Composite Cylinders Market, Industry Analysis Report, Regional Outlook, Application Development, Competitive Market Share and Forecast, 2020 - 2026
Report ID: GMI3758
Composite Cylinders Market size is projected to experience substantial growth from 2019 to 2025.
Growing demand for light weight storage solution coupled with the increasing number of natural gas vehicles will drive the composite cylinders market size. The cylinders are manufactured using composite-polymer material and placed in a plastic body. Ongoing urbanization along with rapidly growing population will augment the industry landscape.
Rising transportation industry coupled with strict safety norms associated with the safe transportation of the gas will drive the composite cylinders market share. Growing adoption of the product on the account of its explosion bearing capacity and easy handling will propel the business landscape. The composite cylinders consist of translucent body structure which enables the end user to have the clear view of the volume of gas.
Increasing demand for the gas among the emerging economies primarily India and China will propel the the market growth. Rising adoption of the natural gas as the primary source of fuel among the various industries including manufacturing plants and construction will further enhance the business outlook.
Emerging concern toward the inventory holding cost associated with storage of conventional steel cylinders will propel the composite cylinders market size. The units are provided with coloured outer shell and barcodes for easy tracking and handling. In addition, it consists of integrated chips which provides information regarding to the age of the product.
Rising energy needs coupled with limited deployment of the pipelines owing to the diversified terrain and right of way complexities will propel the composite cylinders market growth. The units have witnessed substantial adoption in comparison to its substitutes owing to high pressure bearing and gas carrying capacity.
Stringent emission norms across the emerging economies will further complement the growth. These cylinders have the wide variety of application in the various industries including life supports, recreational industries and others. In addition, strict environmental policies regarding the manufacturing of these cylinders will negatively impact the business growth. However, the recycle material are being used in the manufacturing process that will reduce the product cost and its environmental impact.
The composite cylinders market is set grow on the account of rising R&D efforts coupled with the favourable government norms toward promoting the adoption of LPG. The product can be segregated into wide range of the categories including its applicability and composition. For instance, according to the composition the product classified into carbon fibres, high density polythene and glass fibres.
North America composite cylinders market will witness the substantial growth on the account of prevailing shale gas development and the high per capita consumption of goods. Stringent emission norms in the U.S along with the paradigm shift towards the gas will further enhance the business landscape.
Major players operating across the global composite cylinders market share include ASA, Dragerwerk, Hexagon Composites, Faber Industries S.p.A., Worthington Cylinders, Quantum Technologies Luxfer Gas Cylinders Sinoma and Aburi Composites.
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