A recently concluded research by Trusted Business Insights titled Global Composite Cylinder Sales Data & Market Report 2020 and Forecast 2021-2027 By Type (Glass Fiber, Carbon Fiber) By Application (Medical/Healthcare, Industrial Gas, SCBA/Life Support, SCUBA, Hydrogen Tanks for Fuel Cell. Fire Extinguisher, Paint Ball), By Pressure (Upto 350 bar, 350-500 bar, 500-700 bar) By Working Pressure (Type 2, Type 3, Type 4) will enable in acquiring a holistic view of the overall market scenario and it’s most lucrative sectors. The research report provides quality data in a business and management reporting format. It examines the historic accomplishments and recent opportunities present in the global Composite Cylinder market. Trusted Business Insights report focuses on the consumption, geography, by type, by application, and the competitive landscape. This report splits the data for each region to analyze the leading companies, applications, and product types. Trusted Business Insights aims to provide a complete knowledgeable report so that the readers will benefit from it. The report is properly examined and compiled by industry experts and will shed light on the key information that requires from the clients.
Report Overview: Composite Cylinder Market
Composite cylinders are superior alternatives to the traditionally used metal cylinders. These cylinders are extremely lightweight, attractive in colour and shape. Global Composite Cylinder market was valued at 830.96 million USD in 2020 and is estimated to be worth 1159.53 million USD by 2027, with an average annual growth rate of 3.15% from 2021 to 2027. In terms of Consumption, the Global Composite Cylinder is estimated to be 4617.0 K Units in 2020 and is anticipated to reach 7953.2 K Units by 2027. The global Composite Cylinder market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Composite Cylinder market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on sales, revenue, and forecast by region (country), by Type and by Application for the period 2015-2026. Emerging trends that have a direct impact on the dynamics of the industry include the increase in green fleet and the development of type V tanks.
Geographical Analysis: Composite Cylinder Market
Asia Pacific region accounted for the largest market share of 37.64% in 2020, with a market value of USD 312.79 million; the market is expected to register a CAGR of 5.58% (21-27) during the forecast period. Europe region was the second-largest market in 2020, valued at USD 288.60 million; the market is projected to exhibit a CAGR of 0.87% (21-27). Western Europe occupies the main population and economy of Europe, and its consumer market occupies most of the market share. The German chancellor had brokered a European recovery package after the covid-19 crisis of 2020, with large grants and loans to help hard-hit southern European economies, drawing on shared European borrowing. Europe’s central power had maintained constructive relations between the European Union and post-Brexit Britain, helped the citizens of Poland and Hungary defend liberal democracy, confounded Russian President Vladimir Putin by seriously committing to a common European energy policy, used the regulatory power of the EU to curb Facebook, shaped a common strategy on China, and made a world-leading example of the European Green Deal. In the Composite Cylinders industry, the German market occupies an important market share. Germany accounted for the largest market share of 21.11% in 2020, with a market value of USD 60.91 million. Italy was the second-largest market in 2020, valued at USD 46.81 million in 2020. Based on region, the global Composite Cylinder market is segmented into North America, Europe, China, Japan, Southeast Asia India, and Other regions (Middle East & Africa, Central & South America). Research analysts have studied government initiatives, changing the political environment, and social scenarios that are likely to contribute to the growth of the regional markets.
Key Players: Composite Cylinder Market
The major players that are operating in the global Composite Cylinder market are:
- Luxfer Gas Cylinder
- Hexagon Composites ASA
- Sinoma Science & Technology
- Faber Industrie SpA
- Worthington Industries
- 3M Scott
- Time Technoplast
- Shenyang Gas Cylinder
- Beijing Tianhai Industry
- AMS Composite Cylinders
- Teijin Engineering Limited
- Aburi Composites
- Everest Kanto Cylinders
- Rubis Caribbean
Segment by Type Composite Cylinder Market
Segment by Application Composite Cylinder Market
- Medical / Healthcare
- Industrial Gas
- SCBA / Life Support
- Hydrogen Tanks for Fuel Cell
- Fire Extinguisher
- Paint Ball
Segment by Pressure Composite Cylinder Market
- Upto 350 bar
- 350-500 bar
- 500-700 bar
Segment by Working Pressure Composite Cylinder Market
Key Development of Cylinder Market in the year 2020 and 2021:
Indian Oil Corporation Limited (IOCL) has rolled out a new brand of Liquefied Petroleum Gases (LPG) cylinders and that is called ‘Indane Composite Cylinders’. This cylinder has a three-layered construction and is made up of a blow-molded High-Density Polyethylene (HDPE) inner liner, covered with a composite layer of polymer-wrapped fiberglass and fitted with an HDPE outer jacket. The second layer is a composite layer of polymer-wrapped fiberglass. And the third and last layer to the LPG composite cylinder is an HDPE outer jacket. These cylinders have a translucent body that helps customers to accurately check the LPG level against the light. This will help customers plan their next refill easily.
