Global Composite Cylinders Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Composite Cylinders Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Composite Cylinders is made of advanced polymer and composite materials, which combines uncompromising safety, quality, design and innovation, and becomes the standard of gas sealing in the future. Composite Cylinders can be divided into Glass Fiber Composites and Carbon Fiber Composites, which are widely used in gas carriers and storage, transportation, life support, etc.

Market Overview:

The latest research study on the global Composite Cylinders market finds that the global Composite Cylinders market reached a value of USD 1434.31 million in 2022. It’s expected that the market will achieve USD 2135.42 million by 2028, exhibiting a CAGR of 6.86% during the forecast period.

The COVID-19 outbreak has a great impact on downstream industry

The outbreak and persistence of the COVID-19 epidemic will undoubtedly have a severe impact on the global oil industry in 2020. The sharp drop and rebound of oil demand have caused drastic fluctuations in global oil product inventories and oil prices.
The International Energy Agency warned that the impact of the epidemic on the energy system will continue for many years. This year, global oil demand will drop by 8%, and Brent oil prices will not reach the level of US$50 per barrel until 2023. If the policies and goals of various countries are implemented smoothly, global energy demand will also return to pre-epidemic levels in early 2023. If the epidemic prolongs and the decline deepens, this point will be postponed to 2025.
Composite Cylinders can be used to store liquefied petroleum gas. With the outbreak of the epidemic, the oil industry fluctuates sharply, the demand side and the supply side will be more cautious, and related investments have decreased, which will increase the risk of future market fluctuations. Affected by this, the Composite Cylinders market will also fluctuate, and market investment needs to be more cautious.

The production and sales of Composite Cylinders are affected

In order to curb the COVID-19 epidemic, most countries have introduced many policies, including border blockade and social distancing. The epidemic prevention and control measures will affect the flow of people and activities, and in turn affect logistics, making the production of manufacturing, especially labor-intensive industries, affected by the supply of raw materials and labor shortages.
For the Composite Cylinders industry, the blockade policy will affect the supply of raw materials and export trade of products. The social distancing policy may have a great impact on the production of products, especially for some small factories, they will spend more money to maintain production during the epidemic, and factories may face the risk of closure in some areas.
But in the long term, the COVID-19 outbreak may cause more factories to start using more automated production lines to avoid the pandemic's impact on the industry. In addition, the application of IoT technology may also bring more opportunities for industry participants.

Composite Cylinders has many advantages over existing cylinders

Composite Cylinders has many advantages over existing cylinders. Composite Cylinders is very light, and its weight is half that of a steel cylinder. In addition, Composite Cylinders has a translucent body, which can help customers accurately check the level of LPG. This will help customers easily plan the next refill. Composite Cylinders will not rust or corrode, reducing the chance of leaving stains and marks on the surface. The design of Composite Cylinders makes them attractive visually and is an ideal choice for modern kitchens. These advantages will increase the demand of downstream consumers for Composite Cylinders, thus promoting the development of Composite Cylinders industry.

The convenience of Internet and the development of e-commerce

With the rapid development of e-commerce industry, many industries have developed the synchronous operation mode of online websites and offline stores, and Composite Cylinders industry have joined in. Online sales websites reduce many business components, including employees, procurement costs, telephone calls, data input, and requirements for opening physical stores, thus reducing transaction costs; Business management becomes easier: compared with traditional physical store management, online sales websites are easier to record store inventory, transportation, logs and overall business transactions. Online sales website also provides real-time update function, which can explore all the latest business trends, communicate with customers in time, solve problems and improve customer satisfaction. Many dealers choose to receive goods online, and orders can be tracked and managed online. The convenience of Internet and the development of e-commerce have promoted the demand growth of Composite Cylinders industry.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (46.81% in 2022).

Company Overview:

Hexagon Composites is one of the major players operating in the Composite Cylinders market, holding a share of 24.68% in 2023.

Hexagon Composites

Hexagon delivers safe and innovative solutions for a cleaner energy future. Its solutions enable storage, transport and conversion to clean energy in a wide range of mobility, industrial and consumer applications. Hexagon has a strong international presence with offices and facilities in Norway, Germany, USA and Canada, including the world’s most important clean energy markets in Europe, Asia and South America.

Luxfer Gas Cylinder

Luxfer Gas Cylinders, the world’s largest manufacturer of aluminum and composite cylinders for high-pressure gas storage, has a long history of cylinder innovation. Using patented and proprietary alloys to develop products that are light, durable and corrosion-resistant, Luxfer has established a worldwide presence in markets such as life support, alternative fuel, medical, specialty gas, industrial, beverage, fire extinguishers, aerospace, inflation, scuba and performance racing. Luxfer operates manufacturing facilities in the United States, the UK, Canada, China and India.

Segmentation Overview:

As for product types, the Carbon Fiber Composites segment held the largest market share in 2022.

Glass Fiber Composites

Glass fiber is a material composed of countless very fine glass fibers. Glass fiber has mechanical properties roughly equivalent to other fibers such as polymer and carbon fiber. Although not as hard as carbon fiber, it is much cheaper when used in composite materials, and its brittleness is obviously reduced.

Carbon Fiber Composites

Carbon fiber is a kind of polymer, sometimes called graphite fiber. It is a very strong material and very light. Carbon fiber is five times as strong and twice as rigid as steel. Although carbon fiber is stronger and harder than steel, it is lighter than steel.

Application Overview:

In the Composite Cylinders market, 38.35% of the total value was generated through the Gas Carriers and Storage segment by application in 2022.

Key Companies in the global Composite Cylinders market covered in Chapter 3:

Burhan Gas Company
Supreme Industries
Beijing Tianhai Industry
Luxfer Gas Cylinder
Worthington Cylinders
Faber Industrie
Steelhead Composites
Time Technoplast
Ullit
Dragerwerk
Santek
Aburi Composites
Hexagon Composites
Sinoma

In Chapter 4 and Chapter 14.2, on the basis of types, the Composite Cylinders market from 2018 to 2029 is primarily split into:

Glass Fiber Composites
Carbon Fiber Composites

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Composite Cylinders market from 2018 to 2029 covers:

Gas Carriers and Storage
Transportation
Life Support
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)