The global composite cylinder market size was valued at $0.8 billion in 2020, and projected to reach $1.2 billion by 2030, with a CAGR of 4.1% from 2021 to 2030. Composite cylinder is composed of helically woven fibers and combined with resin. Their features mark an important transition to a new generation technology transferring interesting characteristics, including being 100% recyclable and resistant to UV. Composite cylinders have a huge variety of uses, most significantly domestic use. They are acceptable for both indoor and outdoor use, including caravans, camping, and barbecues. Moreover, they are employed across many different sectors such as boating, hot air balloons, construction, recreation, hospitality, agricultural, calefaction, and fishing.
The growth of the composite cylinder market is expected to be driven by increase in demand for transportation storage containers for liquid petroleum gas (LPG) and compressed natural gas (CNG). Moreover, composite cylinders are witnessing growing adoption across various end-use sectors, including transportation, aerospace & defense, wind energy, and construction & infrastructure.
Composite LPG cylinder that communicates with the user as well as the distributor. Powered by IoT, the smart composite cylinder connects to the smartphones of consumers as well as to the IT system of LPG distributors. The technology informs users of the remaining gas level of their cylinder and enables distributors to tailor their supply logistics and stocks in real-time.
The global composite cylinder industry is segmented into cylinder type, fiber type, tank type, end use, and region. On the basis of cylinder type, the composite cylinder market is classified into LPG and CNG. In terms of value, the LPG cylinder segment acquired the largest share in 2020. By fiber type, the market is categorized into glass fiber composites, carbon fiber composites, and aramid fiber composites. In terms of value, the glass fiber composite segment garnered the highest share in 2020. Depending on tank type, the market is segregated into type II, type III, type IV. In terms of value, the type III tank type segment witnessed the fastest growth in 2020. As per end use, the market is fragmented into gas carriers & storage, transportation, life support, recreation, and others. In terms of value, the transportation segment dominated the market in 2020. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest share of the market in 2020.
The usage of automobiles in developing countries of Asia-Pacific was witnessed to increase considerably, which led to increase in demand for fossil fuels. To reduce the imports of fossil fuels, government issued various support policies to develop natural gas-powered vehicles for commercial purposes. In addition to this, the advantages of the application of natural gas in the transportation sector will have positive impact on the environment. The growing population and high deposal income from the individuals to enjoy comfortable life have increased the demand for composite cylinders in this region.
The LPG segment dominates the global composite cylinder market. This is attributed to the fact that composite LPG cylinders are superior alternatives to traditionally used metal cylinders. These cylinders are lightweight and can be easily transported. They are resistant to ultraviolet rays, corrosion, impact, and environmental conditions. In addition to this, they are resistant to explosion and it is safe to use them. Furthermore, increase in application of LPG in the residential sector and as fuel in transportation vehicles have led escalated the demand for composite LPG cylinders.
The glass fiber composite segment dominates the global composite cylinder market. Glass fiber composite is a type of fiber-reinforced polymer composite, which exhibits properties such as low density, high strength, and easy processing. Hence, it is widely used in aerospace, automotive, and construction sectors. Moreover, glass fibers are the most common of all reinforcing fibers for polymeric matrix composites. Surge in application of LPG and CNG composite cylinders in the automotive industry as power sources for transportation and as fuel for cooking have created a positive demand for the glass fiber composite cylinders in the market.
The type III segment dominates the global composite cylinder market. Type III composite cylinder is also known as fully wrapped composite cylinder, which has a metal liner that is completely wrapped in a composite or fiber resin. It is fully wrapped with layers of fiber, which is strong, impact-resistant, and epoxy resin matrix is applied over it in proprietary patterns to maximize durability and performance, thus resulting in an ultra-lightweight, extremely strong composite cylinder capable of operating at higher pressures than standard all aluminum cylinders. Increase in application of natural gas and LPG in the automotive industry as power source has led to high demand for fully wrapped composite cylinders. Moreover, implementation of support policies of government and advantages of application of natural gas in the transportation sector have led to increase in demand for storage cylinders. Composite cylinder is an ideal for application where portability and capacity are important such as for home oxygen therapy and medical oxygen cylinder in ambulances. The need for national border security and increase in disputes over the borders led to the development of drone and UAVs where these type of cylinders are used as fuel storage purposes. In addition, rise in application of this type of composite cylinders in aerospace and military sectors drives the growth of the market.
The transportation segment dominates the global composite cylinder market. In the transportation sector, natural gas is used as power source for commercial and private vehicles. This is attributed to the fact that natural gas is a proven reliable alternative fuel that has long been used to power natural gas vehicles. Only two-tenths of 1% is used for transportation fuel. It accounts for about 30% of the energy used in the U.S., about 40% of the fuel goes to electric power production, and the remaining is split between residential & commercial uses, such as heating & cooking and industrial uses. Composite cylinders are further used as storage devices during transportation such as gas carriers on the ships, and containers on road transportation.
Analyst Review
According to the insights of the of the top-level CXOs, the global composite cylinder market is expected to exhibit high growth potential during the forecast period as a result of government regulations to promote the usage of CNG and LPG as fuel in the transportation sector.
Composite gas cylinders market is growing at a faster pace can be attributed to the various properties of its materials such as traditional metal cylinders such as improved safety, lighter weight, and superior corrosion resistance. The rapid surge in the application of natural gas powered vehicles and growing demand for lightweight storage solutions is a positive factor driving the growth of the market.
The presence of strict government regulations and safety standards regarding the transportation and storage of the gas has boosted the growth of the market. Composite cylinders are suited for both industrial and at home application while offering exceptional quality and safety for gas containment.
The major factor for the growth of the market is the increase in urbanization and a rise in per capita income. In addition to this, the advantages of the ease of handling and explosion bearing capacity, the commercial environment will adopt and increase the use of composite gas cylinders. It is used in variety of domestic commercial applications which includes camping, calefaction, caravans, transportation, agriculture, hot air balloons, hospitality, barbeque, and fishing.
