Gas Cylinders Market Size - Global Industry, Share, Analysis, Trends and Forecast 2024 - 2032
The Gas Cylinders Market Size accounted for USD 7.6 Billion in 2023 and is estimated to achieve a market size of USD 12.1 Billion by 2032 growing at a CAGR of 5.6% from 2024 to 2032.
Gas Cylinders Market Highlights
- Global gas cylinders market revenue is poised to garner USD 12.1 billion by 2032 with a CAGR of 5.6% from 2024 to 2032
- Asia-Pacific gas cylinders market value occupied around USD 2.5 billion in 2023
- Europe gas cylinders market growth will record a CAGR of more than 6% from 2024 to 2032
- Among gas type, the innert gases sub-segment generated 30% of the market share in 2023
- Based on wrap type, the wrap less sub-segment generated notable market share in 2023
- Increasing adoption of composite materials for lighter and safer gas cylinders is the gas cylinders market trend that fuels the industry demand
Gas cylinders are under pressure containers designed to store gases at high pressures. They are commonly made of materials like steel, aluminum, or composite materials, ensuring durability and safety. These cylinders find widespread applications across various industries, including healthcare, manufacturing, welding, and transportation. In healthcare, they store medical gases like oxygen, nitrogen, and carbon dioxide for therapeutic purposes. Industrial processes rely on gas cylinders for tasks such as cutting, brazing, and welding. Additionally, they are crucial in laboratories for research and experimentation purposes. The portability and versatility of gas cylinders make them indispensable for powering tools and equipment in remote locations and emergency situations, ensuring a continuous and reliable supply of gases for various applications.
Global Gas Cylinders Market Dynamics
Market Drivers
- Increasing demand for clean energy solutions drives the adoption of gas cylinders in various applications
- Growing industrialization and urbanization fuel the demand for gas cylinders in manufacturing and construction sectors
- Stringent safety regulations and standards boost the requirement for secure gas storage solutions
Market Restraints
- Fluctuating raw material prices pose challenges to gas cylinder manufacturers in maintaining profitability
- Limited infrastructure for gas distribution and storage inhibits market growth, especially in developing regions
- Concerns regarding carbon emissions and environmental sustainability may hinder the expansion of the gas cylinder market
Market Opportunities
- Technological advancements in lightweight materials and composite manufacturing
- Expansion of the healthcare industry and the increasing use of medical gases
- Rising investments in renewable energy projects such as hydrogen fuel cells
Gas Cylinders Market Report Coverage
| Market | Gas Cylinders Market |
| Gas Cylinders Market Size 2022 | USD 7.6 Billion |
| Gas Cylinders Market Forecast 2032 | USD 12.1 Billion |
| Gas Cylinders Market CAGR During 2023 - 2032 | 5.6% |
| Gas Cylinders Market Analysis Period | 2020 - 2032 |
| Gas Cylinders Market Base Year |
2022 |
| Gas Cylinders Market Forecast Data | 2023 - 2032 |
| Segments Covered | By Cylinder Type, By Wrap Type, By Gas Type, By Application Industry, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | 3M, Avery Dennison, Aygaz, Beijing Tianhai Industry Co., Dragerwerk AG & Co. KGaA, Everest Kanto Cylinder Ltd., Faber Industrie SPA, Hexagon Composites ASA, Linde PLC, Luxfer Gas Cylinder, Time Technoplast, and Worthington Cylinders. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
Gas Cylinders Market Insights
The escalating demand for clean energy solutions is propelling the widespread adoption of gas cylinders across diverse applications. For instance, according to World Economic Forum, in 2023, the clean energy sector experienced a significant surge, witnessing a 50% increase in renewable energy capacity added to global energy systems compared to the preceding year. These cylinders serve as vital vessels for storing and transporting gases like hydrogen and compressed natural gas (CNG), which are integral components of clean energy initiatives. In sectors ranging from transportation to industrial manufacturing, gas cylinders offer a convenient and efficient means of harnessing eco-friendly energy sources. Their versatility enables them to power vehicles, provide backup energy in remote areas, and support renewable energy projects. As societies increasingly prioritize sustainability, the role of gas cylinders in facilitating the transition to cleaner energy alternatives continues to expand.
The expansion of the gas cylinder market may face challenges due to growing concerns about carbon emissions and environmental sustainability. As awareness of climate change rises, industries and consumers alike are seeking cleaner alternatives to traditional fuel sources. This shift in preference could lead to decreased demand for gas cylinders, especially in sectors where renewable energy options are becoming more accessible and affordable. Additionally, stricter regulations aimed at reducing greenhouse gas emissions may further impact the market by imposing higher costs and limitations on gas cylinder usage. To sustain growth, companies in the gas cylinder industry may need to invest in research and development of greener technologies and actively promote their environmental initiatives to support consumers.
The growing emphasis on renewable energy, notably hydrogen fuel cells, presents an opportunity for the gas cylinder business. As the need for clean energy solutions rises, so does the need for efficient storage and transportation of gasses such as hydrogen. Gas cylinders are critical components in the infrastructure for safely storing and delivering gasses. This spike in renewable energy investments is expected to fuel significant growth in the gas cylinders market, as industries seek dependable solutions to help them migrate to sustainable practices. As a result, gas cylinder manufacturers and suppliers are well-positioned to take advantage of this increasing market scenario.
