Composite Cylinders Market Size, Regional Outlook, Application Development Potential, Price Trends, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3758
Composite Cylinders Market size expansion during the analysis period 2021-2027 will be majorly driven by the increasing demand for transportation storage containers for liquid petroleum gas (LPG) and compressed natural gas (CNG). Composite cylinders are witnessing growing adoption across various end-use sectors including transportation, aerospace & defense, wind energy, construction & infrastructure, and others. This is attributed to numerous benefits of these cylinders over traditional metal cylinders such as improved safety, lighter weight, and superior corrosion resistance.
The increasing number of natural gas-powered vehicles and the growing demand for lightweight storage solutions will be an influential factor driving the composite cylinders market forward. Strict government and regulatory safety standards related to the reliable transportation and storage of gas will further augment the industry expansion.
Composite cylinders have gained worldwide popularity as the modern alternative to conventional steel or metal cylinders. These cylinders are typically made of three layers: a blow-molded inner layer of HDPE; a composite layer of polymer-wrapped fiber glass; and an outer HDPE jacket. Made from advanced polymers and composite materials, composite cylinders are suited for both industrial and at-home applications, offering exceptional quality and safety for gas containment.
In terms of the end-users, the wind energy sector is expected to hold a substantial share of the composite cylinders market through 2027. Due to the ongoing efforts of the policymakers and regulators, both onshore and offshore wind energy projects are gathering momentum. According to the International Renewable Energy Agency (IRENA), over 111 GW of new wind capacity was added in 2020 despite COVID-19 disruptions. Positive government and regulatory efforts to further enhance wind generation capacity over the coming decade will positively influence the demand for composite cylinders.
By region, Europe composite cylinders market is poised to witness an upward trend over the forecast period 2021-2027. The regional demand will be primarily driven by the expansion of aerospace & defense and wind energy sectors. The regional aerospace manufacturers are ramping up production capacity to meet the growing demand for commercial and military aircraft. For example, in May 2021, Airbus announced plans to ramp production capacity to 64 aircraft per month by the end of Q2 2023. These factors along with the growing investments in the wind sector will bolster the regional outlook.
Hexagon Composites, ASA, Faber Industries S.p.A., Quantum Technologies, Dragerwerk, Aburi Composites, Sinoma, Luxfer Gas Cylinders and Worthington Cylinders are among the leading manufacturers of composite cylinders in the world. The manufacturers are constantly making R&D efforts to being new innovative solutions to the market.
Citing an instance, in March 2021, Hexagon Ragasco had unveiled a next-generation smart composite LPG cylinder that communicates with the user as well as the distributor. Powered by IoT, the smart composite cylinder connects to the smartphones of consumers as well as to the IT system of LPG distributors. The technology informs users of the remaining gas level of their cylinder and enable distributors to tailor their supply logistics and stocks in real-time.
COVID-19 crisis and its impact on composite cylinders market forecast
The coronavirus pandemic and resulting disruptions in key end-use verticals including automotive, aerospace & defense, wind energy, construction, and transportations have impacted the composite cylinders industry trends to some extent. Reduced automotive production and transportation activities due to restrictions on movement has led to a decline in the product deployment. The delays in wind energy and construction projects have further weakened this demand. The aforementioned factors along with supply chain uncertainty, workforce shortages, and the global economic slowdown during the COVID-19 crisis have created numerous challenges for the manufacturer and suppliers of composite cylinders.
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