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Gas Cylinders Market Precise Study on Factors, Drivers and Key Players Strategies Analyzed Till 2026| Industry key Player - Hexagon Composites ASA, Luxfer Gas Cylinder, Worthington Cylinders, Quantum Technologies, Time Technoplast, Drägerwerk AG & Co. KG
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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.
Demand for Type I Cylinders to Remain Predominantly High
Considering the high stakes associated with bulk gas transportation, consumers and end-users are demanding for the safest gas cylinders that can provide maximum protection against the hazards of accidental gas leaks. Type I gas cylinders are recognised for their superior safety features, wherein their lightweight also contributes towards fuel-efficient gas transportation. Advanced fabrication employed in the production of type I gas cylinders give them a competitive advantage against other types of cylinders. Several gas cylinder manufacturers are adopting powder coating technologies to make type I gas cylinders extremely corrosion resistant. It has been estimated that through 2026, approximately 40% of the global market value will be arising from the revenues procured through sales of type I gas cylinders.
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Gas Cylinders Wrapped with Aramid Fibres to Register Rapid Revenue Growth
In 2017, more than US$ 2.8 Bn worth of gas cylinders sold worldwide were wrap less in nature. The demand for wrap less gas cylinders will continue to translate highest amount of revenues in the global market throughout the forecast period. However, the report observes a rapid growth in demand for gas cylinders wrapped with aramid fibres. Thermal stability of aramid fibres plays an instrumental role for wrapping the openings of gas cylinders. With high strength and low weight, the global demand for gas cylinders wrapped with aramid fibres is expected to register high revenue growth at a CAGR of 9% over the forecast period. Likewise, the report further reveals that carbon fibre wrapping of gas cylinders will translate fastest revenue growth and account for 20% of the overall market value by the end of 2026.
Absolute Adherence of Manufacturers to Gas Cylinder Safety Regulations
Storage capacity and the type of gas have a governing influence over the safety regulations developed for manufacturing of gas cylinders. On the basis of size, it is observed that sales of gas cylinders weighing 14kgs and 5kgs will register highest demand by collectively accounting for nearly one-third share of global market value by the end of the forecast period. In addition, gas cylinders are likely to be widely used for storing flammable gases. By the end of 2026, nearly US$ 3 Bn worth of gas cylinders sold in the global market will be storing flammable gases. Such statistics will continue to impose a remarkable influence on the global gas cylinder manufacturing landscape. Companies such as Luxfer Gas Cylinder, Hexagon Composites ASA, Quantum Technologies, Worthington Cylinders, Drägerwerk AG & Co. KGaA, Time Technoplast, Faber Industrie S.p.A., Beijing Tianhai Industry Co., Ullit, and Everest Kanto Cylinder Ltd., which are widely recognized as global leaders in gas cylinder manufacturing, will be firmly adhering to the global and regional standards of gas cylinder safety in 2018 and beyond.
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