The global gas cylinders market is expected to grow at a CAGR of 8.7% over the forecast period 2020 to 2027 and expected to reach around US$ 10,500 Mn by 2027.
A gas cylinder also known as tank is a pressure vessel for the storage of gases at above atmospheric pressure. These are of two types including high and low pressure, where high-pressure gas cylinders are also called bottles. These are used in chemical processes, soldering, welding, flame cutting, breathing while emergency rescue & diving among others, medical uses, dispensing beverages, vehicles, extinguishing fires, heating & cooking, and water treatment.
The increasing demand for gas cylinders across various industrial sectors including automotive, recreation industries, life support, and transportation is accelerating the market growth. The increasing demand for gas cylinders in natural gas vehicles due to increasing carbon footprints with the combustion engine is further supporting the market value. The market is also gaining pace owing to the increasing focus of gas cylinder manufacturers on building robust cylinders to meet the diverse safety precautions of toxic, oxidizing, corrosive, flammable, and inert gases. Whereas, advance technologies have come up with new cylinder designs that enhance safety provisions and optimized handling and storing abilities with lightweight cylinders are projected to provide potential opportunities over the estimated period.
On the other hand, the presence of strict regulations due to risk associated with hazardous gases is projected to hamper the growth to an extent over the estimated period. The International Organization for Standardization (ISO) technical committee is developing standards for specifying the standardization of gas cylinders and their fittings are ISO/TC 58. Compressed gases are subject to a requirement by the United States Department of Transportation (US DOT) in Title 49 Section 173 of the United States Code of Federal Regulations (49 CFR 173) mandating the use of hazardous materials placards during shipment. The United States founded Occupational Safety & Health Administration (OSHA), maintains standards for gas cylinders.
Wrap less segment is likely to register major share in the gas cylinder market
On the basis of wrap type, wrap less segment is projected to register a major share during the forecast period from 2020 to 2027. Moreover, the aramid fiber segment is projected to exhibit the fastest growth over the forecast period. The thermal stability of aramid fibers is projected to drive its demand in the gas cylinder market during the forecast period.
The market research study on “Gas Cylinders Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Gas Cylinders market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global gas cylinders market, its cylinder type, wraps type, gas type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global gas cylinders market size and segment markets by cylinder type, wraps type, gas type, application, and geography along with the information on companies operating in the market. The Gas Cylinders market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific region dominated the global gas cylinders market
Asia Pacific region dominated the global market in 2019 and the region is also projected to maintain its dominance over the estimated period from 2020 to 2027. The region is also expected to register the fastest growth with maximum CAGR over the estimated timeframe from 2020 to 2027. Leading manufacturers of the global market are planning to expand their business segment in the APAC due to the growing economic condition and purchasing power of the population in the major economies of the region including China, Japan, and India.
The players profiled in the report include 3M, Avery Dennison, Aygaz, Beijing Tianhai Industry Co., Dragerwerk AG & Co. KGaA, Everest Kanto Cylinder Ltd., Faber Industrie SPA, Fuji, Hexagon Composites ASA, Linde AGList of Figures, Luxfer Gas Cylinder, Time Technoplast, and Worthington Cylinders.
Market By Cylinder Type
Market By Wrap Type
Market By Gas Type
Market By Application
Kitchen & Domestic
Market By Geography
Middle East & Africa
The market for gas cylinders is expected to reach the market value of around US$ 10,500.0 Mn by 2027.
The gas cylinders market is expected to grow at a CAGR of around 8.7% from 2020 to 2027.
Wrap less segment is leading the gas cylinders market with major share.
Increasing demand for gas cylinders across various industrial sectors, increasing demand for gas cylinders in natural gas vehicles, increasing demand for lightweight cylinders, increasing focus of gas cylinder manufacturers on building robust cylinders to meet the diverse safety precautions are some of the factors driving the market growth.
3M, Avery Dennison, Aygaz, Beijing Tianhai Industry Co., Dragerwerk AG & Co. KGaA, Everest Kanto Cylinder Ltd., Faber Industrie SPA, Fuji, Hexagon Composites ASA, Linde AGList of Figures, Luxfer Gas Cylinder, Time Technoplast, and Worthington Cylinders are some of the prominent players in the global gas cylinder market.
Asia Pacific region held the highest market share in the gas cylinders market.
Asia Pacific is expected to be the fastest growing market over the forecast period.