- Gas Cylinder Market to Exhibit 8% CAGR by 2031 as Governments Introduce Stricter LPG Safety Standards
- Fact.MR has provided an elaborate analysis of the gas cylinder market for readers to get a comprehensive overview of various aspects of this market. The study also offers detailed information regarding various segments in terms of cylinder type, gas type, wrap type, and size, latest trends, drivers, and restraints affecting growth through forecast period of 2021 to 2031. It also analyzes core vital strategies adopted by key players to strengthen their positions in the market.
NEW YORK, Dec. 7, 2021 /PRNewswire/ -- The global gas cylinder market is expected to reach US$ 11 Bn, exhibiting growth at 8% CAGR between 2021 to 2031, estimates Fact.MR. Increasing usage of Liquefied Petroleum Gas (LPG) for cooking, especially in developing economies is anticipated to drive the market in the forthcoming years.
According to Fact.MR, various manufacturers are nowadays focusing on the usage of state-of-the-art, robust materials for the production of gas cylinders so that these can sustain tipping over and dropping during transportation. These companies are therefore striving to introduce new cylinders that can meet various safety standards. Also, the production of gas cylinders is driven by ongoing advancements in compressing inert and volatile gases.
Availability of numerous advanced safety measures is likely to propel demand for gas cylinders in the near future. Before using these cylinders, installation of safety mounting brackets is required in commercial and residential areas to avoid unforeseen accidents. At the same time, the practice of locking caps lowers the incidence of vandalism and misuse, as well as ensures high safety.
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In emerging economies, government bodies are consistently focusing on creating awareness and implementing favorable regulatory policies to encourage people to use LPG for their daily cooking purposes. Gas cylinders are also expected to be widely used in a large number of industrial verticals, such as hospitality, education, manufacturing, medical, and pure science.
"Increasing usage of high-grade sealants in gas cylinders to prevent lethal projectiles and valve breaks is set to drive growth of this market. Apart from that, the usage of cylinder labelling process to quickly identify the content of the cylinder would also contribute to market growth in the forecast period," says a Fact.MR analyst.
In North America, the U.S. is anticipated to remain at the forefront in the near future owing to increasing usage of gas cylinders in the residential sector.
In Asia Pacific, rising population in developing countries, such as India and China would propel market growth. The market in China is set to reach US$ 2.3 Bn by 2031.
Based on wrap type, the carbon fiber segment is likely to account for around 20% share of the global market.
In terms of type, type 1 segment is expected to grow at a CAGR of 8.8% in the near future, attributed to their various added safety features.
Major companies operating in the gas cylinder market are striving to gain a competitive edge by adopting various strategies. Partnership, collaboration, merger & acquisition, and product launches are some of the significant steps taken by these companies to strengthen their positions across the globe. A few others are also investing in research & development activities to come up with novel designs so that it becomes easy to handle and optimize storage capacities of these cylinders.
November 2021: Rameswar Teli, the Union Minister of State for Petroleum & Natural Gas and Labour & Employment stated that easy-to-use LPG gas cylinders will soon be launched in India. The Central Government is planning to introduce cylinders made of fiber composite that can store 10kg, 5kg, and 2kg of cooking gas. These will also be safer than the currently used metallic cylinders that can store around 14.2kg of gas.
October 2021: The Indian Oil Corporation (IOC) announced the launch of Indane composite cylinders in Pune. These are made to store LPG and are much lighter than traditional cylinders. These would also enable customers to know about the amount of gas stored in the cylinders beforehand.
Key Players in the Gas Cylinder Market Include:
Luxfer Gas Cylinders
Hexagon Composites ASA
Dragerwerk AG & Co KGaA
Faber Industries P.A.
Beijing Tianhai Industry Co
More Valuable Insights on Gas Cylinder Market:
Fact.MR provides an unbiased analysis of the gas cylinder market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global gas cylinder market with a detailed segmentation on the basis of:
Type I Gas Cylinders
Type II Gas Cylinders
Type III Gas Cylinders
Type IV Gas Cylinders
Type V Gas Cylinders
Wrap Less Gas Cylinders
Glass Fiber Gas Cylinders
Aramid Fiber Gas Cylinders
Carbon Fiber Gas Cylinders
HDPE Gas Cylinders
3 Kg Gas Cylinders
4.5 Kg Gas Cylinders
6 Kg Gas Cylinders
9 Kg Gas Cylinders
14 Kg Gas Cylinders
17 Kg Gas Cylinders
19 Kg Gas Cylinders
21-34 Kg Gas Cylinders
35-48 Kg Gas Cylinders
Inert Gas Cylinders
Flammable Gas Cylinders
Toxic Gas Cylinders
Pyrophoric Gas Cylinders
Middle East Africa
Key Questions Covered in Gas Cylinder Market Report
The report offers insight into the gas cylinder market demand outlook for 2021-2031.
The market study also highlights projected sales growth for gas cylinder market between 2021 and 2031.
Gas cylinder market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
Gas cylinder market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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