Dublin, Jan. 13, 2020 (GLOBE NEWSWIRE) — The “Global Composite Cylinders Market By Product Type, By Outer Casing Material (High Density Polyethylene & Others), By End Use Industry (Hotels & Restaurants, Household Purpose & Others), By Region, Competition, Forecast & Opportunities, 2024” report has been added to ResearchAndMarkets.com’s offering.
The global composite cylinders market stood at $601 million in 2018 and is projected to reach $ 921 million by 2024, exhibiting a CAGR of over 7% during 2019-2024, owing to the increasing demand for explosion proof, non-corrosive and lightweight LPG cylinders.
Composite cylinder is a high-pressure vessel that is made of a composite-polymer material and placed in a plastic body. The technology of manufacturing a modern composite cylinder is a very complex and high-tech process, thus its cost is much higher than the cost of a metal analogue.
Increasing consumption of LPG in the developing countries is expected to boost the demand for composite LPG cylinders during the forecast period. Moreover, government push towards the usage of composite cylinders is also anticipated to positively impact growth of the composite cylinders market, globally.
In terms of outer casing material, the global composite cylinders market has been categorized into carbon fibers, glass fibers, high density polyethylene and others. Among the outer casing materials, high density polyethylene category accounted for the largest market share in 2018 and is expected to remain the largest category in coming years as well. Growth of the high density polyethylene category can be majorly attributed to its lightweight characteristics and higher performance benefits.
Asia-Pacific dominated the global composite cylinders market in 2018 and is expected to maintain its market dominance during forecast period, on account of a large base of the composite cylinder manufacturing industry in the region. Moreover, North America is also anticipated to hold a substantial share in the global composite cylinders market, owing to high per capita consumption of goods.
Some of the major companies operating in the global composite cylinders market are Luxfer Gas Cylinder, Hexagon Composites ASA, Dragerwerk, Worthington Cylinders, Faber Industries S.p.A., Sinoma, Quantum Technologies and Aburi Composites.
Years Considered
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objective of the Study
- To analyze and forecast the global composite cylinders market size.
- To forecast the global composite cylinders market based on product type, outer casing material, end-use industry and regional distribution.
- To identify drivers and challenges for the global composite cylinders market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global composite cylinders market.
- To conduct the pricing analysis for the global composite cylinders market.
- To identify and analyze the profile of leading players operating in the global composite cylinders market.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Factors Considered While Selecting a Supplier
4.2. Product Awareness and Applicability & Usage Analysis
4.3. Challenges/Issues Faced Post Purchase
4.4. Unmet Needs
5. Global Composite Cylinders Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Product Type (Type II; Type III; Type IV)
5.2.2. By Outer Casing Material (Carbon Fibers; Glass Fibers; High Density Polyethylene, Others)
5.2.3. By End Use Industry (Hotels & Restaurants; Household Purpose; Industrial Fuel, Industrial Process, Others)
5.2.4. By Region (Asia-Pacific; North America; Europe; South America; Middle East & Africa)
5.2.5. By Company (2018)
5.3. Market Attractiveness Index (By Product Type; By Outer Casing Material; By End Use Industry; By Region)
6. Asia-Pacific Composite Cylinders Market Outlook
7. North America Composite Cylinders Market Outlook
8. Europe Composite Cylinders Market Outlook
9. South America Composite Cylinders Market Outlook
10. Middle East & Africa Composite Cylinders Market Outlook
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
13. Competitive Landscape
13.1. Competition Outlook
13.2. Company Profiles
13.2.1. Basic Details
13.2.2. Financials (as reported)
13.2.3. Supply Chain Analysis
13.2.4. Key Market Focus and Geographical Presence
13.2.5. Planned Investments
13.2.6. Pricing of Target Products
13.2.7. Market positioning
13.3. Global Players Profiled (Leading Companies)
13.3.1. Luxfer Gas Cylinder
13.3.2. Hexagon Composites ASA
13.3.3. Dragerwerk
13.3.4. Worthington Cylinders
13.3.5. Faber Industries S.p.A.
13.3.6. Sinoma
13.3.7. Aburi Composites
13.3.8. Santek Equipments Pvt. Ltd.
13.3.9. Beijing Tianhai Industry Co.
13.3.10. Time Technoplast
14. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/kv3zv0
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