Global Composite Cylinder Market was valued at USD xx Mn in 2019 and is expected to reach USD xx Mn by 2027 at a CAGR of 6.9% over the forecast period 2020-2027.
Global Composite Cylinder Market
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The report covers an in-depth analysis of COVID 19 pandemic impact on Global Composite Cylinder Market by region and on the key players’ revenue affected till July 2020 and expected short term and long-term impact on the market.
Global Composite Cylinder Market overview
A composite cylinder is one of the types of polymer in which a repetition monomer is to form macromolecules. There are various applications of the composite cylinder market such as electronics, packaging of food, and medicines. Polymers are used to extend the shelf life of the product. Also, one of the major applications is used to reduce the spilling of foods; thus, it is especially used in packaging industries. The composite cylinder is made of composite polymer material. It is a high-pressure vessel which is placed in a plastic body. The cost of this composite cylinder is much higher than metal analog owing to the use of high tech technology and complicity. In developing economics increasing consumption of LPG is boosting the demand for composite cylinder over the years.
Global Composite Cylinder Market Dynamics
The composite cylinder usages are increasing in developing and developed countries owing to its unique properties such as lightweight and non-corrosiveness. Besides, they can also be used as an alternative to steel cylinders. This reduces the cost of production of the manufacturing industries and increases the revenue growth of the company. Thus, many manufacturers are increasing investment in the composite cylinder market. Government favorable policies towards the chemical industry also boost the composite cylinder market over the forecast period. Besides, the composite cylinder polymers are explosion-proof, UV-protected, non-corrosive. These stain proof and translucent properties help in the measurement or indication of gas in the cylinder owing to this its demand is increasing in the gas & oil industry. In addition, these cylinders can be easily transported as it is lighter in weight. This factor also helps in lowering the cost of transportation.
However, environmental eco-friendly products and government stringent policies may hamper the growth of the composite cylinder market. Also, the continuous supply of raw material and consumer awareness is one of the key challenges that may hamper the composite cylinder market.
The composite cylinder outer casing materials segment is expected a robust growth over the forecast period owing to increasing demand from the packaging, electronics, and electrical industry. The increasing application of composite cylinders owing to its lightweight and energy-saving applications such as in the transportation of electronics, wooden materials, and other products has made a positive impact on the market. Besides, composite cylinders are economical and durable; thus, these plastic are also used in electronic gadgets and automotive parts.
Global Composite Cylinder Market: Market Segmentation
Global Composite Cylinder Market is segmented by Outer Casing Material (Carbon Fibers, Glass Fibers, High Density Polyethylene and Other (medical, aerospace, marine & defense)), by Tank Type ( Type I, Type II, Type III and Type IV), by End User (Hotels & Restaurants, Household Purpose, Industrial Fuel, Industrial Process, Automotive and Other (medical, aerospace, marine & defense)) by Region (North America, Europe, Asia-Pacific, South America and Middle East & Africa).
Global Composite Cylinder Market: Regional Analysis
The regional analysis of the worldwide Composite Cylinder market is segregated across North America, Europe, Asia Pacific, the Middle East and Africa, and South America. By region, Asia Pacific is one of the fastest-growing markets Composite Cylinder markets. The demand for Composite Cylinder is expected to be driven by the expansion of the chemical and packaging industry in various developing and developed countries. The other factors driving the global Composite Cylinder market in the Asia Pacific region include increased awareness of Composite Cylinder and heavy industrialization in developing economies. Besides, due to the high per capita consumption of products, North America is also projected to have a large share in the global market for composite cylinders.
Report covers in-depth analysis of key development, marketing strategies, supply-side and demand side indicators and company profiles of market leaders, potential players, and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches and patents to increase their regional presence and business operations.
The objective of the report is to present a comprehensive analysis of the Global Composite Cylinder Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Composite Cylinder Market dynamics, structure by analyzing the market segments and project Global Composite Cylinder Market Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Composite Cylinder Market make the report investor’s guide.
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Global Composite Cylinder Market, by Outer Casing Material
• Carbon Fibers
• Glass Fibers
• High Density Polyethylene
• Other(medical, aerospace, marine & defense)
Global Composite Cylinder Market,by Tank Type
• Type I
• Type II
• Type III
• Type IV
Global Composite Cylinder Market, by End-User
• Hotels & Restaurants
• Household Purpose
• Industrial Fuel
• Industrial Process
Global Composite Cylinder Market, by Region
• North America
• South America
• Middle East & Africa
Global Composite Cylinder Market Major Players
• Time Technoplast Limited
• Hexagon Composites ASA
• AMS Composite Cylinders
• Luxfer Gas Cylinders
• Drägerwerk AG & Co. KGaA.
• FABER INDUSTRIE S.P.A.
• Worthington Cylinders
• Quantum Technologies
• Aburi Composites
• Vektra Engineering Pvt. Ltd.
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