Composite Cylinder Market

Composite (Lpg And Cng) Cylinder Market Outlook - 2030

The global composite cylinder market size was valued at $0.8 billion in 2020, and projected to reach $1.2 billion by 2030, with a CAGR of 4.1% from 2021 to 2030. Composite cylinder is composed of helically woven fibers and combined with resin. Their features mark an important transition to a new generation technology transferring interesting characteristics, including being 100% recyclable and resistant to UV. Composite cylinders have a huge variety of uses, most significantly domestic use. They are acceptable for both indoor and outdoor use, including caravans, camping, and barbecues. Moreover, they are employed across many different sectors such as boating, hot air balloons, construction, recreation, hospitality, agricultural, calefaction, and fishing.

The COVID-19 pandemic has negatively impacted the Global Composite Cylinders market. The shutdown of industrial manufacturing facilities and slowdown of marine transportation led to decline in demand for CNG and LNG, which led to decline in the development of the composite cylinder market.

The growth of the composite cylinder market is expected to be driven by increase in demand for transportation storage containers for liquid petroleum gas (LPG) and compressed natural gas (CNG). Moreover, composite cylinders are witnessing growing adoption across various end-use sectors, including transportation, aerospace & defense, wind energy, and construction & infrastructure.  

In March 2021, Hexagon Ragasco unveiled a next-generation smart composite LPG cylinder that communicates with the user as well as the distributor. Powered by IoT, the smart composite cylinder connects to the smartphones of consumers as well as to the IT system of LPG distributors. The technology informs users of the remaining gas level of their cylinder and enables distributors to tailor their supply logistics and stocks in real-time.

The global composite cylinder industry is segmented into cylinder type, fiber type, tank type, end use, and region.  On the basis of cylinder type, the composite cylinder market is classified into LPG and CNG. In terms of value, the LPG cylinder segment acquired the largest share in 2020. By fiber type, the market is categorized into glass fiber composites, carbon fiber composites, and aramid fiber composites. In terms of value, the glass fiber composite segment garnered the highest share in 2020. Depending on tank type, the market is segregated into type II, type III, type IV. In terms of value, the type III tank type segment witnessed the fastest growth in 2020. As per end use, the market is fragmented into gas carriers & storage, transportation, life support, recreation, and others. In terms of value, the transportation segment dominated the market in 2020. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest share of the market in 2020.

The major strategies adopted by key players to expand their business include expansion in untapped regions and new product launches. The major companies profiled in this report include Aburi composites, Amtrol-alfa, Aygaz, Dragerwerk, Evas, Faber Industrie, Hexagon composites ASA, Luxfer Gas Cylinders, Quantum Fuel System Technologies, and Sinoma. Rapid urbanization and surge in investment by developing countries in transportation infrastructure have fueled the demand for personal vehicles and commercial vehicles, which, in turn, is anticipated to positively impact the global composite cylinder market growth.

Composite Cylinder Market, By Region

The usage of automobiles in developing countries of Asia-Pacific was witnessed to increase considerably, which led to increase in demand for fossil fuels. To reduce the imports of fossil fuels, government issued various support policies to develop natural gas-powered vehicles for commercial purposes. In addition to this, the advantages of the application of natural gas in the transportation sector will have positive impact on the environment. The growing population and high deposal income from the individuals to enjoy comfortable life have increased the demand for composite cylinders in this region.

Composite Cylinder Market, By Cylinder Type

The LPG segment dominates the global composite cylinder market. This is attributed to the fact that composite LPG cylinders are superior alternatives to traditionally used metal cylinders. These cylinders are lightweight and can be easily transported. They are resistant to ultraviolet rays, corrosion, impact, and environmental conditions. In addition to this, they are resistant to explosion and it is safe to use them. Furthermore, increase in application of LPG in the residential sector and as fuel in transportation vehicles have led escalated the demand for composite LPG cylinders.

Composite Cylinder Market, By Fiber Type

The glass fiber composite segment dominates the global composite cylinder market. Glass fiber composite is a type of fiber-reinforced polymer composite, which exhibits properties such as low density, high strength, and easy processing. Hence, it is widely used in aerospace, automotive, and construction sectors. Moreover, glass fibers are the most common of all reinforcing fibers for polymeric matrix composites. Surge in application of LPG and CNG composite cylinders in the automotive industry as power sources for transportation and as fuel for cooking have created a positive demand for the glass fiber composite cylinders in the market.

Composite Lpg & Cng Gas Cylinder Market, By Tank Type 

The type III segment dominates the global composite cylinder market. Type III composite cylinder is also known as fully wrapped composite cylinder, which has a metal liner that is completely wrapped in a composite or fiber resin. It is fully wrapped with layers of fiber, which is strong, impact-resistant, and epoxy resin matrix is applied  over it in proprietary patterns to maximize durability and performance, thus resulting in an ultra-lightweight, extremely strong composite cylinder capable of operating at higher pressures than standard all aluminum cylinders. Increase in application of natural gas and LPG in the automotive industry as power source has led to high demand for fully wrapped composite cylinders. Moreover, implementation of support policies of government and advantages of application of natural gas in the transportation sector have led to increase in demand for storage cylinders. Composite cylinder is an ideal for application where portability and capacity are important such as for home oxygen therapy and medical oxygen cylinder in ambulances. The need for national border security and increase in disputes over the borders led to the development of drone and UAVs where these type of cylinders are used as fuel storage purposes. In addition, rise in application of this type of composite cylinders in aerospace and military sectors drives the growth of the market.

Composite Cylinder Market, By End Use

The transportation segment dominates the global composite cylinder market. In the transportation sector, natural gas is used as power source for commercial and private vehicles. This is attributed to the fact that natural gas is a proven reliable alternative fuel that has long been used to power natural gas vehicles. Only two-tenths of 1% is used for transportation fuel. It accounts for about 30% of the energy used in the U.S., about 40% of the fuel goes to electric power production, and the remaining is split between residential & commercial uses, such as heating & cooking and industrial uses. Composite cylinders are further used as storage devices during transportation such as gas carriers on the ships, and containers on road transportation. 

Covid-19 Analysis

COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries, which limited effect on the growth of the market. The shutdown of industrial manufacturing facilities and slowdown of marine transportation led to decline in demand for CNG and LNG, which led to decline in the development of the composite cylinder market. However, increase in the demand for composite cylinders in the medical sector due to outbreak of pandemic led to demand for oxygen tanks. This created a positive impact on the development of the composite cylinder market during the pandemic outbreak.  

Key Benefits For Stakeholders

• This report provides a detailed quantitative composite cylinder market analysis of the market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities. 
• An in-depth analysis of market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
• A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
• Region-wise and country-wise market conditions are comprehensively analyzed in this report.
• The projections in this report are made by analyzing the current composite cylinder market trends and future market potential from 2020 to 2030 in terms of value.
• An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
• Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global market.
   

 Composite Cylinder Market Report Highlights