Hyosung Advanced Materials Corp. (Seoul, South Korea) announced that it will be expanding PAN carbon fiber production by adding a third line of 2,500 tons/year at its Jeon-Ju production facility in South Korea. This additional annual capacity of 2,500 tons will bring annual total carbon fiber production to 6,500 tons by July 2022. In 2020 Hyosung Advanced Materials also added a second carbon fiber production line. This expansion is to meet the demand for carbon fiber used in industrial applications such as cable core, building infrastructure, and, in particular, fuel tank cylinders for compressed natural gas (CNG) and hydrogen vehicles, which typically reach 350-700 bar (5,000-10,000 psi) operating pressure. Hyosung Advanced Materials believes that with its high-strength and high-strain carbon fibers, TANSOME, will play a key role in type III and type IV cylinder pressure vessels and their safe operation, and will become a go-to solution for highly pressurized fuel tank cylinder manufacturers.
This expansion is part of a large-scale carbon fiber investment plan announced in 2019 with plans to expand the carbon fiber production site at Jeon-Ju to 24,000 tons per year by 2028 after investing $890 million.
Time Technoplast has completed the testing of Carbon Fibre wrapped Type-4 Composite Cylinders for ‘On-Board’ (vehicle) applications. Furthermore, Petroleum and Explosives Safety Organisation(India) formally notified their approval for Type-4 Composite Cylinders for ‘On-Board’ application for a range of Cylinders. Bureau Veritas has also confirmed its approval through a separate communication. Time Technoplast expects significant movement for the use of Type-4 Composite Cylinders by OEMs and also in the aftermarket. It may be worthwhile mentioning that the Company had already received PESO’s approval for Type-4 Composite Cylinders for Cascade.
Time Technoplast said that the company is in touch with some of the most reputed OEMs for Buses, HCVs, CVs, Passenger Cars, and also with manufacturers of CNG Conversion Kits for the aftermarket. However, they all had been waiting for PESO’s approval to take the projects forward. The company’s CNG Cylinders under the brand NEX-G are the only indigenously made Composite Cylinders that have been accorded this coveted approval from PESO under the highest international standards.
Nigeria is on course to become the world’s largest manufacturer of composite cylinders with the groundbreaking of Rungas ALFA plant at Alaro City, Free Trade Zone, Epe, Lagos State. The facility alongside its sister plant – Rungas Prime in Polaku, Bayelsa State, are being developed with equity investments by the Nigerian Content Development and Monitoring Board (NCDMB) and will on completion have a combined capacity of over 1.2 million cylinders per annum, surpassing the record held by a European firm.
Composite Cylinder Raw Material Supply and Industry Chain Analysis
Carbon fibers, glass fiber, valve, and metal material are the main raw materials of the Composite Cylinder industry.
Carbon fiber is a long, thin strand of material about 0.0002-0.0004 in (0.005-0.010 mm) in diameter and composed mostly of carbon atoms. The carbon atoms are bonded together in microscopic crystals that are more or less aligned parallel to the long axis of the fiber. The crystal alignment makes the fiber incredibly strong for its size. Several thousand carbon fibers are twisted together to form a yarn, which may be used by itself or woven into a fabric. The yarn or fabric is combined with epoxy and wound or molded into shape to form various composite materials. Carbon fiber-reinforced composite materials are used to make aircraft carbon fiber compared to human hair and spacecraft parts, racing car bodies, golf club shafts, bicycle frames, fishing rods, automobile springs, sailboat masts, and many other components where lightweight and high strength are needed.
