The global gas cylinder market is witnessing significant growth due to the increasing demand for industrial and specialty gases, the growing adoption of liquefied petroleum gas (LPG), advancements in gas cylinder technology, and the expanding applications in the healthcare sector. Gas cylinders play a crucial role in storing and transporting various gases, ensuring their safe and efficient usage across industries. With stringent safety regulations and the need for compliant cylinders, the market is expected to continue its upward trajectory in the coming years.
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Data Bridge Market Research analyses that the Gas Cylinder Market is growing with a CAGR of 5.0% in the forecast period of 2023 to 2030 and is expected to reach USD 4,649,514.48 thousand by 2030. The energy and power sector relies on gas cylinders for the storing and shipping of compacted natural gas (CNG) and other gases used in power generation and energy applications. The increasing focus on clean energy sources and the growing adoption of CNG as a fuel alternative is fueling the demand for gas cylinders in this sector.
Key Findings of the Study
Growing applications in the healthcare sector are expected to drive the market's growth rate
Gas cylinders play a crucial role in the healthcare sector by providing a safe and reliable method for storing and transporting medical gases. With the expanding healthcare infrastructure and the increasing demand for medical gases in hospitals, clinics, and home healthcare settings, the need for gas cylinders is growing. These cylinders ensure a constant and uninterrupted supply of critical gases, such as oxygen and anesthesia gases, which are essential for various medical procedures, emergency care, and respiratory support, driving the demand for gas cylinders in the healthcare sector.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD thousand, Volumes in Units, Pricing in USD
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Segments Covered
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Material Type (Steel, Composite, And Others), Product (Low Pressure, High Pressure, Acetylene and Others), Wrap Type (Wrap Less, Glass Fiber, Aramid Fiber, Carbon Fiber And Others), Gas (Inert Gases, Flammable Gases, Toxic Gases, Pyrophoric Gases, Oxidizers And Others), Application (Kitchen And Domestic, Processing Industries, Medical, Transportation And Others
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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3M (U.S.), Aygaz A.Ş. (Turkey), FABER INDUSTRIE SPA (Italy), Hexagon Ragasco AS (Norway), Luxfer Gas Cylinders (U.K.), Worthington Industries Inc (U.S.),Beijing Tianhai Industry Co., Ltd. (China), Drägerwerk AG & Co. KGaA Germany), EKC (China), Linde plc (U.K.), Time Technoplast Ltd. (India), MS GROUP (Turkey), Welz Gas Cylinder GmbH (Germany), Zhejiang Tianlong cylinder co., L.T.D. (China) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The gas cylinder market is segmented on the basis of material, product, wrap type, gas, and application.
- On the basis of material, the global gas cylinder market is segmented into steel, composite, and others. In 2023, the steel segment is expected to dominate the global gas cylinder market with a CAGR of 5.1% in the forecast period of 2023 to 2030 due to excellent corrosion confrontation, withstanding extraordinary pressure.
In 2023, the steel segment is expected to dominate the material segment of the global gas cylinder market
In 2023, the steel segment is expected to dominate the global gas cylinder market owing to its excellent corrosion resistance, withstanding high pressure, modern and sophisticated design, low maintenance costs, and suitability for storing super-purified LPG 100% recyclable with a CAGR of 5.1% in the forecast period of 2023 to 2030
- On the basis of product, the global gas cylinder market is segmented into high pressure, low pressure, and acetylene. In 2023, high pressure segment is expected to dominate the global gas cylinder market with a CAGR of 5.0% in the forecast period of 2023 to 2030 due to high-pressure cylinders being useful for safely transporting and storing compressed gases
- On the basis of wrap type, the global gas cylinder market is segmented into wrap less, glass fiber, aramid fiber, carbon fiber, and others. In 2023, wrap less segment is expected to dominate the global gas cylinder market with a CAGR of 5.2% in the forecast period of 2023 to 2030 due to the lowest cost and heaviest cylinder type, making them most suitable for static applications and high volume industrial use.
- On the basis of gas, the global gas cylinder market is segmented into inert gases, flammable gases, toxic gases, pyrophoric gases, oxidizers, and others. In 2023, the inert gases segment is expected to dominate the global gas cylinder market with a CAGR of 5.2% in the forecast period of 2023 to 2030 due to inert properties are highly stable, don't react with other elements easily, and super lightweight.
In 2023, the inert gases segment is expected to dominate the gas segment of the global gas cylinder market
In 2023, the inert gases segment is expected to dominate the global gas cylinder market owing to the wider usage across industries due to their non-reactive properties and diverse applications in various sectors such as welding, food packaging, and analytical instruments with a CAGR of 5.2% in the forecast period of 2023 to 2030
- On the basis of application, the global gas cylinder market is segmented into kitchen and domestic, processing industries, medical, transportation, and others. In 2023, the processing industries segment is expected to dominate the global gas cylinder market with a CAGR of 5.2% in the forecast period of 2023 to 2030 due to the increase in processing units and rapid industrialization growth.
Major Players
Data Bridge Market Research recognizes the following companies as the major gas cylinder market players in gas cylinder market are 3M (U.S.), Aygaz A.Ş. (Turkey), FABER INDUSTRIE SPA (Italy), Hexagon Ragasco AS (Norway), Luxfer Gas Cylinders (U.K.), Worthington Industries Inc (U.S.),Beijing Tianhai Industry Co., Ltd. (China), Drägerwerk AG & Co. KGaA Germany), EKC (China), Linde plc (U.K.)
Market Development
- In 2022, Worthington Industries' new plant serving the hydrogen mobility market was completed in under two years. The new plant will produce Type III and IV composite pressure cylinders. The cylinders are lightweight and made of metallic or polymeric liners with carbon fiber reinforcement that can withstand high pressures.
- In 2021, Luxfer Gas Cylinders announced the acquisition of Structural Composites Industries, a North American composite cylinder manufacturer. The acquisition strengthens Luxfer's composite cylinder offering and aligns with recent investments to further enhance their alternative fuels capability.
- In 2019, Aygaz, the most preferred and trusted L.P.G. brand in Turkey, introduced its new cylinder Aygaz Mini, created with an innovative approach, and Aygaz Mini Cooktop, designed specifically for the small cylinder. "Aygaz Mini", which contains 2kg of L.P.G. and can be connected to kitchen stoves with only a regulator and no additional equipment
Regional Analysis
Geographically, the countries covered in the gas cylinder market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
Asia-Pacific is expected to dominate the region in the gas cylinder market during the forecast period 2023-2030
China is expected to dominate the gas cylinder market in the Asia-Pacific region, driven by the rising demand for medical oxygen cylinders. The increasing population, expanding healthcare infrastructure, and growing awareness about the importance of medical gases in the region have led to a surge in demand for medical oxygen cylinders. China's robust manufacturing capabilities and the focus on improving healthcare facilities position it as a key player in meeting the growing demand for medical oxygen cylinders in the Asia-Pacific market.
North America is estimated to be the fastest-growing region in the gas cylinder market in the forecast period 2023-2030
The United States is expected to lead the North America gas cylinder market due to the implementation of various government initiatives aimed at increasing consumer awareness. These activities focus on educating consumers about the benefits of gas cylinders, promoting safety standards, and encouraging their usage in diverse applications. With the support of these initiatives, the U.S. market is poised for growth as consumers become more aware of the advantages of gas cylinders and their applications across industries.
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