Gas Cylinders Market Enroll Growth at a CAGR of 8.7% by 2027
LOS ANGELES, April 17, 2020 /PRNewswire/ -- The Gas Cylinders Market is expected to grow at a CAGR of 8.7% from 2020 to 2027 and to reach around US$ 10,500.0 Mn by 2027.
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Gas Cylinders Market (By Cylinder Type: High Pressure, Low Pressure, Acetylene; By Wrap Type: Wrap Less, Glass Fiber, Aramid Fiber, Carbon Fiber, Others; By Gas Type: Inert Gases, Flammable Gases, Toxic Gases, Pyrophoric Gases, Oxidisers; By Application: Kitchen & Domestic, Processing Industries, Medical, Transportation, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".
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A gas cylinder is the pressure vessel for the storage of gases such as liquefied gases, non-liquefied gases, and dissolved gases. Gas cylinders equipped with a valve to control the release of the gases. Additionally, a pressure regulator is utilized to control the flow of gas at the desired pressure when gas is dispensed from a cylinder. These are commonly used in manufacturing and medical industry, where gas cylinders are used for heating systems, storing fuel, vehicles as well as for storing the source of energy for power tools or assembly-line machinery in the manufacturing sector. Additionally, in medical gas cylinders provide supplemental oxygen, nitrous oxide, nitrogen, and carbon dioxide in the situation including anesthetic functions, surgical tools and to inflate tissue among others.
Furthermore, the global gas cylinder market is segmented on the basis of cylinder type, wrap type, gas type, and application. On the basis of cylinder type, the market is bifurcated into high pressure and low pressure. By wrap type, the market is divided into wrap less, glass fiber, aramid fiber, carbon fiber, others. In terms of gas types inert gases, flammable gases, toxic gases, pyrophoric gases, and oxidizers are stored in the gas cylinders. Moreover, the gas cylinder has applications across kitchen & domestic, processing industries, medical, transportation, and others.
Wrap Less segment by wrap type is anticipated to dominate the global gas cylinder market over the forecast period. Apart from this, gas cylinder wrap with aramid fiber is projected to exhibit the fastest growth over the forecast timeframe from 2020 to 2027.
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In 2019, Asia Pacific held the major share of the global market for gas cylinders in 2019. The region is further projected to maintain its dominance over the estimated period with the fastest growth rate. The major economies of the region including Japan, China and India are primarily supporting the market value. The increasing focus of manufacturers in the regional market due to increasing disposable income and changing lifestyle of people is supporting the market value. The rapidly growing automotive industry and improving medicals facilities are additionally contributing to the regional market value.
Some of the leading competitors are 3M, Avery Dennison, Aygaz, Beijing Tianhai Industry Co., Dragerwerk AG & Co. KGaA, Everest Kanto Cylinder Ltd., Faber Industrie SPA, Fuji, Hexagon Composites ASA, Linde AGList of Figures, Luxfer Gas Cylinder, Time Technoplast, and Worthington Cylinders. Gas Cylinders companies have announced mergers and acquisitions to expand their position in the Gas Cylinders industry. Major players are also moving into new regions or advanced technologies.
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Some of the key observations regarding Gas Cylinders industry include:
- The lockdown due to the corona outbreak has registered a surge in demand for LPG cooking gas cylinders in India. The demand has risen by almost the same margin i.e. 15-20% at which the sale of auto fuels petrol and diesel and even aviation turbine fuel (ATF) has fallen. As the LPG cylinder has become the main source of cooking at home while people are remaining indoors during the 21 days nationwide lockdown.
- Luxfer Gas Cylinders had begun a Europe wide research project in 2019 focused on Chronic Obstructive Pulmonary Disease (COPD), which is a problem nationally and globally. Moreover, approximately 23,000 people die from COPD in the UK every year. Luxfer Inc. is a California, US-based world's largest manufacturer of high-pressure aluminum and composite gas cylinders for a wide range of applications including medical cylinders that help ambulatory patients with COPD to live at home and have mobility.
- GasPro has launched a translucent cooking cylinder in March 2020. The new cylinder, GasPro Plus is made of translucent, high-density polymeric material. The new cylinder can also be used in the defense and space technology industries. Additionally, the composite cylinder is lighter compared to the metal cylinder and weighs approximately half which makes it easy to lift for dealers and users. The company professionals have mentioned that the cylinder is internationally tested and strongly regarded in all the markets where it is traded.
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