The Gas Cylinders Market plays a pivotal role in various industries, ensuring safe and efficient storage, transport, and distribution of compressed gases. These high-pressure vessels cater to a wide range of applications, including medical, industrial, automotive, aerospace, and more. Technological advancements have led to the development of lightweight and durable cylinders, enhancing portability and safety.
The market’s growth is driven by the expanding industrial sector, increasing demand for clean energy solutions, and stringent safety regulations. Moreover, rising awareness about eco-friendly practices has boosted the adoption of gas cylinders for storing environmentally friendly gases, fostering sustainability in the market’s future outlook.
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Future Market Insights’ forecast study foresees a substantial growth for the global gas cylinders market during the assessment period, 2017-2026. Over this period, it has been forecasted that the global gas cylinders market will register a robust expansion at an estimated 8% CAGR in terms of value. The report further projects that the global sales of gas cylinders will rake in more than US$ 11 Bn revenues by the end of 2026.
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.
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, 2017-2026. 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 2018 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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Gas Cylinders Market Taxonomy
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Cylinder Type
- Type I
- Type II
- Type III
- Type IV
- Type V
Wrap Type
- Wrap Less
- Glass Fiber
- Aramid Fibre
- Carbon Fibre
- HDPE
Size
- 3 kgs
- 4.5 kgs
- 6 kgs
- 9 kgs
- 14 kgs
- 17 kgs
- 19 kgs
- 21-34 kgs
- 35-48 kgs
- Other Sizes
Gas Types
- Inert Gases
- Flammable Gases
- Toxic Gases
- Pyrophoric Gases
- Oxidisers
APEJ to Represent the 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
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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