We are monitoring the impact of COVID-19 on Composite Cylinders Market Get in touch with us for detailed analysis Know More
Pulished Date November, 2021
ID: 12455
Share on
Share on

Composite Cylinders Market Segmentation by Fiber type (Natural fiber composites, Glass fiber composites, and Carbon fiber composites), By Tank type (Type II, Type III and Type IV), By End User (Wind Energy, Transportation, Aerospace and Defense), and Region - Industry Forecast of 2021 to 2026

Pulished: November, 2021
ID: 12455
Pages: 180

Composite Cylinders Market Value & Growth Rate:

The Global Composite Cylinders Market was valued at US$ 691 million in 2021 and is anticipated to reach US$ 941 million by 2026. Moreover, it is increasing with a CAGR of 6.5% during 2021-2026.

Composite Cylinders Market Scenario:

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 a composite cylinder 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 the 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.

Composite Cylinders Market Drivers and Restraints:

The composite cylinders 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 Composites Cylinder Market is predicted to grow further globally. Carbon fibers, glass fibres, 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 composites 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 cylinders market in the next six years.

Recent Developments in the Global Composite Cylinders Market:

  • On May 19th, 2021, Toray Industries, Inc. announced the development of a high thermal conductivity technology that elevates the heat-dissipating capabilities of carbon-fiber-reinforced plastic (CFRP) to those of metals. With the use of this technology, it disappears heat from its sources through thermal conduction channels within the material. This aids in reducing battery degradation in mobility applications while also improving performance in electronic device applications.

  • On January 21st, 2021, Mitsubishi Chemical Corporation announced that it would acquire c-m-p GmbH as a German Carbon Fiber Prepreg Manufacturer through its subsidiary, Mitsubishi Chemical Advanced Material, to strengthen its occurence in the carbon fiber composite material industrys. The deal will be completed in February 2020.

Composite Cylinders Market Segmentation: 

By Fiber Type:

  • Natural fiber composites

  • Glass fiber composites

  • Carbon fiber composites

Based on fiber type, glass fiber composites are anticipated to dominate the global composite cylinders 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.

By Tank Type:

  • Type II

  • Type III

  • Type IV

Based on tank type, Type IV is the most popular cylinder type in the global composite cylinders 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 cylinders 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.

By End User:

  • Wind Energy

  • Transportation

  • Aerospace

  • Defense

The transportation sector dominates the global composite cylinders 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.

Composite Cylinders Market Regional Analysis: 

The Global Composite Cylinders Market Report includes the segmentation of Regions:

  • On the basis of 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 are some of the key growth drivers.

  • Over the projected period, the European composite cylinders market is expected to grow. The rise of the aerospace and 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.

  • Latin America

  • Middle East and Africa

Impact of COVID-19 on Composite Cylinders Market:

The coronavirus epidemic and the ensuing interruptions in important end-use sectors like automotive, aerospace & military, wind energy, construction, and transportation have impacted composite cylinders 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.

Composite Cylinders Market Key Players:

The companies covered in the report include:

