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.
In this market, glass, carbon, and aramid composites are the major raw materials used for manufacturing type-II, type-III, and type IV cylinders. 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.
Within composites cylinder market, transportation will remain the largest end use industry by value and gas carrier & storage by volume. Transportation segment is also expected to witness highest growth over the forecast period due to the expected growth in the demand for bulk transportation cylinders and unavailability of proper gas pipeline infrastructure.
North America is expected to remain the largest market for composites cylinder due to the higher acceptance level and increasing use of lightweight cylinders. 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.
Emerging trend, which have direct impact on the dynamics of the industry, include development of type V tank, and increase in green fleet. Hexagon Composites, Luxfer Gas Cylinder, Quantum Technologies, Worthington Cylinders, Time Technoplast, Faber Industries S.p.A., Beijing Tianhai Industry Co., and Ullit are among the major suppliers of composites cylinder.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global composites cylinder market by end use industry, by tank type, composites 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 strategies as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global composites cylinder market by end use industry, tank type, composite demand by fiber type, and region as follows:
By end use Industry [Volume (Thousand Unit) and $M shipment analysis from 2013 to 2024]:
• Gas Carriers and Storage
• Life Support
• Recreation and Others
By Tank Type [Volume (Thousand Unit) and $M shipment analysis from 2013 to 2024]:
• Type II
• Type III
• Type IV
By region [Volume (Thousand Unit) and $M shipment analysis from 2013 to 2024]:
• North America
• Rest of the World
Composite dby fiber type [Volume (Million lbs) and Value ($ Million) from 2013 to 2024]:
• Glass Fiber Composites
• Carbon Fiber Composites
• Aramid Fiber Composites
This 139-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email@example.com. Lucintel offerings include advanced materials reports, composite materials market report, strategic growth consulting, market research due diligence and business strategy consulting.
This report addresses the following key questions:
Q. 1. What are some of the most promising, high-growth opportunities for the global composites cylinder market by end use industry (gas carriers and storage, transportation, life support, recreation and others), tank type (Type I, Type II, Type III) composites demand by fiber (carbon composites, glass composites, aramid composites), and region (North America, Europe, and the Rest of the World)?
Q. 2. Which products segments will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
Q. 11. What M&A activity has occurred in the last 5 years?