Global composite cylinders market stood at $ 601 million in 2018 and is projected to reach $ 921 million by 2024, exhibiting a CAGR of over 7% during 2019-2024, owing to increasing demand for explosion proof, non-corrosive and lightweight LPG cylinders. Composite cylinder is a high-pressure vessel that is made of a composite-polymer material and placed in a plastic body. The technology of manufacturing a modern composite cylinder is a very complex and high-tech process, thus its cost is much higher than the cost of a metal analogue. Increasing consumption of LPG in the developing countries is expected to boost the demand for composite LPG cylinders during the forecast period. Moreover, government push towards the usage of composite cylinders is also anticipated to positively impact growth of composite cylinders market, globally.
In terms of outer casing material, global composite cylinders market has been categorized into carbon fibers, glass fibers, high density polyethylene and others. Among the outer casing materials, high density polyethylene category accounted for the largest market share in 2018 and is expected to remain the largest category in coming years as well. Growth of the high density polyethylene category can be majorly attributed to its lightweight characteristics and higher performance benefits.
Asia-Pacific dominated global composite cylinders market in 2018 and is expected to maintain its market dominance during forecast period, on account of large base of composite cylinder manufacturing industry in the region. Moreover, North America is also anticipated to hold a substantial share in global composite cylinders market, owing to high per capita consumption of goods.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objective of the Study:
- To analyze and forecast global composite cylinders market size.
- To forecast global composite cylinders market based on product type, outer casing material, end use industry and regional distribution.
- To identify drivers and challenges for global composite cylinders market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global composite cylinders market.
- To conduct the pricing analysis for global composite cylinders market.
- To identify and analyze the profile of leading players operating in global composite cylinders market.
Some of the major companies operating in global composite cylinders market are Luxfer Gas Cylinder, Hexagon Composites ASA, Dragerwerk, Worthington Cylinders, Faber Industries S.p.A., Sinoma, Quantum Technologies and Aburi Composites.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of composite cylinder manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the suppliers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major composite cylinder manufacturers across the globe.
TechSci Research calculated global composite cylinders market size using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Composite cylinder manufacturers, suppliers, distributors and other stakeholders
- Composite cylinder end user industries
- Organizations, forums and alliances related to composite cylinders market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as composite cylinder manufacturers, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global composite cylinders market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, by Product Type
o Type II
o Type III
o Type IV
- Market, by Outer Casing Material
o Carbon Fibers
o Glass Fibers
o High Density Polyethylene
- Market, by End Use Industry
o Hotels & Restaurants
o Household Purpose
o Industrial Fuel
o Industrial Process
- Market, by Region:
o North America
o South America
o Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in global composite cylinders market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.