Rising Consumer Preference for Cleaner fuels Organic Will Upscale the Global Gas Cylinder Market in 2021: Fact.MR Report
Published : 03 Dec 2021 Industry: Consumer Goods
According to a recent report published by Fact.MR, a market research and competitive intelligence provider, global demand for gas cylinders is valued at over US$ 7.4 Bn, and is projected to rise at a CAGR of around 8% to the end of 2031.
Gas cylinders, also known as gas tanks, store gas above atmospheric pressure and have applications across different industries. Rising demand for gas cylinders in natural gas vehicles to reduce carbon footprint and rising demand for cylinders in the recreation, transportation, life support, and automotive industries are expected to fuel market growth.
Cylinder manufacturers across the globe are facing stringent regulatory compliance. Strict manufacturing standards are defined by regulatory bodies for gas cylinders. At the same time, laws have been introduced for handling and storing conditions, specific to ventilation and storage location. As a result manufacturers are focusing on producing cylinders that are made from material that offers highest level of safety to avoid any possible damage to end consumers.
- Luxfer Gas Cylinders, headquartered in California, is the world’s leading producer of aluminium and composite cylinders for high-pressure gas storage. The company uses patented and proprietary alloys to craft products that are lightweight, long-lasting, and corrosion-proof.
- Everest Kanto Cylinder Ltd manufactures supreme quality CNG cylinders that are increasingly being used for alternative fuel vehicles for a cleaner environment. EKC CNG cylinders go through ultrasonic inspection in the industrial line for the detecting any possible errors.
Key Takeaways from Market Study
- North America market estimated to register a value of US$ 2.4 Bn by 2031.
- Market in Europe estimated to be valued at US$ 44.9 Mn by 2031.
- Demand for HDPE gas cylinders is expected to expand at 8.6% CAGR over the forecast period.
- Aramid fibre gas cylinders are expected to see demand growth at 9% CAGR.
“Consumers are preferring cylinders with highest safety features to avoid any unforeseen damage. Hence, manufacturers are turning their focus towards producing cylinders that are lightweight and equipped with all safety gear to eliminate any danger,” says a lead analyst at Fact.MR.
Who is Winning?
Some of the leading companies offering gas cylinder are Luxfer Gas Cylinders, Hexagon Composites ASA, Worthington Cylinders, Dragerwerk AG & Co KGaA, Time Technoplast, Faber Industries P.A., Beijing Tianhai Industry Co, and Ullit.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis on the demand for gas cylinders, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the basis of cylinder type (Type I, Type II, Type III, Type IV, and Type V), wrap type (wrap less, glass fibre, aramid fibre, carbon fibre, and HDPE), size (3 kgs, 4.5 kgs, 6 kgs, 9 kgs,14 kgs,17 kgs, 19 kgs, 21-34 kgs, 35-48 kgs, and other sizes), gas type (inert gases, flammable gases, toxic gases, pyrophoric gases, and oxidisers), and key regions of the world.
About the Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the consumer goods team at Fact.MR helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the consumer goods industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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Sr. Consultant – Consumer Products