Press release
4 Myths About Composite Cylinder Market 2022 Company Profiled Aburi composites, Amtrol-alfa, Aygaz, Dragerwerk, Evas, Faber Industrie, Hexagon composites, Luxfer Gas Cylinders, Sinoma
The major companies profiled in composite cylinder market report include Aburi composites, Amtrol-alfa, Aygaz, Dragerwerk, Evas, Faber Industrie, Hexagon composites ASA, Luxfer Gas Cylinders, Quantum Fuel System Technologies, and Sinoma.
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.
Asia-pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
As per global composite cylinder market analysis, by cylinder type, the LPG segment accounted for the largest share in 2020.
On the basis of fiber type, the glass fiber composite segment was the major share contributor in 2020.
On the basis of tank type, the type III segment was the major share contributor in 2020.
On the basis of end-use, the transport segment was the major share contributor in 2020.
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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 growth of the composite cylinders market.
Rise in demand for LPG cylinders in developing countries significantly boosts the growth of the composite gas cylinders market.
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.
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.
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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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