The global gas cylinder market is expected to exhibit strong growth, reaching USD 12.01 billion by 2030. As per the report titled "Gas Cylinder Market Size, Share Recession Impact Analysis, By Material (Steel, Composite and Others), By Product (High Pressure, Low Pressure and Acetylene), By Wraps (Wrap Less, Glass Fiber, Aramid Fiber, Carbon Fiber and Others), By Gas (Flammable Gases, Inert Gases, Toxic Gases, Pyrophoric Gases, Oxidizers and Others), By Application (Kitchen and Domestic, Processing Industries, Medical, Transportation and Others), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 7.1 billion and USD 12.01 billion in 2030. The market is expected to exhibit a CAGR of 7.80% during the forecast period.
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Structural Composites Industries was Acquired by Luxfer Gas Cylinders
In March 2021, structural Composites Industries, a producer of composite cylinders in North America, was acquired by Luxfer Gas Cylinders, according to the announcement. The acquisition expands Luxfer's portfolio in the aerospace, life support, and other areas while strengthening their composite cylinder offering and aligning with recent investments to further improve their alternative fuels capacity to address the CNG and Hydrogen market development possibilities.
Increased Lpg Cylinder Usage For A Variety Of Purposes Will Help The Market Expand
A fuel that burns cleanly, is sustainable, and is effective is liquefied petroleum gas (LPG). because it is a clean, efficient, low-carbon, and cutting-edge energy source. It offers customers benefits. Environmental and industrial issues As the majority of the energy in LPG is converted to heat, it is less expensive than other conventional fuels and can be used for a variety of purposes, including transportation, storage, and auto gas. LPG is normally stored under pressure, which changes it from a gas to a liquid. The simplicity of transporting LPG over other energy sources is one of its main benefits. It contains no sulphur and has a superior heating value. Unlike other sources of energy, LPG burns frequently, making it more dependable. Over other energy sources, LPG is more environmentally friendly. When compared to oil, LPG emits just 81% of the carbon dioxide that oil does, despite the fact that all energy sources produce carbon dioxide. Just 70% of the carbon dioxide is emitted by LPG when compared to coal, another energy source.
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Supply Chain System Is Severely Strained As A Result Of The Increase In Demand For Various Gases
Worldwide supply chain problems are causing substantial challenges for businesses in every industry. The epidemic and the response around the world have created a shipping issue. Sea freight costs are at an all-time high, demand is outpacing supply, and there is a severe shortage of container capacity. There isn't a simple solution, and it looks like in the first half of 2022, there will still be expensive shipping, longer lead times, and capacity constraints. The second half of the year will likely see some improvement, according to shipping industry predictions. The primary raw materials required to make gas cylinders presented another challenge to the global supply chain. An international aluminium shortage has resulted from the epidemic's severe disruption of mining and industry globally.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the gas cylinder market plan acquisitions to improve their brand recognition globally. For instance, in September 2022, the new facility for Worthington Industries, which serves the hydrogen mobility market, was finished in less than two years. Type III and Type IV composite pressure cylinders will be produced at the new facility. The cylinders are comprised of carbon fibre reinforced metallic or polymeric liners that are lightweight and can bear high pressures. Uses include compressed hydrogen and compressed natural gas storage and transport containers, as well as onboard fueling systems for cars, trucks, buses, trains, and ships.
Recent Development:
- In October 2020, first Non-Limited Life (NLL) medical cylinders were released by Luxfer Gas Cylinders, a well-known American maker of lightweight, high-pressure type Ill composite cylinders. With this launch, the company hopes to assist those with respiratory issues in light of the rising COVID-19 instances. The new cylinder is intended for healthcare facilities and has a lengthy lifespan of more than 15-20 years.
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List of Key Players Profiled in the Report
- 3M
- Aygaz A
- FABER INDUSTRIE SPA
- Hexagon Ragasco AS
- Luxfer Gas Cylinders
- Worthington Industries Inc
- Beijing Tianhai Industry Co., Ltd.
- Drägerwerk AG Co. KGaA
- EKC
- Linde plc
- Time Technoplast Ltd.
- MS GROUP
- Welz Gas Cylinder GmbH
- Zhejiang Tianlong cylinder co., L.T.D.
Further Report Findings
- The market in the Asia Pacific is expected to gain a huge portion of the global Gas cylinder market share in the coming years due to a rise in the region's need for medical oxygen cylinders.
- The market is expanding as a result of the presence of significant developing economies in the area, where the healthcare and electronics sectors are expanding quickly.
- In North America, the growth in this region is primarily driven by government initiatives to raise consumer awareness are rising.
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