Gas Cylinders Market Size to Reach USD 12.1 Billion by 2032 growing at 5.6% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

The Gas Cylinders Market, valued at USD 7.6 Billion in 2023, and is projected to surpass USD 12.1 Billion by 2032, indicating a robust CAGR of 5.6%

Gas cylinders are pressure vessels used to store and transport gases at high pressure. They are critical in various industries, including healthcare, manufacturing, and energy. In healthcare, oxygen cylinders are essential for respiratory therapy. In the manufacturing sector, gas cylinders store and dispense gases like argon and acetylene for welding and cutting processes. The energy industry uses gas cylinders for propane and butane storage, vital for heating and cooking. Safety is paramount, requiring strict adherence to regulatory standards and regular inspections to prevent leaks and explosions. Proper handling and storage are crucial to ensure safe and efficient use across these diverse applications.

However, fluctuating raw material prices pose challenges to gas cylinder manufacturers in maintaining profitability is expected to become a restraint for the gas cylinders market. Furthermore, technological advancements in lightweight materials and composite manufacturing prompted the gas cylinders market. As a consequence, market participants are looking into new advancements in the gas cylinders market.

Gas Cylinders Market Value

Gas Cylinders Market Statistics

  • The global gas cylinders market, generating USD 7.6 billion in 2023, projects a robust CAGR exceeding 5.6% from 2024 to 2032
  • Asia-Pacific leads with a revenue of 2.5 billion in 2023
  • Europe anticipates impressive growth with a projected CAGR of 6%
  • Based on wrap type, wrap less dominance, holds significant market share in 2023
  • Based on gas type, inner gases sub-segment accomplished 30% share in 2023
  • Based on end-use industry, kitchen and domestic sub-segment accomplished notable share in 2023
  • A discernible trend in the gas cylinders market is growing demand for gas cylinders in renewable energy and automotive applications

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Gas Cylinders Market Dynamics

Growing Industrialization and Urbanization Fuels the Gas Cylinders Market Value

The growth of industrialization and urbanization is driving the expansion of the gas cylinders market. Industrialization increases demand for gases used in manufacturing and production processes, necessitating reliable storage solutions. Urbanization fuels the growth of infrastructure projects, requiring gases for construction and maintenance activities. Additionally, the rise in residential and commercial development leads to increased usage of gas for heating and cooking. Moreover, companies expanding demand for alternative fuel vehicles and compressed natural gas (CNG) solutions. For instance, in 2023, Luxfer Gas Cylinders, another major industry player, revealed its expansion plans. To meet the growing demand for alternative fuel vehicles and compressed natural gas (CNG) solutions, the company announced its intention to boost production capacity in the United States. Consequently, the growing need for efficient gas storage and transportation boosts the market value of gas cylinders.

Expansion of the Healthcare Industry and the Increasing Use of Medical Gases Offer Significant Gas Cylinders Market Opportunity

The healthcare industry's expansion and the rising application of medical gases are driving significant opportunities in the gas cylinders market. For instance, in October 2020, Luxfer Gas Cylinders, a leading U.S.-based manufacturer of lightweight, high-pressure type III composite cylinders, launched its first Non-Limited Life (NLL) medical cylinders. This initiative aims to support individuals with respiratory conditions amid the rising incidence of COVID-19. The newly introduced cylinders are designed for hospital use and boast a lifespan of over 15 years. The increased demand for medical gases, such as oxygen, nitrous oxide, and carbon dioxide, essential for various medical procedures and treatments, necessitates a reliable supply chain of gas cylinders. Additionally, the aging population and the prevalence of chronic diseases are spurring the need for advanced medical care, further elevating the demand for medical gases. This growth is prompting healthcare facilities to invest in high-quality, durable gas cylinders to ensure patient safety and effective medical care. Consequently, manufacturers in the gas cylinder market are experiencing heightened demand and are focusing on innovation and regulatory compliance to meet the healthcare sector's stringent standards.

Gas Cylinders Market Segmentation

The global market for gas cylinders has been segmented into cylinder type, wrap type, gas type, application, and region.

  • Cylinder type is classified into high pressure, low pressure, cryogenic cylinders, and composite cylinders
  • Wrap type are divided into wrap less, glass fiber, aramid fiber, carbon fiber, and others
  • Gas type segment is sub segmented into inert gases, flammable gases, toxic gases, pyrophoric gases, and oxidisers
  • Application is categorized into kitchen & domestic, processing industries, medical, transportation, and others
  • The gas cylinders market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Gas Cylinders Market Regional Outlook

In terms of gas cylinders market analysis, the Asia-Pacific region dominates the global gas cylinder market due to its substantial industrial growth, high energy demand, and robust manufacturing sector. Key countries like China and India drive this dominance with their extensive use of gas cylinders in various applications, from industrial to domestic.

Europe emerges as the fastest-growing region in this market, propelled by advancements in healthcare, increased industrial activities, and stringent safety regulations that necessitate the use of high-quality gas cylinders. This rapid growth in Europe is further supported by technological innovations and the shift towards cleaner energy sources.

Gas Cylinders Market Players

Gas cylinders companies profiled in the report include Hexagon Composites ASA, Linde PLC, Everest Kanto Cylinder Ltd., Worthington Cylinders, Beijing Tianhai Industry Co., Dragerwerk AG & Co. KGaA, Faber Industrie SPA, 3M, Aygaz, Time Technoplast, Avery Dennison, and Luxfer Gas Cylinder.

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