Gas Cylinder Market
Gas Cylinder Market Analysis, By Cylinder Type (Type I, Type II, Type III, Type IV, Type V Gas Cylinder), By Wrap Type (Wrap Less, Glass Fiber, Aramid Fiber, Carbon Fiber Gas Cylinder), By Gas Type (Inert Gas, Flammable Gas, Toxic Gas Cylinder) By Size & Regional Forecast to 2031
Gas Cylinder Market Outlook
Demand for gas cylinders in the global market is valued at close to US$ 7.5 Bn at present. The global gas cylinder market is predicted to surge ahead at a CAGR of 8% through 2031, as per the latest industry analysis by Fact.MR.
Type 1 gas cylinders are mostly preferred by consumers due to their corrosion resistance and added safety features. Gas cylinder sales account for 9% of the overall cylinder market.
|Gas Cylinder Market Size (2020A)||US$ 6.9 Bn|
|Projected Year Value (2031F)||US$ 11 Bn|
|Global Market Growth Rate (2021-2031)||8% CAGR|
|Collective Value Share (U.S., India, China): Top 3 Countries||46%|
Gas Cylinder Demand Analysis (2016-2020) in Comparison to Market Growth Forecasts (2021-2031)
Transportation of high-value gases is critical, which drives demand for safe and regulated gas cylinders. Advancements in compressing volatile and inert gases have influenced the production of gas cylinders. New cylinder designs and enhanced safety provisions have improved the handling and storing capabilities of gas cylinders.
Manufacturers are using robust materials to produce gas cylinders that can sustain dropping, tipping over, and undue exposure to heat. They are focused on building robust gas cylinders to meet diverse safety precaution needs related to toxic, flammable, corrosive, oxidizing, and inert gases.
Gas cylinders are being manufacturers with high-grade sealants to prevent valve breaks or lethal projectiles that can cause cracks in the cylinder shell. Owing to these factors, demand for gas cylinders is expected to rise considerably in the near future.
Over the years, usage of LPG fuel for cooking purposes has increased significantly. Governments, particularly in developing countries, are introducing favorable policies and initiating awareness programs to encourage the use of liquefied petroleum gas (LPG) in daily cooking. Gases are also used across a broad range of industrial sectors, including pure science, medical, manufacturing, education, and hospitality, among others.
Fact.MR, a market research and competitive intelligence provider, projects the global market for gas cylinders to witness growth at 8% CAGR from 2021 to 2031, in comparison to the CAGR of 5.8% posted from 2016 to 2020.
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Why is Demand for Gas Cylinders Gaining Traction in the Market?
Availability of enhanced cylinder safety systems that ensure zero leakage and aid in organizing working areas wherever cylinders with compressed gas or other flammable gas are used is expected to boost demand for gas cylinders in the market.
Along with cylinder labeling, installation of regulator safety mounting brackets in residential and commercial places before utilization of gas cylinders to make them safer to work with has become important in ensuring safety. Correct labeling of cylinders helps in quickly identifying the content of the gas cylinder and level of precaution that is needed to be taken.
Another helpful safety system is the locking cap that ensures high safety and reduces the possibility of misuse and vandalism by limiting unauthorized access to the main cylinder control valve and regulator. As safety remains the highest priority, market players are focusing on practicing the best safe working methodologies for clients.
Retail prices for gases such as LPG, CNG, inert gases, and pyrophoric gases are mainly impacted by factors that are usually beyond the control of any single nation. Countries having massive natural gas reservoirs have a bigger say in these matters. Price fluctuation is a common phenomenon for valuable resources such as gas, oil, and petroleum.
However, this phenomenon has a major impact not only on other industries but also on the global economy. Meanwhile, strong and increasing demand for such resources is placing intense pressure on the supply side. This is considered to be key factor shaping the future prospects of the gas cylinder market.
Why is the U.S. an Important Market for Gas Cylinders?
North America, especially the U.S., is expected to remain one of the most important markets for gas cylinders over the assessment period. Owing to the presence of a vast industrial sector in the region, demand for gas is extremely high. This, in turn, drives high demand for gas cylinders.
