Composite Cylinder Market Revenue | ($1.2 Billion, 4.1% CAGR) by 2030
Composite Cylinder Market by Cylinder, Fiber, Tank, End Use (Gas Carriers & Storage, Transportation, Life Support, Recreation)
PORTLAND, OREGON, UNITED STATES, September 20, 2022 /EINPresswire.com/ —
Composite Cylinder Top Companies
The major companies profiled in composite cylinder market report include Aburi composites, Amtrol-alfa, Aygaz, Dragerwerk, Evas, Faber Industrie, Hexagon composites ASA, Luxfer Gas Cylinders, Quantum Fuel System Technologies, and Sinoma.
AMR published a report, the global composite cylinder market size was valued at $0.8 billion in 2020, and projected to reach $1.2 billion by 2030, with a CAGR of 4.1% from 2021 to 2030.
Asia-pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
As per global composite cylinder market analysis, by cylinder type, the LPG segment accounted for the largest share in 2020.
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Expansion of production capacities, acquisition, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the global composite cylinder market trends.
On the basis of fiber type, the glass fiber composite segment was the major share contributor in 2020.
On the basis of tank type, the type III segment was the major share contributor in 2020.
On the basis of end-use, the transport segment was the major share contributor in 2020.
The above-mentioned properties will eventually help in reducing transportation costs due to its low weight and ease of transportation. Furthermore, rapid urbanization and increase in disposable income have escalated the demand for resources, which, in turn, boosted the growth of the composite cylinders market.
Rise in demand for LPG cylinders in developing countries significantly boosts the growth of the composite gas cylinders market. Moreover, various initiatives taken by government to encourage the use of composite cylinders are expected to increase the market share of composite cylinders worldwide.
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Increase in production of natural gas-powered vehicles, innovation in hybrid-powered vehicles, and surge in demand for lightweight storage solutions positively impact the growth of the composite gas cylinder market.
Rapid urbanization and development of transportation infrastructure in emerging economies and presence of excess income among the middle-class population have led to surge in demand for personal natural gas-fueled vehicles, which has propelled the demand for composite cylinders.
Increase in awareness regarding natural gas-fueled vehicles and government policies to support the green energy vehicles support the composite cylinder market growth.
Impact of COVID-19 on the global composite cylinder market
The COVID-19 pandemic had transformed the growth of various industries; the immediate impact of the outbreak is varied, as few industries registered a drop in demand, whereas numerous other industries remained unscathed and show promising growth opportunities.
Decline in the demand for petroleum products due to the shutdown of various industries, decrease in usage of personal vehicles for transportation, and ban over large-scale transportation system have huge impact on the demand for crude oil, thus leading to decline in the price of crude oil, which, in turn, led to the decline in LPG and CNG cost.
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Steel cylinders are replaced with composite cylinders, as they are UV-protected, lightweight, non-corrosive, and explosion proof in nature.
Superior benefits associated with composite cylinders as compared to steel cylinders such as life span of more than 20 years, easy transportation, low weight, and their portability act as the key driving forces of the global composite cylinders market.
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