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The future of global composite cylinder market looks promising with opportunities in gas carriers & storage, transportation, life support, and recreation industries. The global composites cylinder market is expected to reach an estimated $1.6 billion by 2028 with a CAGR of 5.4% from 2022 to 2028. The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and growing demand for lightweight cylinders with higher pressure requirement and greater gas carrying capacity per cylinder. Emerging trends which have a direct impact on the dynamics of the industry include the increase in green fleet and development of type V tanks.
A total of 60 figures / charts and 51 tables are provided in this 141-page report to help in your business decisions. Sample figures with some insights are shown below.
The study includes a forecast for the global composite cylinder market by end use, tank type, region, and composite consumption by fiber type as follows:
Composite cylinder market by end use [Volume (Thousand Units) and Value ($ Million) from 2017 to 2028]:
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Gas Carriers and Storage
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Transportation
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Life Support
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Recreation and Others
Composite cylinder market by tank type [Volume (Thousand Units) and Value ($ Million) from 2017 to 2028]:
Composite consumption by fiber type [Volume (Million lbs) and Value ($ Million) from 2017 to 2028]:
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Glass Fiber Composites
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Carbon Fiber Composites
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Aramid Fiber Composites
Composite cylinder market by region [Volume (Thousand Units) and Value ($ Million) from 2017 to 2028]:
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North America
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Europe
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Rest of the World
Composite cylinder companies profiled in this market report include 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 cylinder.
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.
Europe is expected to remain the largest market for composite cylinder due to the higher acceptance level and increasing use of lightweight cylinders.
Some of the features of “Growth Opportunities in the Global Composite Cylinder Market 2023-2028: Trends, Forecast, and Opportunity Analysis” include:
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Market size estimates: Global composite cylinder market size estimation in terms of value ($M) and volume (Thousand Units) shipment.
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Trend and forecast analysis: Market trend (2017-2022) and forecast (2023-2028) by segments and region.
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Segmentation analysis: Global composite cylinder market size by various segments such as end use, tank type, fiber type, and composite consumption in terms of value and volume shipment
Global composite cylinder market size by various segments such as end use, tank type, fiber type, and composite consumption in terms of value and volume shipment.
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Growth opportunities: Analysis on growth opportunities in different applications.
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Strategic analysis: This includes M&A, new product development, competitive landscape, and expansion strategies of composite cylinder in the global composite cylinder market suppliers.
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Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the composite cylinder market size?
Answer:The global composite cylinder market is expected to reach an estimated $1.6 billion by 2028.
Q2. What is the growth forecast for composite cylinder market?
Answer:The composite cylinder market is expected to grow at a CAGR of 5.4% from 2022 to 2028.
Q3. What are the major drivers influencing the growth of the composite cylinder market?
Answer: 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.
Q4. What are the major applications or end use industries for composite cylinder?
Answer:Transportation and life support are the major end uses for composite cylinder.
Q5. What are the emerging trends in composite cylinder market?
Answer:Emerging trends, which have a direct impact on the dynamics of the industry, includes increase in green fleet by major corporations, development of type-V tanks, and minimization of carbon footprints by governments.
Q6. Who are the key composite cylinder companies?
Answer:Some of the key composite cylinder companies are as follows:
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Luxfer Gas Cylinder
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Hexagon Composites ASA
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Quantum Technologies
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Worthington Cylinders
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Time Technoplast,
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Faber Industries S.p.A.,
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Beijing Tianhai Industry Co.,
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Ullit
Q7.Which composite cylinder cylinder type segment will be the largest in future?
Answer: Lucintel forecasts that type-IV cylinder will remain the largest segment and also expected to witness the highest growth over the forecast period.
Q8: In composite cylinder market, which region is expected to be the largest in next 5 years?
Answer:Europe is expected to remain the largest region and ROW is expected to witness the highest growth over next 5 years.
Q9. Do we receive customization in this report?
Answer:Yes, Lucintel provides 10% Customization Without any Additional Cost.
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 (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 composite cylinder 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 composite cylinder 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?
Report Scope
Key Features |
Description |
Base Year for Estimation |
2022 |
Trend Period
(Actual Estimates) |
2017-2022 |
Forecast Period |
2023-2028 |
Pages |
141 |
Market Representation / Units |
Units Revenue in US $ Billion and Volume in Thousand Units |
Report Coverage |
Market Trends & Forecasts, Competitor Analysis, New Product Development, Company Expansion, Merger Acquisitions & Joint Venture, and Company Profiling |
Market Segments |
By end use (gas carriers and storage, transportation, life support, recreation and others), By tank type (Type II, Type III, Type IV), and composite consumption by fiber type (Glass Fiber Composites, Carbon Fiber Composites and Aramid Fiber Composites) |
Regional Scope |
North America, Europe, and RoW |
Customization |
10% Customization Without any Additional Cost |