Global Composite Cylinder Market Seen Soaring 4% Growth to Reach USD 1.2 Billion by 2030, Projects Univdatos Market Insights

Key Highlights of the Report:

• Companies are investing heavily in R&D to create new composite materials with improved properties, such as increased strength, reduced weight, and enhanced durability. These advancements aim to expand the applicability of composite cylinders across various industries.
• Globally The focus is shifting toward developing lighter yet stronger composite cylinders to improve fuel efficiency and reduce carbon emissions in transportation applications. New manufacturing techniques and materials are being developed to achieve these goals.
• With the rise of renewable energy sources, composite cylinders are becoming more common in wind turbine blades, hydroelectric rotors, and tidal stream generators. Their lightweight design helps increase efficiency and reduce maintenance costs.
• Composite cylinders are replacing traditional metal cylinders in various transportation applications, such as automotive fuel tanks, aerosol containers, and medical gas cylinders. This shift is driven by the improved safety, durability, and fuel efficiency offered by composite cylinders.

According to a new report by Univdatos Market Insights, the Global Composite Cylinder Market is expected to reach USD 1.2 Billion in 2030 by growing at a CAGR of almost 4%. 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 translate 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.

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The report suggests that the Increasing Adoption of Natural Gas-Powered Vehicles is one of the major factors driving the Global Composite Cylinder Market during the forthcoming years. 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 such as the growing use of these cylinders 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. Furthermore, rising natural gas production across the globe is making composite cylinders an ideal choice for their transportation and storage, and with this the companies operational in this segment are also allocating their funds for capacity expansion to cater to this demand.

Apart from this, a huge chunk of demand for composite cylinders is also coming from the increased adoption of these cylinders in various end-user sectors, including aerospace and defense, construction and infrastructure development projects, and the healthcare industry). Furthermore, Composite cylinders are gaining acceptance in the maritime industry for storing compressed gases used in shipbuilding, repair, and maintenance activities. Their resistance to corrosion and ability to handle high pressure makes them an attractive option. Looking at the opportunity, a wide range of investments and strategic alliances have been adopted in this area, thus suggesting huge potential in this area. Some of the recent investments and strategic alliances are:

• In January 2022, CGX (Consolidated Graphics Holdings Corp.), announced plans to acquire Composites One Inc., a US-based distributor of composite products, including cylinders. This strategic move will enhance CGX’s presence in the North American composite cylinder market.
• In December 2020, Solvay launched its next-generation composite cylinder solution for the aerospace industry. This innovation features a patented combination of materials and designs intended to optimize fuel efficiency and reduce greenhouse gas emissions.
• In November 2020, Hyosung Advanced Materials invested USD 10 million in a new facility dedicated to producing advanced composite cylinders for the aerospace and industrial markets. This expansion demonstrates the company’s commitment to meeting growing customer demand for high-performance composite solutions.

Global consumption of composite cylinders is forecasted to expand soon where a majority of demand and consumption is primarily driven by the growing needs of emerging markets. The demand for composite cylinders will primarily be driven by the growing demand for natural gas-powered vehicles, increasing usage of natural gas over other conventional fuels, and rising adoption of composite cylinders in households.

“As per Maruti Suzuki India, CTO, Mr CV Raman, CNG cylinder weight can be cut by half with the use of the composite cylinder. This can result in a 3-4% increase in fuel efficiency and 3-4 grams of reduced emissions.”

Advanced Manufacturing Processes and Continuous Design Improvements Trends are Quickly Gaining Momentum in the Composite Cylinder Market

One of the significant technological advancements in composite cylinders is the development of automated production processes. Machine learning algorithms and computer-aided design software are now used to create complex geometries and optimize the layup process, reducing manual intervention and improving product quality. Additionally, there has been a surge in the adoption of continuous fiber reinforcement, which enables the creation of longer, straighter fibers, resulting in improved mechanical properties. Furthermore, the design of composite cylinders has seen significant improvements, particularly in terms of optimization and simulation. Finite element analysis and computational fluid dynamics simulations allow for the testing and validation of designs before prototyping, reducing the risk of defects and failures. Moreover, the integration of sensors and monitoring systems enables real-time monitoring of the cylinder’s condition, providing valuable insights for maintenance scheduling and optimizing performance. In addition to these, their applications are expanding beyond traditional industries. For instance, in the aerospace industry, composite cylinders are being explored for use in cryogenic storage tanks, offering superior insulation properties compared to conventional metallic tanks. Similarly, in the automotive sector, composite cylinders are finding their way into fuel tanks, brake lines, and suspension components, all thanks to their lightweight and durability advantages, thus driving the growth of the segment in the forthcoming years.

Conclusion

The Composite Cylinder Marketis poised for continued growth, driven by advancements in technology, rising demand from various industries, and favorable government policies. By addressing current limitations and challenges, composite cylinders may become an integral part of many industries, revolutionizing how things are produced and consumed globally. In summary, the composite cylinder market is set to experience substantial growth due to factors such as increasing demand from diverse industrial segments, technological enhancements, and sustainability considerations. While challenges persist, ongoing innovation and support from governments and industries will likely overcome obstacles, paving the way for a bright future ahead.