Carbon fibers are used primarily as reinforcing agents in high-performance composites with synthetic resin matrices such as epoxies, polyimides, vinyl esters, phenolics, and certain thermoplastics. High-performance composites, also referred to as advanced composites, are generally defined as very strong fiber-reinforced matrices having at least 60% fiber loading; composites having a fiber loading of 12–35% are used more frequently in industrial applications such as construction panels, pipes, or boats. Carbon fibers are used mainly in applications requiring high stiffness properties exceeding the tensile modulus of glass or aramid fibers. They are also used in applications where aramid fibers’ poor compression resistance and susceptibility to moisture regain have caused lamination failures. In recent years, the price of carbon fiber–reinforced composites have dropped, making them more attractive for use in more applications.
Glass Fibers are materials consisting of extremely fine glass fibers, used in making various products, such as yarns, fabrics, insulators, and structural objects or parts. It is also called spun glass. Glass fibers fall into two categories, low-cost general-purpose fibers and premium special-purpose fibers. Over 90% of all glass fibers are general-purpose products. These fibers are known by the designation E-glass and are subject to ASTM specifications. The remaining glass fibers are premium special-purpose products. Glass fibers fall into two categories: general-purpose and special-purpose. The most widely used glass fiber types are general-purpose, also known as E-Glass fibers. Overall E-Glass offers good mechanical, electrical and corrosion properties.
Currently, some companies in the world can produce carbon fiber products, mainly concentrating in North America, Europe, and Japan. The main market players are Toray, ZOLTEK (Toray), Mitsubishi Rayon, Toho Tenax, Hexcel, Formosa Plastics Corp, etc. In the consumption market, the growth rate of global consumption is smooth relatively. North America, Europe, and Japan are still the main consumption regions due to the advanced technology and rapid development of the economy.
The global Glass Fiber industry has a rather high concentration. The major manufacturers are concentrated in China, North America, Europe, and Japan, such as Owens Corning, Jushi Group, PPG Industries, CPIC, and Taishan Fiberglass (Sinoma). At present, Owens Corning is the world leader. China is the largest region consumption market of glass fiber.
Factors such as cost analysis, marketing strategy, factor analysis, distributors, sourcing strategy, and industrial chain are all the parts of the global Composite Cylinder market. The report also includes the analysis of the return on investment (ROI) feasibility with the estimated SWOT analysis.
Composite Cylinders Sales Segment Analysis By End User
The LPG/Industrial Gas segment accounted for the largest market share of 36.76% in 2020, with a market value of USD 305.48 million; it is expected to register a CAGR of 0.35% (21-27) during the forecast period. The Hydrogen Tanks for Fuel Cell segment was the second-largest market in 2020, valued at USD 160.22 million; it is projected to exhibit a CAGR of 11.15% (21-27).
The report covers the following objectives:
• Proliferation and maturation of trade in the global Composite Cylinder market.
• The market share of the global Composite Cylinder market, supply and demand ratio, grow revenue, supply chain analysis, and business overview.
• Current and future market trends that are influencing the growth opportunities and growth rate of the global Composite Cylinder market.
• Feasibility study, new market insights, company profiles, investment return, revenue (value), and consumption (volume) of the global Composite Cylinder market.
This research comprehensively answers the following 9 important questions:
- Q.1. What are some of the most promising growth trends in the Composite Cylinder market worldwide?
- Q.2.Which segments and sub-segments will grow at a faster pace and why? Which segment is nearing the peak and demand saturation?
- Q.3.Which region will witness a higher growth rate and why? Which region might see a slower or negative growth region?
- Q.4.What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in the Composite Cylinder market?
- Q.5.What are the business risks and who pose challenges to the global leaders and are competitive threats in this Composite Cylinder market?
- Q.6.What are the emerging trends post COVID-19 reshuffle in this Composite Cylinder market and the what are reasons behind these trends and do they translate in global exploration?
- Q.7. Who are the major global and regional players in the Composite Cylinder market? Which are the strategic initiatives key players are pursuing for business growth?
- Q.8.Which are the competing products in the Composite Cylinder market and how big of a threat do they pose for loss of market share by material or product substitution?
- Q.9.What M & A activity has occurred in the last 5 years and what is its impact on the Composite Cylinder industry?