According to a new market report published by Lucintel, the future of global composite cylinder market looks promising with opportunities in gas carriers & storage, transportation, life support, and recreation industries. 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 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.
In this market, gas carriers & storage, transportation, life support, and recreation & others are the major end use industries. On the basis of comprehensive research, Lucintel 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.
By type of tank, type IV CNG cylinder is expected to be the largest segment due to its growing demand in large transit buses, delivery trucks, and bulk transportation of gases.
By fiber type, carbon fiber composite in the global composite cylinder market is expected to remain the largest material type by value and glass fiber composite is expected to be the largest material type by volume over the forecast period. The lightweight characteristics and higher performance benefits are likely to drive the demand for carbon fiber composite 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.
North America is expected to witness the highest growth rate during the forecast period due to the expected growth in the alternative fuel vehicle fleet, increasing natural gas activities, and growing use of lightweight cylinders.
Europe is expected to remain the largest market, whereas North America is expected to witness the highest growth rate during the forecast period due to growing demand from gas carriers and storage and other end use industries.
For business expansion, Lucintel’s report suggests innovation and new product development to achieve higher pressure rating, better heat tolerance, and higher gas carrying capacity.
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. 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.