Composite Cylinder Market: Current Analysis and Forecast (2023-2030)
$3999 – $6999
Emphasis on Fiber Type (Glass Fiber Composites, Carbon Fiber Composites, Aramid Fiber Composites, Others), End-User (Gas Carrier and Storage, Transportation, Life Support, Others); and Region/Country
The Composite Cylinder Market was valued at USD 912 million in the year 2022 and is expected to grow at a steady rate of around 4% during the forecast period (2023-2030), owing to the increasing usage of natural gas-powered vehicles. Composite cylinders are composed of helically woven fibers and resin, marking an important shift towards a new generation of technology with sustainable characteristics such as being 100% recyclable and their sturdy nature against UV rays. The transportation industry is increasingly turning to composite cylinders to meet its needs for lightweight, durable, and reliable fuel and gas storage. This demand is driven by a number of factors, including the need for greater efficiency, safety, and cost savings. Furthermore, one of the primary drivers of the demand for composite cylinders in the transportation industry is the need for greater efficiency. This weight savings translates into improved fuel efficiency and reduced emissions. Moreover, another factor driving the demand for composite cylinders in the transportation industry is the need for greater safety. Composite cylinders are much less likely to rupture or explode in the event of an accident. Additionally, composite cylinders are less likely to corrode or become damaged in extreme temperatures, making them a safer option for use in vehicles that may be exposed to extreme temperatures.
The major trend witnessed in the global composite cylinder market is the increasing demand for these cylinders for transportation and storage of liquified petroleum gas (LPG) and compressed natural gas (CNG). Furthermore, a huge chunk of demand for composite cylinders is also coming from the increased adoption of these cylinders in various end-user sectors, including transportation of LNG and CNGs, aerospace and defense, construction and infrastructure development projects, and the healthcare industry. For instance, in March 2022, Time Technoplast announced that it had bagged an order of 7,58,814 units of 10kg capacity cylinders from IOCL (Indian Oil Corporation Limited), which needs to be supplied for the period of 12 months.
Aburi Composites; Amtrol-Alfa; Aygaz; Dragerwerk; EVAS; Faber Industries; Hexagon Composites ASA; SIDPEC; Luxfer Gas Industries; and Sinoma are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst fiber type, the glass fiber composite cylinder category to hold a significant share in the market in 2022.”
Based on fiber type, the market is segmented into glass fiber composites, carbon fiber composites, aramid fiber composites, and others. The glass fiber composite holds a significant share of the market owing to properties that it exhibits such as low density, high strength, and easy processing. Furthermore, glass fiber composite cylinders are widely used in the automotive, aerospace, and construction sectors. Moreover, the surging use of LPG and CNG composite cylinders for their various applications in the automotive industry due to increasing demand for CNG vehicles, and increasing demand for household composite cylinders are driving the demand for glass fiber composite cylinders in the market. Due to this anticipation of rising demand, the companies operational in this segment are also allocating their funds for capacity expansion to cater to this demand.
“APAC to hold a significant share in the market.”
APAC is anticipated to grow at a substantial CAGR during the forecast period. With the increasing industrialization, rapid infrastructure development, and increasing urbanization, the population in the cities is rising. This congestion of population in cities is giving rise to increased mobility demand which in turn is degrading air quality and fueling pollution. Due to factors like this, the demand for natural gas-powered vehicles is gaining traction in emerging economies, and the government also supporting the shift is generating a sustained demand for the same. Furthermore, the use of composite cylinders is also becoming prominent among OEMs due to its numerous benefits including superior strength-to-weight ratio, durability, and eco-efficiency. Furthermore, In the aerospace industry, composite cylinders are being used to create lightweight and durable components for aircraft, such as sandwich structures, cross-arms, and cantilever beams. Additionally, research has been conducted on the use of electro-active shape memory nanocomposites and honeycomb-filled composite structures for aerospace applications. For instance, in April 2023, Emirates Gas, a subsidiary of ENOC Group, announced that it is launching next-generation LPG composite cylinders as a part of the consistent effort to provide its customers with the latest technology in the LPG industry.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1. Research Process of the Composite Cylinder Market|
|2.2. Research Methodology of the Composite Cylinder Market|
|2.3. Respondent Profile|
|5. IMPACT OF COVID-19 ON THE COMPOSITE CYLINDER MARKET|
|6. COMPOSITE CYLINDER MARKET REVENUE (USD BN), 2020-2030F|
|7.1. Glass-Fiber Composites|
|7.2. Carbon Fiber Composites|
|7.3. Aramid Fiber Composites|
|8.1. Gas Carrier and Storage|
|8.3. Life Support|
|9.1. North America|
|9.1.3.Rest of North America|
|9.2.6.Rest of Europe|
|9.3.4.Rest of Asia-Pacific|
|9.4. Rest of World|
|10.1. Market Drivers|
|10.2. Market Challenges|
|10.3. Impact Analysis|
|11. COMPOSITE CYLINDER MARKET OPPORTUNITIES|
|12. COMPOSITE CYLINDER MARKET TRENDS|
|13.1. Demand Side Analysis|
|13.2. Supply Side Analysis|
|14. VALUE CHAIN ANALYSIS|
|15.1. Competitive Landscape|
|15.1.1. Porters Fiver Forces Analysis|
|16.1. Aburi composites|
|16.6. Faber Industries|
|16.7. Hexagon Composites ASA|
|16.9. Luxfer Gas Industries|
Research Methodology for the Composite Cylinder Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Composite Cylinder market were the three major steps undertaken to create and analyze the adoption of Composite Cylinder in major regions across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Composite Cylinder market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Composite Cylinder market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Composite Cylinder market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as fiber type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Composite Cylinder market. Further, we conducted factor analysis using dependent and independent variables such as various fiber type and end-user of Composite Cylinder. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Composite Cylinder market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Composite Cylinder market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Composite Cylinder market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Composite Cylinder market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Composite Cylinder market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application in the global Composite Cylinder market.
The main objective of the Global Composite Cylinder Market Study
The current & future market trends of the Global Composite Cylinder market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Composite Cylinder market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of fiber type and end-user.
- Define and analysis of the regulatory framework for the Composite Cylinder
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Composite Cylinder market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Composite Cylinder market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry