According to a market report by Lucintel, the future of the global high-pressure gas cylinder market looks promising with opportunities in the transportation, industrial gas and storage, and life support industries. The global high-pressure gas cylinder market is expected to reach an estimated $3 billion by 2030 from $2.3 billion in 2023,at a CAGR of 5% from 2024 to 2030. The major drivers for this market are increasing demand for CNG vehicles and growing usage of high-pressure cylinders in the medical and fire protection industries.Browse 89 figures / charts and 76 tables in this 181 -page report to understand trends, opportunity and forecast in high-pressure gas cylinder market to 2030 by material (steel, composites, and aluminum), end use industry (transportation, industrial gas and storage, and life support and others), tank type (Type I, Type II, Type III, and Type IV), and region (North America, Europe, Asia Pacific, and Rest of the World).
Lucintel forecasts that steel based high-pressure cylinders will remain the largest material market due to their low cost. The composites high-pressure cylinder segment is expected to witness the highest growth due to increase in natural gas vehicles and growth of CNG gas in transportation market, such as transportation, recreational, and healthcare industries.
Within the high-pressure gas cylinder market, transportation is projected to remain the largest end use industry, and it is also expected to witness the highest growth. Increasing number of natural gas vehicles (NGVs) and lower cost of natural gas which creates demand for CNG cylinder are driving the demand for the high-pressure gas cylinder market.
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Asia Pacific is expected to remain the largest region, and it is also expected to witness the highest growth over the forecast period due to increasing demand for industrial gases and CNG vehicles
Luxfer Gas Cylinders, Fabar Industries S.P.A, Worthington Industries, BTIC, Hexagon Composites are the major suppliers in the high-pressure gas cylinder market.
This unique 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 write us at [email protected]To get access of more than 1000 reports at fraction of cost visit Lucintel'sAnalytics Dashboard.
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Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: [email protected]
Tel. +1-972-636-5056
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