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.
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The following regional segments are covered comprehensively:
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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?
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