According
to a new market report published by Lucintel, the future of the global high-pressure
gas cylinder market looks promising with opportunities in the transportation,
industrial gas and storage, and life support industries. The high-pressure gas
cylinder market is forecast to reach $2.3 billion by 2025 with a CAGR of 3.8% from
2020 to 2025. The major drivers for this market are growth in demand for CNG
vehicles and increasing usage of high-pressure cylinders in the medical and recreational
industries.
In this market, steel, composites,
and aluminum are used for manufacturing high-pressure cylinders for various end
use industries. Lucintel forecasts that steel will remain the largest material type
due to their low cost. Composites
material is expected to witness the highest growth due to increasing demand for
lightweight cylinders in natural gas vehicles (NGVs).
Within the high-pressure gas cylinder
market, transportation will remain the largest end use industry, and it is also
expected to witness the highest growth over the forecast period. Increasing demand
for natural gas vehicles (NGVs) due to clean and low cost alternative of
gasoline and diesel powered vehicle is driving the demand for the high-pressure
gas cylinder market.
Asia Pacific will remain the largest region,
and it is also expected to witness the highest growth over the forecast period due to increasing
demand for industrial gases and growth in CNG vehicles.
An emerging
trend, which has a direct impact
on the dynamics of the industry, includes development of fully wrapped
high-pressure composites cylinder with no liner. Faber Industries, Luxfer Gas
Cylinders, BTIC, Worthington Industries, Sinoma Science & Technology, NK
Co. Ltd. (Korea), Norris Cylinder, and Everest Kanto Cylinder Ltd. are the
major manufacturers of high-pressure cylinders.
Lucintel, a leading
global strategic consulting and market research firm, has analyzed growth
opportunities in the global high-pressure cylinder market by end use industry, material,
and region. Lucintel has prepared a comprehensive research report titled “Growth Opportunities in the Global High-Pressure
Gas Cylinder Market 2020-2025: Trends, Forecast, and Opportunity Analysis”. This
Lucintel report serves as a catalyst for growth strategy, as it provides
comprehensive data and analysis on trends, key drivers, and directions. The
study includes trends and forecast for the global high-pressure gas cylinder market
by end use industry, material, tank type, and region as follows:
By End Use Industry [$M and Volume (Thousand Units) for 2014 – 2025]:
- Transportation
- Industrial Gas and Storage
- Life Support
- Others
By Material [$M and Volume
(M lbs) analysis for 2014
– 2025]:
- Steel
- Composites
- Aluminum
By Tank Type [$M and Volume
(Thousand Units) analysis
for 2014 – 2025]:
- Type I
- Type II
- Type III
- Type IV
By Region [$M and Volume
(Thousand Units) analysis
for 2014 – 2025]:
- North America
- Europe
- Asia Pacific
- Rest of the World
This
150 page research report will enable you to make confident business decisions
in this globally competitive marketplace. For a detailed table of contents,
contact Lucintel at +1-972-636-5056 or visit us at helpdesk@lucintel.com. Lucintel offerings include Construction Market Report, Construction Reports, Market Research Report, Capital Investment Feasibility and SWOT
Analysis.
About Lucintel
Lucintel, the premier
global management consulting and market research firm, creates winning
strategies for growth. We offer market assessments, competitive analysis,
opportunity analysis, growth consulting, M&A, and due diligence services to
executives and key decision makers in a variety of industries. For further
information, visit www.lucintel.com.
This report answers following 11 key
questions:
Q.1 What are some of the
most promising potential, high-growth opportunities for the global high-pressure
gas cylinder market by material (steel, composites, and aluminum), end use
industry (transportation, industrial gas and storage, and life support and others),
tank type (Type I, Type II, Type III, and Type IV), and region (North America,
Europe, Asia Pacific, and Rest of the World)?
Q.2 Which segments will
grow at a faster pace and why?
Q.3 Which regions will
grow at a faster pace and why?
Q.4 What are the key
factors affecting market dynamics? What are the drivers and challenges of the high-pressure
gas cylinder market?
Q.5 What are the business
risks and threats to the high-pressure gas cylinder market?
Q.6 What are emerging
trends in the high-pressure gas cylinder market and the reasons behind them?
Q.7 What are some changing
demands of customers in the high-pressure gas cylinder market?
Q.8 What are the new
developments in the high-pressure gas cylinder market? Which companies are
leading these developments?
Q.9 Who are the major
players in the high-pressure gas cylinder market? What strategic initiatives
are being implemented by key players for business growth?
Q.10 What are some of the
competitive products and processes in the high-pressure gas cylinder market, and
how big of a threat do they pose for loss of market share via material or
product substitution?
Q.11 What M&A
activities did take place in the last five years in the high-pressure gas
cylinder market?
