Technological advancements and favorable government initiatives to fuel global composite cylinders market through 2024
According to TechSci Research report, “Global Composite Cylinders Market By Product Type, By Outer Casing Material, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024”, global composite cylinders market is projected to surpass $ 921 million by 2024, backed by growing demand for lightweight, non-corrosive and explosion proof cylinders. Moreover, increasing end user preference for composite cylinders due to their ease of handling and partial visibility is expected to boost the market. The need for gas from a portable source is positively impacting growth of global composite cylinders market. Furthermore, composite cylinders are available with colorful outer casing and barcode application, which helps suppliers in handling and tracking cylinders more efficiently, thereby increasing the demand for composite cylinders all across the globe.
Browse 153 market data Figures spread through 110 Pages and an in-depth TOC on "Global Composite Cylinders Market"
By product type, the market for type IV category captured the largest market share in 2018 and is expected to continue to account for majority of the global market for composite cylinders during the forecast period, backed by the presence of most of the LPG cylinder manufacturing companies in this category. Moreover, type IV composite cylinders provide higher burst pressure and maximum weight reduction than its counterparts. Asia-Pacific is the largest market for composite cylinders, globally, on account of higher acceptance level and increasing use of lightweight cylinders in the region. Regions like, South America and North America are expected to exhibit sluggish growth in the global market for composite cylinders.
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“Demand for composite cylinders is growing, owing to rising demand for lightweight and easily portable alternatives, increasing number of natural gas vehicles (NGVs) and growing demand for greater gas carrying capacity per cylinder, globally. Moreover, composite cylinders are manufactured by using materials that are recyclable, thereby reducing the cost of manufacturing and maintenance. All these factors would offer lucrative growth opportunities to global composite cylinder market players over the course of next five years.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Composite Cylinders Market By Product Type, By Outer Casing Material, By End Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global composite cylinders market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global composite cylinders market.
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