforcing and polymeric or metallic liners, the cylinders are resistant to high pressure. Compressed hydrogen and compressed natural gas (CNG) storage and transportation containers are among the uses for onboard fuelling systems for automobiles, trucks, buses, trains, and ships. This development has proved that the company will continue to proliferate this particular product market growth.
REPORT COVERAGE
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 6863 Million in 2023 |
Market Size Value By |
US$ 38418.86 Million by 2032 |
Growth Rate |
CAGR of 19.4% from 2023 to 2032 |
Forecast Period |
2032 |
Base Year |
2023 |
Historical Data Available |
2019-2022 |
Regional Scope |
Global |
Segments Covered |
Type and Application |
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What value is the high pressure composite gas cylinder market is expected to touch by 2032?
The global high pressure composite gas cylinder market is expected to reach USD 54.60 Billion by 2032.
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What CAGR is the high pressure composite gas cylinder market expected to exhibit by 2032?
The high pressure composite gas cylinder market is expected to exhibit a CAGR of 19.410.2% by 2032.
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Which are the driving factors of the high pressure composite gas cylinder market ?
Oxygen cyclinders & LPG are some of the driving factors of the market.
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What are the key high pressure composite gas cylinder market segments?
The key market segmentation that you should be aware of, which include, based on type the high pressure composite gas cylinder market is classified as Hydrogen Cylinder, Oxygen Cylinder, CNG Cylinder, LPG Cylinder, and Other Based on application the high pressure composite gas cylinder market is classified as Chemical Industry, Automotive, Aviation, Food Industry, Medical lndustry, and Other.
