Composite Cylinder Market: Overview

Polymer is repetition of monomers, to form a macromolecule. It is primarily used in the packaging of food, electronics, and medicines. Polymer reduces spilling of food and extends its shelf life by acting as a barrier material in packaging. Being light weight, plastics save energy in transportation of wooden materials, electronics, and other products. Plastics are also used in the manufacture of automotive parts, electronic gadgets, etc. They are durable and economical. Therefore, their usage is high in developing and developed countries. Composite cylinders are used as an alternative to steel cylinders. These are light weight, UV- protected, explosion proof, and non-corrosive. Additionally, composite cylinders are stain proof and indicate the level of gas in the cylinder, as it is translucent. Being lighter in weight, these cylinders can be easily transported. This helps lower the cost of transportation.

Composite Cylinder Market: Trends & Demands

With the increase in per capita income of people, the demand for resources is rising. Additionally, the demand for food products have been rising due to the increase in population. This, in turn, is driving the composite cylinders market. Additionally, growth in economy, rise in per capita income, and improvement in standard of living are propelling the global composite cylinders market.

Composite Cylinder Market: Key Segments

Based on capacity, the global composite cylinders market can be bifurcated into domestic and industrial. The capacity of cylinder for domestic usage stands at approximately 18 liters to 59.5 liters. For industrial usage, the capacity of cylinder stands at approximately 23.8 liters to 120 liters.

Based on vessel type, the global composite cylinder market can be segmented into type I, type II, type III, and type IV. Type I vessels are generally made of steel. They are heavy and less expensive than other types of vessels. Type II vessel is made either of steel or aluminum with thin metal liner, a composite, and wire or metal hoop. The hoop, which is also called wrap, is used as reinforcing material on the cylinder. Type II is lighter than type I vessel. It is susceptible to corrosion. Type III vessel is made of a metal liner with full overlap of composite material on the body of cylinder. The metal liner in type III vessel is primarily made of aluminum, while the composite fiber is made of carbon. Type III vessel is lighter and relatively expensive than type I vessel. Type IV vessel is fully made of polymer liner, with overwrap of fiber. It is corrosion resistant, lighter in terms of weight, and expensive.

Based on application, the global composite cylinder market can be segregated into automotive, medical, aerospace, marine & defense, household, sports & leisure, chemical, and others (including fire extinguisher). Expansion in the household segment is anticipated to drive the global composite cylinder market. Composite cylinders are extensively employed for cooking purposes in homes and hotels. Additionally, they are broadly used as oxygen cylinders in hospitals, marine, the chemical industry, and spacecraft. In the chemical industry, oxygen, nitrogen and hydrogen cylinders are also employed in reaction for the production of chemicals. In the automotive industry, CNG cylinders are commonly used as fuel for vehicles. Being lighter in weight, composite cylinders are extensively employed for scuba diving.

Composite Cylinder Market: Regional Outlook

In terms of region, the global composite cylinder market can be split into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. Asia Pacific is anticipated to constitute major share of the global market during the forecast period. The market in the region is expected to expand at a rapid pace in the near future due to the growth of population. Being highly populated countries and developing nations, China and India are anticipated to drive the global composite cylinder market in the near future.

Composite Cylinder Market: Key Players

Prominent players operating in the global composite cylinder market include Time Technoplast Limited, Hexagon Composites ASA, AMS Composite Cylinders, Luxfer Gas Cylinders,  Drägerwerk AG & Co. KGaA., and FABER INDUSTRIE S.P.A. Hexagon Ragasco AS, the subsidiary of Hexagon Composites ASA, is world leading producer of composite LPG cylinders.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Composite Cylinder Market

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