Portland, OR, June 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global composite cylinder market generated $0.8 billion in 2020, and projected to reach $1.2 billion by 2030, with a CAGR of 4.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Significant surge in demand for transportation storage containers for liquid petroleum gas (LPG) and compressed natural gas (CNG), extensive adoption of composite cylinders in various end-use industries such as transportation, aerospace & defense, wind energy, and construction & infrastructure, and rise in demand for lightweight storage solutions are expected to drive the growth of the global composite cylinder market. On the other hand, availability of substitutes is expected to hinder the growth to some extent. However, remarkable perks of composite cylinders such as 100% recyclable and appreciable resistance to UV are predicted to create tremendous opportunities for the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global composite cylinder market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various industrial manufacturing facilities due to the stringent restrictions imposed by the government so as to curb the spread of the virus during the pandemic.
- Thus, the demand for composite cylinder was consequently reduced significantly. Besides, slowdown of maritime transportation further aggravated the impact on the market.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global composite cylinder market based on cylinder type, fiber type, tank type, end-use and region.
Based on cylinder type, the LPG segment held the largest market share in 2020, garnering more than three-fifths of the total market. The CNG segment, on the other hand, is predicted to cite the fastest CAGR of 4.6% during the forecast period.
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Based on end-use, the transportation segment held the majority market share in 2020, holding nearly two-fifths of the total market. The recreation segment, on the other hand, is predicted to exhibit the fastest CAGR of 5.0% during the forecast period.
Based on region, the market across Asia-Pacific held the lion’s share in 2020, garnering nearly two-fifths of the total market. In addition, the same region is expected to cite the fastest CAGR of 5.6% during the forecast period. Other regions analyzed in the report include North America, Europe and LAMEA.
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The key players analyzed in the global composite cylinder market report include Aburi composites, Amtrol-alfa, Aygaz, Dragerwerk, Evas, Faber Industrie, Hexagon composites ASA, Luxfer Gas Cylinders, Quantum Fuel System Technologies, and Sinoma.
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