With soaring oil & petrochemical prices, the transportation and storage of valuable gases is translating into lucrative profit margins and high value growth for companies. The adoption of gas cylinders continues to gain traction in such critical operations. Future Market Insights foresees a robust growth for the global gas cylinders market in the years ahead.
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According to its recent forecast study, the global gas cylinders market is estimated to grow at a vigorous 8% CAGR in terms of value over the period, 2022-2026. Advanced safety features and effective storage capabilities of gas cylinders will play a key role in driving their sales during this assessment period. The report has further projected that gas cylinders sold across the globe by the end of 2026 will bring in revenues worth over US$ 11 Bn.
Superior Safety Features of Type I Cylinders to Drive their Adoption
In addition to their end-use in storing CNG and other fuels, gas cylinders are being widely used in bulk gas transportation operations. High stakes associated with such operations has spurred the use of type I gas cylinders. Advanced safety features of type I gas cylinders make them a sought-after for eliminating the risks of accidental gas leaks.
Light weights of type I gas cylinders are also adding to their competitive advantage over other types of gas cylinders by supporting a fuel-efficient transportation of gases. High quality fabrications and powder coating technologies employed in the manufacturing of type I gas cylinders have extended their capabilities for being resistant to extreme corrosions.
Throughout the forecast period, approximately 40% of the global gas cylinders market value will be accounted by the sales of type I gas cylinders.
Rapid Growth in Demand for Gas Cylinders Wrapped with Aramid Fibres and Carbon Fibres
The report observes that sales of wrap less gas cylinders will bring in the largest share of revenues in the global market throughout the forecast period. By the end of 2026, wrap less gas cylinders worth over US$ 5.2 Bn are pegged to be sold globally. However, the report foresees a rapid growth in demand for gas cylinders equipped with carbon fibre and aramid fibre wraps.
Thermal stability of aramid fibres will drive their application in the wrapping of gas cylinder openings. Similarly, excellent strength-to-weight ratio of carbon fibres will extend their use as gas cylinder wrapping materials. Over the forecast period, carbon fibre-wrapped gas cylinders will register fastest revenue growth at 9.3% CAGR, while sales of aramid fibre-wrapped gas cylinders will bring in more than US$ 1.6 Bn by 2026-end.
The type of gas being stored and the size of the cylinder will also play a key role in influencing the sales of gas cylinders. In 2022 and beyond, the demand for gas cylinders with 6kgs and 14kgs sizes will soar at a considerable rate, the revenues from which will account for nearly one-third of global gas cylinders market value.
The report further reveals that majority of gas cylinders manufactured in the world will be used to store flammable gasses. In 2017, nearly US$ 1.3 Bn worth of gas cylinders sold globally were used for storing flammable gases.
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APEJ to Represent Largest Market for Gas Cylinders through 2026
In 2017, more than US$ 1.8 Bn worth of gas cylinders were estimated to be sold in the Asia-Pacific excluding Japan (APEJ) region. The report observes the predominance of APEJ in the global gas cylinders landscape, reflecting a global market value share of nearly 33% over the forecast period. Leading manufacturers in the global gas cylinders market are expected to expand their bases in the APEJ region.
Hexagon Composites ASA, Luxfer Gas Cylinder, Worthington Cylinders, Quantum Technologies, Time Technoplast, Drägerwerk AG & Co. KGaA, Beijing Tianhai Industry Co., Faber Industrie S.p.A., Everest Kanto Cylinder Ltd., and Ullit will be observed as the leading players in the global gas cylinders market through 2026.