The market for gas cylinders is anticipated to grow during the forecast period due to the rise in commercial and industrial demand for various gases, including anaesthetic gas, LPG, and others. Gas cylinders are the most convenient way to transport these gases. Hospitals, which frequently need liquified anaesthetic gas, as well as the automobile industry, where liquified fuels like LPG or automotive enhancers like nitrous oxide find applications, are just two examples of the many science and engineering disciplines where liquified gases play a significant role. The demand for gas cylinders is increasing significantly as a result of these liquefied gases' particular storage and safety requirements.
The recession will have a substantial effect on the market for gas cylinder. A rise in interest rates will undoubtedly cause a severe reduction in the rate of economic expansion, even though it is expected that price inflation will decline in 2023. For a time, power and raw materials will stay pricey. Other factors that affect inflation include the partial reversal of globalisation, labour shortages in many Western countries that increase the cost of manufacturing, and the transition to a shared economy in response to the greatest threat to our species.
Medical Oxygen Cylinder Demand Rising Will Spur Market Expansion
In order to treat patients and perform diagnostic procedures, healthcare professionals routinely employ oxygen gas cylinders. Medical oxygen gas systems, including concentrators and compressed oxygen gas cylinders, are frequently utilised in homecare settings and are frequently chosen by older patients who have mobility problems and need a reliable oxygen supply. The general quality of breathing air has suffered as a result of increased industrialization worldwide. As a result of rapid population development and rising pollution, the air quality index (AQI) has increased, which has led to an increase in the prevalence of respiratory illnesses. In order to improve their quality of life, patients with chronic respiratory disorders (CRDs) such Chronic Obstructive Pulmonary Disease (COPD) need to augment their oxygen intake. Chronic respiratory diseases can be exacerbated by pollution, cigarette smoke, workplace toxins, dust, and other factors (CRDs). The number of elderly people with chronic illnesses who need continual respiratory support has increased in recent years.
Price Fluctuations For Gas Cylinders Will Prevent The Market From Growing
Steel, composite, and other materials, among others, are used to make gas cylinders. Due to their superior anti-stress capabilities, which reduce energy consumption during manufacture, boost strength, and are 100% recyclable at the end of the product's life, steel materials are primarily employed in the construction of gas cylinders. The composite cylinder is an aluminium alloy cylinder with three layers: an inner liner made of HDPE that has been blow-molded, a composite layer of fibreglass that has been wrapped in polymer, and an HDPE outer jacket. Since these materials' costs have been fluctuating in recent years, so have gas cylinder prices.
Based on material, the gas cylinder market is segmented into steel, composite and others. The steel category dominated the market in 2022. A pressure-filled container known as a gas cylinder is used to store gas. It is made of steel, and the top of the container is supplied with valves for filling, moving, and distributing. Steel gas cylinders are used in homes, cars, recreational equipment, and other settings. Compared to composite cylinders, these cylinders are strong and last longer. They can endure high pressure and are less likely to leak. They weigh a lot, though, and take up more room in storage.
Based on product, the gas cylinder market is segmented into high pressure, low pressure and acetylene. The high pressure category dominated the market in 2022. High-pressure gas cylinders are also known as bottles. The stored contents may be in the form of compressed gas, vapour over liquid, supercritical fluid, or dissolved in a substrate material inside the cylinder, depending on the physical characteristics of the contents. High-pressure cylinders are helpful for safely transferring and storing compressed gases.
Based on wraps, the gas cylinder market is segmented into wrap less, glass fiber, aramid fiber, carbon fiber and others. The aramid fiber category dominated the market in 2022. Aramid fibres are frequently used to cover cylinder holes because of their strong heat stability. In addition, aramid fibres can withstand compression caused by seismic and wind waves as well as shearing and bending. Moreover, they are simple to form, good at providing insulation, and quite strong. They are anti-corrosive and extremely durable.
Based on gas, the gas cylinder market is segmented into flammable gases, inert gases, toxic gases, pyrophoric gases, oxidizers and others. The flammable gases category dominated the market in 2022. The segment is expected to grow due to the rising global use of these gases, particularly LPG for cooking. Furthermore, it is projected that the expansion of this market will be aided by the increasing number of government programmes in emerging economies to inform people about the advantages of using LPG instead of conventional cooking fuels like coal, wood, and kerosene. LPG's demand is expected to increase because it is less expensive, cleaner, portable, and non-toxic than conventional fuels.
Based on application, the gas cylinder market is segmented into kitchen and domestic, processing industries, medical, transportation and others. The transportation category dominated the market in 2022. The demand for CNG cylinders and the market for gas cylinders in the transportation sector are driven by the rise in the number of natural gas vehicles (NGVs) and the falling price of natural gas. These are the main elements that, over the forecast period, will propel the growth of the transportation sector segment globally.
Asia Pacific is projected to hold the largest share of the gas cylinder market over the forecast period. Due to the rising use of LPG gas cylinders, the region's markets were greatly boosted by the quick increase in food and cooking gas demand brought on by population expansion. The demand generation curve for gas cylinders was further prolonged by the rise in the need for medical gas cylinders, such as oxygen or general anaesthesia, another effect of the population increase. The widespread expansion of construction activities and the industry's reliance on liquified gases for various processes, including welding and curing, served as the icing on the cake for the expansion of the gas cylinder market in the Asia-Pacific region. On the other hand, North America gas cylinder market is anticipated to grow significantly. Gas is in exceptionally high demand in the area because there is a big industrial sector there. In turn, this raises the need for gas cylinders. Further, it is anticipated that a growing population in the area would increase demand for gas, which will open up business potential for providers of gas cylinders. Furthermore, the Rural Health Information Hub reports that there are currently over 46 million persons in the United States who are 65 years of age or older. This number is anticipated to increase quickly in the near future, which will increase the prevalence of respiratory illnesses and increase demand for medical oxygen gas cylinders.
LIST OF KEY COMPANIES PROFILED:
- Aygaz A.Ş.
- FABER INDUSTRIE SPA
- Hexagon Ragasco AS
- Luxfer Gas Cylinders
- Worthington Industries Inc
- Beijing Tianhai Industry Co., Ltd.
- Drägerwerk AG & Co. KGaA
- Linde plc
- Time Technoplast Ltd.
- MS GROUP
- Welz Gas Cylinder GmbH
- Zhejiang Tianlong cylinder co., L.T.D.
- In July 2021, a new smart gas cylinder called Composite Cylinder was introduced by Indane, a division of Indian Oil Company. Compared to traditional cylinders, it is thought to be stronger, safer, and lighter. Because to some of its transparent components, it would allow customers to determine how much gas is actually in the cylinder. It has an inner liner made of blow-molded HDPE that is attached to the outside of the jacket. A layer of fibreglass wrapped in polymer is placed on top of the liner.
|Market Size in 2022||USD 7.1 Billion|
|Market Forecast in 2030||USD 12.01 Billion|
|Compound Annual Growth Rate||7.80 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Material, By Product, By Wraps, By Gas, By Application and By Geography|