Moreover, residential use of gas cylinders is also high in the region. Gas cylinder sales in both, the U.S and Canada, are expected to remain strong.
Fact.MR forecasts the U.S. gas cylinder market to top US$ 1.9 Bn by 2031.
Which is the Dominant Country in the Asian Market for Gas Cylinders?
Asia Pacific is expected to remain the most important market for gas cylinders in the world, as demand for gas cylinders is on the rise in emerging markets, including China and India. This is primarily due to increased use of gas in the residential and industrial sectors.
Also, expanding population in the region is expected to further drive the need for gas, subsequently creating opportunities for gas cylinder suppliers.
Fact.MR forecasts the China market to top US$ 2.3 Bn by 2031. Revenue from India is anticipated to increase at a CAGR of 7.8% through 2031.
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What Type of Gas Cylinder is Projected to Experience Highest Consumption?
Due to the high value and risk associated with bulk gas transportation, end users demand the safest gas cylinders that can provide maximum protection against accidental gas leaks. Type I gas cylinders are recognized for their high safety features; their light weight also contributes towards fuel-efficient transportation of gas.
Advanced fabrication used for the production of type I gas cylinders allows them to have a competitive advantage over other types. Many gas cylinder suppliers are using powder coating technologies to make type I gas cylinders extremely corrosion resistant.
Sales of type 1 gas cylinders are expected to surge at a CAGR of 8.8% through 2031.
Demand for Which Wrap Type in Gas Cylinders is Slated to Remain Prominent?
Thermal stability of aramid fibers plays a crucial role in wrapping the openings of gas cylinders. With high strength and low weight, demand for gas cylinders that are wrapped with aramid fibers is expected to be high and increase at a CAGR of 9% over the decade.
Likewise, the report further reveals that, carbon fiber wrapping of gas cylinders is expected to translate into fastest revenue growth and account for 20% share of the overall market value by the end of 2031.
Impact of COVID-19
COVID-19 positively affected the sales of medical oxygen gas cylinders, as COVID patients highly replied on external oxygen supply owing to breathlessness. Oxygen cylinders were also used in homecare settings for old age because all the hospital beds were packed with infected patients.
Rising pollution and unhealthy lifestyle are expected to increase the number of patients suffering from respiratory disorders, which, in turn, is expected to propel demand for oxygen gas cylinders.
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Rise in demand for cylinders for natural gas vehicles to keep a check on carbon footprints due to burning of fossil fuels is expected to drive demand for gas cylinders in the global market. Demand for gas cylinders has also increased in various other industries such as transportation and life support.
Manufacturers are focusing on various safety precautions. Technological developments such as new cylinder designs that optimize storage capability and ease the handling process because of additional safety measures and being light weight are expected to drive the market growth of gas cylinder dealers.
- SK CYLINDER offers various designs for high pressure gas cylinders specific to applications and different gas characteristics, customizing cylinders with finer requirements.
Gas Cylinder Industry Report Scope
|Historical Data Available for||2016-2020|
|Market Analysis||Value in US$ Mn, Volume in ‘000 Units|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled|
|Pricing||Available upon Request|
Gas Cylinder Industry Survey by Category
- Type I Gas Cylinders
- Type II Gas Cylinders
- Type III Gas Cylinders
- Type IV Gas Cylinders
- Type V Gas Cylinders
- Wrap Less Gas Cylinders
- Glass Fiber Gas Cylinders
- Aramid Fiber Gas Cylinders
- Carbon Fiber Gas Cylinders
- HDPE Gas Cylinders
- 3 Kg Gas Cylinders
- 4.5 Kg Gas Cylinders
- 6 Kg Gas Cylinders
- 9 Kg Gas Cylinders
- 14 Kg Gas Cylinders
- 17 Kg Gas Cylinders
- 19 Kg Gas Cylinders
- 21-34 Kg Gas Cylinders
- 35-48 Kg Gas Cylinders
- Inert Gas Cylinders
- Flammable Gas Cylinders
- Toxic Gas Cylinders
- Pyrophoric Gas Cylinders
- Oxidizer Cylinders