The gas cylinder market is expected to reach a value of US$ 7.6 Billion in 2024, with projections indicating a growth to US$ 9.4 Billion by 2034. The market is anticipated to experience a steady surge at a CAGR of 2.1%, during the forecast period 2024 to 2034.
The growing adoption of specialty gases in niche applications such as semiconductor manufacturing, pharmaceuticals, and scientific research is driving the need for specialized gas cylinder solutions tailored to the unique requirements of these industries.
Many end users prefer rental and leasing models for gas cylinders to avoid upfront capital investments and maintenance hassles. Gas cylinder suppliers are offering flexible leasing options and value added services such as cylinder tracking, maintenance, and refurbishment to meet customer demands.
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Government initiatives aimed at promoting industrialization, infrastructure development, and the expansion of healthcare facilities are driving the demand for gas cylinders across various sectors. Infrastructure investments in emerging economies are creating new opportunities for gas cylinder manufacturers and suppliers.
The industry is witnessing a trend towards the use of lightweight materials such as composite materials and aluminum alloys in gas cylinder construction. The shift is driven by the need to reduce weight for easier handling and transportation while maintaining structural integrity and safety.
Ongoing advancements in gas cylinder technology, including improved valve systems, pressure regulators, and monitoring sensors, are enhancing the safety, efficiency, and reliability of gas storage and transportation systems. The technological innovations are driving market growth and opening up new application areas.
Key Takeaways from the Market Study
- Global gas cylinder market was valued at US$ 7.5 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 1.2%.
- The market in Germany is expected to expand at a CAGR of 0.5% through 2034.
- By cylinder type, the type I segment to account for a share of 37.3% in 2024.
- The market in India is expected to expand at a CAGR of 5.4% through 2034.
- In terms of gas type, the flammable gases segment to account for a share of 29.2% in 2024.
“Manufacturers are focusing on innovative cylinder designs and ergonomic features to enhance user convenience, portability, and ease of handling. Lightweight materials, ergonomic handles, and compact designs are increasingly being incorporated into gas cylinder designs to improve usability and safety,” remarks Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Companies Profiled
- Luxfer Gas Cylinders
- Hexagon Composites ASA
- Worthington Cylinders
- Dragerwerk AG & Co KGaA
- Time Technoplast
- Faber Industries P.A.
- Beijing Tianhai Industry Co
- Linde plc
- Welz Gas Cylinder GmbH
- Zhejiang Tianlong Cylinder Co. Ltd.
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Company Portfolio
- Norris Cylinder Company is a leading manufacturer of high-quality steel and aluminum gas cylinders for industrial, specialty, and medical applications. The company offers a wide range of cylinders designed to meet the diverse needs of its customers, and its product portfolio includes Type I seamless steel cylinders, aluminum cylinders, and specialty cylinders customized for specific gases and applications.
- Catalina Cylinders is a specialized manufacturer of high-pressure gas cylinders for industrial, medical, and specialty gas applications. The company offers a comprehensive range of cylinders, including Type I steel cylinders, aluminum cylinders, and composite cylinders, which are used in various industries, including aerospace, healthcare, manufacturing, and alternative fuels.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global gas cylinder market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the gas cylinder market, the market is segmented on the basis of cylinder type (type I, type II, type III, type IV, type V), wrap type (wrap less, glass fiber, aramid fiber, carbon fiber, HDPE), size (17 kgs, 4.5 kgs, 6 kgs, 9 kgs, 14 kgs, 17 kgs, 19 kgs, 21-34 kgs, 35-48 kgs, other sizes), and gas type (inert gases, flammable gases, toxic gases, pyrophoric gases, oxidizers), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East & Africa).
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Segmentation Analysis of the Gas Cylinder Market
By Cylinder Type:
- Type I
- Type II
- Type III
- Type IV
- Type V
By Wrap Type:
- Wrap Less
- Glass Fiber
- Aramid Fiber
- Carbon Fiber
- HDPE
By Size:
- 3 kgs
- 4.5 kgs
- 6 kgs
- 9 kgs
- 14 kgs
- 17 kgs
- 19 kgs
- 21-34 kgs
- 35-48 kgs
- Other Sizes
By Gas Type:
- Inert Gases
- Flammable Gases
- Toxic Gases
- Pyrophoric Gases
- Oxidizers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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