  1. Owens Corning

  2. Toray Industries, Inc.

  3. Teijin Limited

  4. Mitsubishi Chemical Holdings Corporation

  5. Hexcel Corporation

  6. SGL Group

  7. Nippon Electrical Glass Co. Ltd.

  8. Koninklijke Ten Cate BV.

  9. Huntsman International LLC.

  10. Solvay


1. Introduction                 

                1.1 Market Definition    

                1.2 Scope of the report 

                1.3 Study Assumptions 

                1.4 Base Currency, Base Year and Forecast Periods           

2. Research Methodology                           

                2.1 Analysis Design         

                2.2 Research Phases      

                                2.2.1 Secondary Research

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling

                                2.2.4 Expert Validation

                2.3 Study Timeline          

3. Report Overview                        

                3.1 Executive Summary

                3.2 Key Inferencees       

4. Market Dynamics                       

                4.1 Impact Analysis        

                                4.1.1 Drivers

                                4.1.2 Restaints

                                4.1.3 Opportunities

                4.2 Regulatory Environment       

                4.3 Technology Timeline & Recent Trends            

5. Competitor Benchmarking Analysis                    

                5.1 Key Player Benchmarking     

                                5.1.1 Market share analysis

                                5.1.2 Products/Service

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape      

                5.3 Joint Ventures & Collaborations        

6. Market Segmentation                              

                6.1 Composite Cylinders Market, By Fiber type   

                                6.1.1 Natural fiber composites

                                6.1.2 Glass fiber composites

                                6.1.3 Carbon fiber composites

                                6.1.4 Market Size Estimations & Forecasts (2021-2026)

                                6.1.5 Y-o-Y Growth Rate Analysis

                                6.1.6 Market Attractiveness Index

                6.2 Composite Cylinders Market, By Tank type   

                                6.2.1 Type II

                                6.2.2 Type III

                                6.2.3 Type IV

                                6.2.4 Market Size Estimations & Forecasts (2021-2026)

                                6.2.5 Y-o-Y Growth Rate Analysis

                                6.2.6 Market Attractiveness Index

                6.3 Composite Cylinders Market, By End User     

                                6.3.1 Wind Energy

                                6.3.2 Transportation

                                6.3.3 Aerospace

                                6.3.4 Defense

                                6.3.5 Market Size Estimations & Forecasts (2021-2026)

                                6.3.6 Y-o-Y Growth Rate Analysis

                                6.3.7 Market Attractiveness Index

7. Geographical Landscape                         

                7.1 Global Composite Cylinders Market, by Region           

                7.2 North America - Market Analysis (2021 - 2026)            

                                7.2.1 By Country



                                7.2.2 By Fiber type

                                7.2.3 By Tank type

                                7.2.4 By End User

                7.3 Europe         

                                7.3.1 By Country







                                7.3.2 By Fiber type

                                7.3.3 By Tank type

                                7.3.4 By End User

                7.4 Asia Pacific  

                                7.4.1 By Country








                                7.4.2 By Fiber type

                                7.4.3 By Tank type

                                7.4.4 By End User

                7.5 Latin America            

                                7.5.1 By Country





                                7.5.2 By Fiber type

                                7.5.3 By Tank type

                                7.5.4 By End User

                7.6 Middle East and Africa           

                                7.6.1 By Country



                                7.6.2 By Fiber type

                                7.6.3 By Tank type

                                7.6.4 By End User

8. Key Player Analysis                    

                8.1 Owens Corning         

                                8.1.1 Business Description

                                8.1.2 Products/Service

                                8.1.3 Financials

                                8.1.4 SWOT Analysis

                                8.1.5 Recent Developments

                                8.1.6 Analyst Overview

                8.2 Toray Industries, Inc.              

                8.3 Teijin Limited             

                8.4 Mitsubishi Chemical Holdings Corporation    

                8.5 Hexcel Corporation 

                8.6 SGL Group  

                8.7 Nippon Electrical Glass Co. Ltd.          

                8.8 Koninklijke Ten Cate BV.       

                8.9 Huntsman International LLC.               

                8.10 Solvay        

9. Market Outlook & Investment Opportunities                 


                List of Tables     

                List of Figures   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global Composite Cylinders Market By Region, From 2021-2026 ( USD Billion )

  2. Global Composite Cylinders Market By Fiber type , From 2021-2026 ( USD Billion )

  3. Global Natural fiber composites Market By Region, From 2021-2026 ( USD Billion )

  4. Global Glass fiber composites Market By Region, From 2021-2026 ( USD Billion )

  5. Global Carbon fiber composites Market By Region, From 2021-2026 ( USD Billion )

  6. Global Composite Cylinders Market By Tank type , From 2021-2026 ( USD Billion )

  7. Global Type II Market By Region, From 2021-2026 ( USD Billion )

  8. Global Type III  Market By Region, From 2021-2026 ( USD Billion )

  9. Global Type IV Market By Region, From 2021-2026 ( USD Billion )

  10. Global Composite Cylinders Market By End User, From 2021-2026 ( USD Billion )

  11. Global Wind Energy Market By Region, From 2021-2026 ( USD Billion )

  12. Global Transportation Market By Region, From 2021-2026 ( USD Billion )

  13. Global Aerospace Market By Region, From 2021-2026 ( USD Billion )

  14. Global Defense Market By Region, From 2021-2026 ( USD Billion )

Please wait. . . . Your request is being processed


$ 1234 4255

Click for Request Sample