The global composite cylinder market is expected to reach an estimated $968 million by 2022 and it is forecast to grow at a CAGR of 7.2% from 2017 to 2022.
The future of global composite cylinder market looks promising with opportunities in gas carriers & storage, transportation, life support, and recreation industries. The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and growing demand for lightweight cylinders with higher pressure requirement and greater gas carrying capacity per cylinder.
Emerging trends which have a direct impact on the dynamics of the industry include the increase in green fleet and development of type V tanks.
Composite cylinder companies profiled in this market report include Luxfer Gas Cylinder, Hexagon Composites ASA, Quantum Technologies, Worthington Cylinders, Time Technoplast, Faber Industries S.p.A., Beijing Tianhai Industry Co., and Ullit are among the major suppliers of composite cylinders.
On the basis of comprehensive research, the author forecasts that the gas carriers & storage and transportation segments are expected to show above average growth during the forecast period.
Within the global composite cylinder market, the transportation segment is expected to remain the largest market by value. Expected growth in the alternative fuel vehicles and increasing requirement of weight reduction with higher gas carrying capacity are the major driving forces that spur growth for this segment over the forecast period.
Europe is expected to remain the largest market for composite cylinder due to the higher acceptance level and increasing use of lightweight cylinders.
The study includes a forecast for the global composite cylinder market by end use industry, tank type, region, and composite consumption by fiber type as follows:
Composite cylinder market byend use Industry [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:
- Gas Carriers and Storage
- Life Support
- Recreation and Others
Composite cylinder market by tank type [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:
- Type II
- Type III
- Type IV
Composite consumption by fiber type [Volume (Million lbs) and Value ($ Million) from 2011 to 2022]:
- Glass Fiber Composites
- Carbon Fiber Composites
- Aramid Fiber Composites
Key Topics Covered:
1. Executive Summary
2. Market Background and Classifications
3. Market Trends and Forecast Analysis from 2011 to 2022