Global composites cylinder market is expected to reach $981 million by 2023


DALLAS, March 28, 2019 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the global composites cylinder market looks promising with opportunities in gas carriers & storage, transportation, life support, and recreation industries. The global composites cylinder market is expected to reach an estimated $981 million by 2024 with a CAGR of 5.5% from 2019 to 2024. The major drivers for this market are increasing number of natural gas vehicles (NGVs) and growing demand for lightweight cylinders with higher pressure requirement and greater gas carrying capacity per cylinder.

Browse 51 market data tables and 61 figures spread through 139 pages and in-depth TOC on “Global Composites Cylinder Market" at https://www.lucintel.com/composites-cylinder-market.aspx

In this market, different types of composites cylinder such as Type II, Type III, and Type IV are used as tank type. Lucintel forecasts that type III cylinders will remain the largest segment by value and Type IV by volume. The type IV cylinder segment is expected to witness the highest growth over the forecast period due to the growing demand for lightweight cylinders.

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North America is also expected to witness the highest growth rate during the forecast period due to the anticipated growth in the production of alternative fuel powered vehicles, and growing use of mobile pipelines for transportation of gas.

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Emerging trend, which have direct impact on the dynamics of the composites cylinder industry, include development of type V tank, and increase in green fleet. Hexagon Composites, Luxfer Gas Cylinder, Time Technoplast, Faber Industries S.p.A., Beijing Tianhai Industry Co., and Ullit and others are among the major composites cylinder manufacturers.

Lucintel, a leading global strategic consulting and market research firm, has analyzed and forecasted for the global composites cylinder market by end use industry, tank type, composite demand by fiber type, and region and has come up with a comprehensive research report entitled  “Growth Opportunities in the Global Composites Cylinder Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.

For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com