Press release
Global Automotive Gas Cylinder Materials Market Analysis: Growth Trends, CAGR 12.3%, and Forecasts by Material Type (Steel, Aluminum, Composite) by 2026
Automotive Gas Cylinder Materials Market
The automotive gas cylinder materials market refers to the market for materials used in the manufacturing of gas cylinders used in vehicles. These cylinders store compressed natural gas (CNG) or liquefied petroleum gas (LPG), which are used as an alternative to traditional fossil fuels in automobiles. The automotive gas cylinder materials market has been growing rapidly in recent years, driven by a rise in the adoption of CNG and LPG as cleaner and more sustainable fuel options.
Market Size and Growth
According to a report by Persistence Market Research, the global automotive gas cylinder materials market size was valued at USD 405.5 million in 2016 and is projected to reach USD 722.7 million by 2026, growing at a CAGR of 12.3% during the forecast period. The Asia-Pacific region is expected to dominate the market during the forecast period, due to the high demand for CNG and LPG vehicles in countries such as India, China, and Iran.
Type II cylinders are constructed with a metal liner that has been partially wrapped in carbon, glass, or aramid fibre. A plastic liner is completely wrapped in carbon fibre or mixed fibre in type IV cylinders, whereas a metal liner is totally wrapped in glass, aramid, or carbon fibre in type III cylinders. Although Type V cylinders are essentially made entirely of composite materials, they have not yet been made available for purchase.
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The deployment of cylinders made from composite materials is expected to increase over the forecast period as it reduces weight of the vehicle, leading to increased fuel efficiency. Type IV composite cylinders are expected to emerge as most attractive cylinder type owing to properties such as light weight, corrosion resistance, easy portability and high durability.
The alloying elements such as manganese, silicon, chromium, nickel, molybdenum and vanadium are also added in steel based cylinders in minute amount for integrating various physical characteristics in the material. Growing demand for CNG and alternatively fueled vehicles is expected to create significant demand for automotive gas cylinder materials over the forecast period.
Global Automotive Gas Cylinder Materials Market: Dynamics
Governments across the world are highly focused to reduce emission of greenhouse gases. CNG vehicles emit less greenhouse gases as compared to vehicles that are fueled with other fossil fuels. With increasing demand for CNG vehicles, demand for CNG cylinders is also expected to increase, creating proportionate demand for materials used in cylinder manufacturing.
Factors such as higher initial cost of vehicles that run of CNG is expected to restrain the global automotive gas cylinder materials market over the forecast period. Additionally, hydrogen run vehicles are still in development phase. Growth in R&D activities is expected to develop hydrogen as a viable fuel over the coming years, further creating significant growth opportunities for automotive gas cylinder materials market.
Global Automotive Gas Cylinder Materials Market: Segmentation
Global automotive gas cylinder materials market is segmented on the basis of product type and region. On the basis of product type, the global automotive gas cylinder materials market is segmented into steel, aluminum, HDPE, carbon fibre, glass fibre, aramid fibre and others.
Owing to their light weight and enhanced physical and chemical characteristics, composite materials are expected to gain traction by the end of 2026.
Global Automotive Gas Cylinder Materials Market: Region-wise Outlook
The global automotive gas cylinder materials market is segmented into seven key regions, including North America, Latin America, Eastern Europe, Western Europe, Middle East and Africa, Asia Pacific excluding Japan (APEJ) and Japan. With large fleet size of vehicles running on CNG, Asia Pacific and North America are expected to represent significant shares in the global automotive gas cylinder materials market by end of 2016.
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Global Automotive Gas Cylinder Materials Market: Key Players
Some of the key players reported in the value chain of automotive gas cylinder materials market include 3M, Beijing China Tank Industry Co. Ltd., CleanNG, CNG Cylinders International, Cobham plc, Faber Industrie S.p.A., Luxfer Gas Cylinders, Quantum Fuel Systems LLC., Everest Kanto Cylinder Ltd. And MCS Technologies GmbH.
The report covers exhaustive analysis on:
• Market Segments
• Market Dynamics
• Market Size
• Market Supply & Demand
• Market Current Trends/Issues/Challenges
• Competition & Companies involved
• Manufacturing Technology
• Market Value Chain
Regional analysis includes:
• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• APEJ (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC, S. Africa, N. Africa)
Report Highlights
• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint.
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Persistence Market Research
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About us:
The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on 'green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing - 'The Way Forward'.
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