The global composite cylinders market stood at $ 601 million in 2018 and is projected to reach $ 921 million by 2024, exhibiting a CAGR of over 7% during 2019-2024, owing to the increasing demand for explosion proof, non-corrosive and lightweight LPG cylinders. Composite cylinder is a high-pressure vessel that is made of a composite-polymer material and placed in a plastic body. The technology of manufacturing a modern composite cylinder is a very complex and high-tech process, thus its cost is much higher than the cost of a metal analogue. Increasing consumption of LPG in the developing countries is expected to boost the demand for composite LPG cylinders during the forecast period. Moreover, government push towards the usage of composite cylinders is also anticipated to positively impact growth of the composite cylinders market, globally. In terms of outer casing material, the global composite cylinders market has been categorized into carbon fibers, glass fibers, high density polyethylene and others. Among the outer casing materials, high density polyethylene category accounted for the largest market share in 2018 and is expected to remain the largest category in coming years as well. Growth of the high density polyethylene category can be majorly attributed to its lightweight characteristics and higher performance benefits. Asia-Pacific dominated the global composite cylinders market in 2018 and is expected to maintain its market dominance during forecast period, on account of a large base of the composite cylinder manufacturing industry in the region. Moreover, North America is also anticipated to hold a substantial share in the global composite cylinders market, owing to high per capita consumption of goods. Years considered for this report:
Historical Years: 2014-2017 Base Year: 2018 Estimated Year: 2019 Forecast Period: 2020-2024 Objective of the Study:
- To analyze and forecast the global composite cylinders market size.
- To forecast the global composite cylinders market based on product type, outer casing material, end-use industry and regional distribution.
- To identify drivers and challenges for the global composite cylinders market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global composite cylinders market.
- To conduct the pricing analysis for the global composite cylinders market.
- To identify and analyze the profile of leading players operating in the global composite cylinders market.
Some of the major companies operating in the global composite cylinders market are Luxfer Gas Cylinder, Hexagon Composites ASA, Dragerwerk, Worthington Cylinders, Faber Industries S.p.A., Sinoma, Quantum Technologies and Aburi Composites. Both primary as well as exhaustive secondary research was conducted for this study. Initially, the researchers sourced a list of composite cylinder manufacturers across the globe were analysed. Subsequently, primary research surveys were conducted with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the researchers could include the suppliers which could not be identified due to the limitations of secondary research could be included. The product offerings, distribution channels and presence of all major composite cylinder manufacturers across the globe were analysed. The global composite cylinders market size was calculated by using a bottom-up approach, where data for various end-user industries and its application across various product types were recorded and forecast for the future years. These values are sourced from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied. Key Target Audience:
- Composite cylinder manufacturers, suppliers, distributors and other stakeholders
- Composite cylinder end-user industries
- Organizations, forums and alliances related to the composite cylinders market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as composite cylinder manufacturers, suppliers, partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on the market opportunities. Report Scope:
In this report, the global composite cylinders market has been segmented into following categories, in addition to the industry trends which have also been detailed below: Market, by Product Type
Market, by Outer Casing Material
- Carbon Fibers
- Glass Fibers
- High Density Polyethylene
Market, by End-Use Industry
- Hotels & Restaurants
- Household Purpose
- Industrial Fuel
- Industrial Process
Market, by Region:
- South Korea
- North America
- United States
- United Kingdom
- South America
- Middle East & Africa
- Saudi Arabia
- South Africa
Company Profiles: Detailed analysis of the major companies present in the global composite cylinders market. Available Customizations:
With the given market data, customizations are offered according to a company’s specific needs. The following customization options are available for the report: Company Information
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.