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Global $921 Million Composite Cylinders Market, Competition, Forecast & Opportunities, 2024 - ResearchAndMarkets.com

November 13, 2019 GMT

DUBLIN--(BUSINESS WIRE)--Nov 13, 2019--

The “Global Composite Cylinders Market By Product Type, By Outer Casing Material (High Density Polyethylene & Others), By End Use Industry (Hotels & Restaurants, Household Purpose & Others), By Region, Competition, Forecast & Opportunities, 2024” report has been added to ResearchAndMarkets.com’s offering.

The global composite cylinders market stood at $ 601 million in 2018 and is projected to reach $ 921 million by 2024, exhibiting a CAGR of over 7% during 2019-2024, owing to the increasing demand for explosion proof, non-corrosive and lightweight LPG cylinders.

The technology of manufacturing a modern composite cylinder is a very complex and high-tech process, thus its cost is much higher than the cost of a metal analogue. Increasing consumption of LPG in the developing countries is expected to boost the demand for composite LPG cylinders during the forecast period.

Moreover, government push towards the usage of composite cylinders is also anticipated to positively impact growth of the composite cylinders market, globally. In terms of outer casing material, the global composite cylinders market has been categorized into carbon fibers, glass fibers, high density polyethylene and others.

Among the outer casing materials, high density polyethylene category accounted for the largest market share in 2018 and is expected to remain the largest category in coming years as well. Growth of the high density polyethylene category can be majorly attributed to its lightweight characteristics and higher performance benefits.

Asia-Pacific dominated the global composite cylinders market in 2018 and is expected to maintain its market dominance during forecast period, on account of a large base of the composite cylinder manufacturing industry in the region.

Moreover, North America is also anticipated to hold a substantial share in the global composite cylinders market, owing to high per capita consumption of goods.

Report Scope:

Product Type

  • Type II
  • Type III
  • Type IV

Market, by Outer Casing Material

  • Carbon Fibers
  • Glass Fibers
  • High Density Polyethylene
  • Others

Market, by End-Use Industry

  • Hotels & Restaurants
  • Household Purpose
  • Industrial Fuel
  • Industrial Process
  • Others

Years considered for this report:

  • Historical Years: 2014-2017
  • Base Year: 2018
  • Estimated Year: 2019
  • Forecast Period: 2020-2024

Some of the major companies operating in the global composite cylinders market are

  • Luxfer Gas Cylinder
  • Hexagon Composites ASA
  • Dragerwerk
  • Worthington Cylinders
  • Faber Industries S.p.A.
  • Sinoma
  • Aburi Composites
  • Santek Equipments Pvt Ltd
  • Beijing Tianhai Industry Co.
  • Time Technoplast

For more information about this report visit https://www.researchandmarkets.com/r/a9ws57

View source version on businesswire.com:https://www.businesswire.com/news/home/20191113005439/en/

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SOURCE: Research and Markets

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PUB: 11/13/2019 07:47 AM/DISC: 11/13/2019 07:47 AM