Composite Cylinder Market Analysis by Latest Trends, Demand and Forecast to 2029

Composite Cylinder Market is expected to grow at 6.8% through 2023 to 2029, reaching nearly USD 1.26 Bn.

Composite Cylinder Market Report Scope and Research Methodology

Report Scope:

This comprehensive market research report delves into the thriving Composite Cylinder Market, offering key insights into market dynamics, research methodology, drivers, restraints, and regional insights.

Research Methodology:

Our research methodology encompasses a thorough examination of historical market data, using information from 2018 to 2022. We provide invaluable insights into key market players and deliver sound recommendations for investors.

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What are Composite Cylinder Market Dynamics?

Drivers:

The Composite Cylinder Market is propelled by the rapid and continuous growth within end-user sectors. These sectors encompass transit, electronics and communication, processing industry, and healthcare, all benefiting from the exceptional attributes of composite cylinders, particularly Type I and II. As these sectors expand, the demand for materials boasting high thermal properties, reduced weight, dimensional stability, and superb chemical resistance rises.

Polymers extend the product's lifespan and find applications in reducing food spillage, making them highly valuable in the packaging sector. These high-pressure vessels, encapsulated in plastic coatings, contribute to their versatility. Although the use of advanced technology and materials results in higher costs compared to their metal counterparts, the growing consumption of Liquefied Petroleum Gas in developing economies has increased competition for composite cylinders.

Composite cylinders are now employed as alternatives to steel cylinders, reducing production costs while bolstering revenue. Favorable government regulations for the petrochemical industry are poised to drive market growth over the forecast period. Composite cylinder polymers exhibit desirable qualities, such as explosion resistance, UV resistance, and corrosion resistance, making them essential in the gas and oil industries.

Market Restraints:

Composite cylinders face competition from lighter, cheaper, and rust-free alternatives like aluminum and stainless steel. The heavyweight and special care required for composite cylinders present limitations to market growth.

Composite Cylinder Market Segmentation?

by Fiber Type

Carbon Fibers
Glass Fibers
High-Density Polyethylene
Other

by Tank Type

Type I
Type II
Type III
Type IV

by End-User

Aerospace & Defense
Wind Energy
Transportation
Construction & Infrastructure
Marine
Pipes & Tanks
Electrical & Electronics
Others

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Who are Composite Cylinder Market Key Players?

1. Time Technoplast Limited
2. Hexagon Composites ASA
3. AMS Composite Cylinders
4. Luxfer Gas Cylinders
5. Drägerwerk AG & Co. KGaA.
6. FABER INDUSTRIE S.P.A.
7. Dragerwerk
8. Worthington Cylinders
9. Sinoma
10.Quantum Technologies
11.Aburi Composites
12.HITACHI
13.KOMATSU
14.Vektra Engineering Pvt. Ltd.
15.Ullit

Table of content for the Composite Cylinder Market includes:

Part 01: Executive Summary

Part 02: Scope of the Composite Cylinder Market Report

Part 03: Global Composite Cylinder Market Landscape

Part 04: Global Composite Cylinder Market Sizing

Part 05: Global Composite Cylinder Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Insights:

Asia Pacific: This region takes the lead in the Composite Cylinder Market, with a remarkable CAGR of 5.3% over the forecast period. The market growth is driven by advancements in the electrical and electronics industries, particularly in countries like India and China. Rising local demand, coupled with cost-effective production facilities, is expected to fuel market demand across various applications in Asia Pacific.

The growing population, rising consumer demand, and efforts to innovate new products and processes make the region a thriving hub for businesses. Booming sectors like electrical and electronics, automotive, and consumer products are major drivers for composite pressure vessels.

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