Opportunities for the global composite cylinder market to reach $968 million by 2022

According to a new market report published by Lucintel, the future of global composite cylinder market looks promising with opportunities in gas carriers & storage, transportation, life support, and recreation industries. The global composite cylinder market is expected to reach an estimated $968 million by 2022 and it is forecast to grow at a CAGR of 7.2% from 2017 to 2022. The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and growing demand for lightweight cylinders with higher pressure requirement and greater gas carrying capacity per cylinder.
In this market, gas carriers & storage, transportation, life support, and recreation & others are the major end use industries. On the basis of comprehensive research, Lucintel forecasts that the gas carriers & storage and transportation segments are expected to show above average growth during the forecast period.
Within the global composite cylinder market, the transportation segment is expected to remain the largest market by value. Expected growth in the alternative fuel vehicles and increasing requirement of weight reduction with higher gas carrying capacity are the major driving forces that spur growth for this segment over the forecast period.
By type of tank, type IV CNG cylinder is expected to be the largest segment due to its growing demand in large transit buses, delivery trucks, and bulk transportation of gases.
By fiber type, carbon fiber composite in the global composite cylinder market is expected to remain the largest material type by value and glass fiber composite is expected to be the largest material type by volume over the forecast period. The lightweight characteristics and higher performance benefits are likely to drive the demand for carbon fiber composite over the forecast period.
Europe is expected to remain the largest market for composite cylinder due to the higher acceptance level and increasing use of lightweight cylinders.
North America is expected to witness the highest growth rate during the forecast period due to the expected growth in the alternative fuel vehicle fleet, increasing natural gas activities, and growing use of lightweight cylinders.
Europe is expected to remain the largest market, whereas North America is expected to witness the highest growth rate during the forecast period due to growing demand from gas carriers and storage and other end use industries.
For business expansion, Lucintel’s report suggests innovation and new product development to achieve higher pressure rating, better heat tolerance, and higher gas carrying capacity.
Emerging trends which have a direct impact on the dynamics of the industry include the increase in green fleet and development of type V tanks. Luxfer Gas Cylinder, Hexagon Composites ASA, Quantum Technologies, Worthington Cylinders, Time Technoplast, Faber Industries S.p.A., Beijing Tianhai Industry Co., and Ullit are among the major suppliers of composite cylinders.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global composite cylinder market and has compiled a comprehensive research report entitled “Growth Opportunities in the Global Composite Cylinder Market 2017-2022: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global composite cylinder market by end use industry, tank type, region, and composite consumption by fiber type as follows:
By end use Industry [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:
• Gas Carriers and Storage
• Transportation
• Life Support
• Recreation and Others
By tank type [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:
• Type II
• Type III
• Type IV
Composite consumption by fiber type [Volume (Million lbs) and Value ($ Million) from 2011 to 2022]:
• Glass Fiber Composites
• Carbon Fiber Composites
• Aramid Fiber Composites
By region [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:
• North America
• Europe
• Rest of the World
This 136-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Advanced Materials Reports, Composite Materials Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.

This report addresses the following 11 questions:
Q. 1. What are some of the most promising, high-growth opportunities for global composite cylinder market by end use industry (gas carriers and storage, transportation, life support, recreation and others), tank type (Type II, Type III, Type IV), composite consumption by fiber type (Glass Fiber Composites, Carbon Fiber Composites and Aramid Fiber Composites), and region (North America, Europe, and the Rest of the World (ROW)?
Q. 2. Which products segments will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
Q. 11. What M&A activity has occurred in the last 5 years?

Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.

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This release was published on openPR.