The Global Composite Cylinder Market was valued at US$ 0.92 billion in 2023 and is anticipated to reach US$ 1.31 billion by 2029 and grow with a CAGR of 5.98% during the forecast period 2024-2029.
Market Overview:
Composite cylinders, which are UV-protected, lightweight, non-corrosive, and explosion-proof, can be used in place of steel cylinders. As a result of their little weight, transporting these cylinders has become more accessible. This, in turn, results in the reduction of transportation expenses. Furthermore, these composite cylinders are also stain-resistant and translucent, allowing the user to see how much gas is inside. Therefore, because of increased urbanization and disposable affluence, the need for resources has increased, and the demand for composite cylinders in marketing has also increased. Furthermore, the emergence of composite cylinders in emerging countries is due to increased demand for LPG cylinders.
Furthermore, because the production of a composite cylinder is a complicated and high-tech technique, the cost of a composite cylinder is substantially higher than that of a metal one. Because of its properties like strength, temperature, flexibility, heat, and moisture resistance, as well as other properties like durability, stability, and low weight, the Glass fiber variety of composite cylinder is used in building, wind energy, pipes, and tanks, marine, and transportation industries. As a result, it's used in underbody systems, engine covers, deck lids, front-end modules, instrument panels, air ducts, and bumper beams in the vehicle industry.
Market Drivers and Restraints:
The composite cylinder market growth is primarily due to increased demand for lightweight storage solutions and an increase in the number of natural gas-powered vehicles. The cylinders are made of composite polymer and are enclosed in a plastic casing. Composite cylinders are constructed in such a way that they can function in a variety of weather situations. The increased need for composite cylinders in industries such as aerospace and defense, automotive, infrastructure, and wind energy will drive the market. In addition to several government programs encouraging the usage of composite cylinders, the composite cylinder Market is predicted to grow further globally. Carbon fibers, glass fibers, high-density polyethylene, and other outer casing materials are employed in the global Composites Cylinder Market. High-density polyethylene had the greatest penetration in exterior casing materials in 2020, and it is predicted to continue to be the most popular shortly. The lightweight and superior performance property, which contributes to the expansion of high-density polyethylene, is the cause for its greater penetration. The expansion in the Composites Cylinder Market is primarily due to increased urbanization and rising per capita income. The commercial environment will also accept and enhance the use of composite cylinders due to their ease of handling and explosion-bearing capacity. One of the advantages of composite cylinders is that the body structure is translucent, allowing the user to view the gas volume. The composite cylinder is made out of modern polymeric and composite materials that improve the product's quality, design, and safety. LPG cylinders are made of resin and helically woven fiber. This characteristic facilitates the transfer to a new generation of technology while also ensuring that the material is recyclable and UV resistant.
In addition, increased demand from the wind energy, aerospace & defense, and automotive industries is expected to boost the composites industry. Although the most common application of LPG is in the kitchen as composite LPG cylinders, other applications of composite cylinders include autos, where the demand for Type IV composite cylinders is increasing. In addition, the composite cylinder was utilized as a fuel alternative in the railway for the first time in 2019.
Moreover, the strict government rules and high costs are the major factors that limit the global composite cylinder market in the next six years.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
5.98% |
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Segments Covered |
By Fiber Type, Tank Type, End-User, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Owens Corning, Toray Industries, Inc., Teijin Limited, Mitsubishi Chemical Holdings Corporation, Hexcel Corporation, SGL Group, Nippon Electrical Glass Co. Ltd., Koninklijke Ten Cate BV., Huntsman International LLC., Solvay and Others. |
Market Segmentation:
Based on fiber type, glass fiber composites are anticipated to dominate the global Composite Cylinder Market growth during the forecast period. Glass Fiber Composites have been manufactured using various techniques. Therefore, they are widely employed in various applications. Glass fibers have great qualities such as strong strength, flexibility, stiffness, and chemical resistance.
Based on tank type, Type IV is the most popular cylinder type in the global composite cylinder market. During the forecast period, the cylinder type is expected to stay larger and faster-growing. Only type IV tanks are represented by all of the major composite LPG cylinder manufacturers. Compared to type I and type III cylinders, type IV cylinders have the most weight reduction and burst pressure.
On the other hand, type III tank-type tends to have the highest value in the global Composite Cylinder Market during the forecast period. This is because Type III gas cylinders have thin and lightweight aluminum liners and are fully overwrapped with carbon composite, reducing weight over Type II cylinders. Therefore, they are the most valuable section.
The transportation sector dominates the global Composite Cylinder Market. It is expected to be the largest end-use industry in terms of value, gas carrier, and storage volume within the end-use industry. Due to the lack of sufficient gas pipeline infrastructure and increased demand for bulk transportation, this category is also predicted to develop the fastest among end-user industries. The lack of enough gas pipeline infrastructure in developing countries is the reason behind this.
Market Regional Analysis:
The Global Composite Cylinder Market report includes the segmentation of Regions:
Based on value and volume, Asia Pacific is the largest region. The strong growth in the building, transportation, and electrical and electronics segments is the main reason for this increase in the region. In addition, infrastructure expansion increased automotive production, and rapid construction growth is some of the key growth drivers.
Over the projected period, the European Composite Cylinder Market is expected to grow. The rise of the aerospace defense, and wind energy industries will fuel regional demand. Furthermore, regional aerospace firms are increasing their manufacturing capacity to accommodate the growing demand for commercial and military aircraft.
North America is also likely to develop at the fastest rate over the forecast period, primarily owing to the increased manufacturing of alternative fuel vehicles and increased usage of mobile pipelines for gas delivery.
The coronavirus epidemic and the ensuing interruptions in important end-use sectors like automotive, aerospace & military, wind energy, construction, and transportation have impacted Composite Cylinder Market trends. Reduced automobile production and transportation activities due to mobility limitations have resulted in a reduction in product deployment. This demand has been undercut further by delays in wind energy and construction projects. During the COVID-19 crisis, the issues mentioned above, supply chain uncertainties, personnel shortages, and the worldwide economic slump, posed several obstacles for composite cylinder manufacturers and suppliers.
Market Key Players:
The companies covered in the report include:
Market Key Developments:
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