Composite Cylinder Market
According to a new report published by Allied Market Research, the global composite cylinder market size was valued at $0.8 billion in 2020, and projected to reach $1.2 billion by 2030, with a CAGR of 4.1% from 2021 to 2030.
What is a Composite Cylinder?
A composite cylinder is a type of pressure vessel made from a combination of materials, typically featuring a core of metal surrounded by layers of composite materials like carbon fiber or fiberglass. These cylinders are designed for high strength and lightweight applications.
Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A13767
Asia-pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
The major companies profiled in composite cylinder industry report include Aburi composites, Amtrol-alfa, Aygaz, Dragerwerk, Evas, Faber Industrie, Hexagon composites ASA, Luxfer Gas Cylinders, Quantum Fuel System Technologies, and Sinoma.
Steel cylinders are replaced with composite cylinders, as they are UV-protected, lightweight, non-corrosive, and explosion proof in nature.
Superior benefits associated with composite cylinders as compared to steel cylinders such as life span of more than 20 years, easy transportation, low weight, and their portability act as the key driving forces of the global composite cylinders market.
Increase in production of natural gas-powered vehicles, innovation in hybrid-powered vehicles, and surge in demand for lightweight storage solutions positively impact the growth of the composite gas cylinder market.
Implementation of government regulations and regulatory safety standards related to reliable transportation and storage of gas facilitates the industry expansion.
Rapid urbanization and development of transportation infrastructure in emerging economies and presence of excess income among the middle-class population have led to surge in demand for personal natural gas-fueled vehicles, which has propelled the demand for composite cylinders.
The growing awareness among the people in regards with the positive impact of the natural gas fuelled vehicles towards the environment in comparison with conventional vehicle have increased the demand for the market.
The above-mentioned properties will eventually help in reducing transportation costs due to its low weight and ease of transportation. Furthermore, rapid urbanization and increase in disposable income have escalated the demand for resources, which, in turn, boosted the composite cylinders market growth.
Rise in demand for LPG cylinders in developing countries significantly boosts the growth of the composite gas cylinders market.
Various initiatives taken by government to encourage the use of composite cylinders are expected to increase the market share of composite cylinders worldwide.
Increase in awareness regarding natural gas-fueled vehicles and government policies to support the green energy vehicles support the growth of the composite cylinder market.
Manufacturing of a composite cylinder is difficult and a high-tech procedure, due to which the price of the composite cylinders is significantly more than steel cylinders, which acts as a key deterrent factor of the global composite cylinder market.
Buy This Report (353 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3W2kGLb
The increase in investment among the emerging countries to develop the foreign currency reserves through tourism has significant impact on the development of the market.
The outbreak of the COVID-19 pandemic resulted in disruptions in key end-use verticals, which include automotive, aerospace & defense, construction, and transportation, thus negatively impacting the composite cylinders industry.
The government support to develop to develop compressed natural gas fuelled vehicles for commercial transportation is expected to create potential opportunities for the growth of Composite cylinder market during the forecast period.
On the basis of cylinder type, the market is classified into LPG and CNG.
By fiber type, it is categorized glass fiber composites, carbon fiber composites, aramid fiber composites, and others.
Depending on tank type, it is categorized into type II, type III, and type IV.
As per end use, it is fragmented into gas carrier and storage, transportation, life support, recreation, and others.
Impact Of Covid-19 On the Global Composite Cylinder Market
Emergence of COVID-19 had a negative impact on the growth of the composite cylinder market during this period.
The COVID-19 pandemic had transformed the growth of various industries; the immediate impact of the outbreak is varied, as few industries registered a drop in demand, whereas numerous other industries remained unscathed and show promising growth opportunities.
Decline in the demand for petroleum products due to the shutdown of various industries, decrease in usage of personal vehicles for transportation, and ban over large-scale transportation system have huge impact on the demand for crude oil, thus leading to decline in the price of crude oil, which, in turn, led to the decline in LPG and CNG cost.