Gas Cylinders Market Segmentation
The worldwide market for gas cylinders is split based on cylinder type, wrap type, gas type, application, and geography.
Gas Cylinders Type
- High Pressure
- Low Pressure
- Cryogenic Cylinders
- Composite Cylinders
According to the gas cylinders industry analysis, high pressure cylinders are commonly used for storing gases like oxygen, nitrogen, hydrogen, and argon. They are designed to withstand high pressures, and Industries such as healthcare, aerospace, and manufacturing often rely on high-pressure cylinders for their gas storage needs. Additionally, low-pressure cylinders are typically used for gases that do not require high-pressure storage, such as propane, carbon dioxide, and some specialty gases. They are often used in applications like heating, welding, and beverage carbonation. They still hold notable market share, particularly in industries like food and beverage and construction.
Gas Cylinders Wrap Type
- Wrap Less
- Glass Fiber
- Aramid Fiber
- Carbon Fiber
- Others
According to the gas cylinders industry analysis, the rising demand for lightweight and portable gas cylinders is driving the dominance of wrap-less wrap type segments in the market. This innovative design offers enhanced durability and safety while significantly reducing weight compared to traditional cylinders. Its appeal lies in its ability to provide convenience for various applications, from industrial to recreational, fostering its rapid adoption globally. With a focus on efficiency and sustainability, the wrap-less wrap type segment expected to dominates market.
Gas Cylinders Gas Type
- Inert Gases
- Flammable Gases
- Toxic Gases
- Pyrophoric Gases
- Oxidise
According to the gas cylinders industry forecast, inert gases are poised to dominate the gas cylinder market due to their versatility and widespread industrial applications. These gases, such as helium, argon, and nitrogen, are crucial for various industries, including manufacturing, healthcare, and electronics. Their inert nature makes them ideal for creating inert atmospheres, preventing unwanted chemical reactions. Additionally, inert gases are essential for welding, food packaging, and semiconductor production, further driving their demand in the global market.
Gas Cylinders Application
- Kitchen & Domestic
- Processing Industries
- Medical
- Transportation
- Others
According to the gas cylinders industry forecast, kitchen & domestic segment holds a dominant position due to its widespread use in households for cooking purposes. These cylinders are essential for powering gas stoves, heaters, and other appliances, making them indispensable in everyday life. The segment's dominance is further solidified by the continuous demand for cooking gas across residential settings globally. Additionally, the convenience and efficiency offered by gas cylinders make them a preferred choice for households compared to alternative fuel sources. As a result, manufacturers and distributors focusing on innovations to maintain its dominance in market. For instance, in January 2021, Hexagon Composites ASA introduced its next-generation smart LPG cylinders, which display the remaining gas levels and cooking time on the cylinder. Furthermore, the cylinder gives distributors with knowledge into consumer usage patterns, allowing for enhanced logistics.
Gas Cylinders Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Gas Cylinders Market Regional Analysis
For several reasons, the Asia-Pacific region dominates gas cylinder market, propelled by rapid industrialization and urbanization across its diverse economies. With countries like China and India leading the charge, the demand for gas cylinders has surged, driven by burgeoning sectors such as manufacturing, healthcare, and automotive. Additionally, stringent safety regulations and increasing awareness regarding the benefits of using gas cylinders further fuel this growth. The region's robust infrastructure development and expanding healthcare industry are also significant contributors to the market's dominance. As a result, robust presence of manufacturers further poised for continued expansion in the forecast future. For instance, in July 2021, Indane, a subsidiary of Indian Oil Corporation, unveiled the Composite Cylinder, a groundbreaking intelligent gas container. Promising to be lighter, safer, and reportedly more durable than traditional cylinders, this innovation allows consumers to gauge the gas volume through certain translucent components. The cylinder features an exterior blow-molded HDPE liner secured to the casing, with an outer polymer layer enveloping the liner.
Europe is expected to dominate gas cylinder market in forecast year. Firstly, stringent regulations regarding safety and environmental concerns drive the demand for high-quality gas cylinders in industries such as healthcare, manufacturing, and automotive. Secondly, the region's focus on sustainability and green initiatives fosters the adoption of alternative energy sources like hydrogen, necessitating specialized storage solutions. Additionally, Europe's robust infrastructure and technological advancements enable efficient distribution and usage of gas cylinders across diverse applications further contributes to region’s growth. For instance, in 2022, Air Liquide, a global leader in industrial gases and services, strengthened its market position by acquiring the hydrogen barrel business of the Messer Group. This strategic move is expected to bolster Air Liquide's status as a leading supplier of hydrogen barrels for both industrial and mobile applications, further solidifying the company's presence in Europe.
Gas Cylinders Market Players
Some of the top gas cylinders companies offered in our report include 3M, Avery Dennison, Aygaz, Beijing Tianhai Industry Co., Dragerwerk AG & Co. KGaA, Everest Kanto Cylinder Ltd., Faber Industrie SPA, Hexagon Composites ASA, Linde PLC, Luxfer Gas Cylinder, Time Technoplast, and Worthington Cylinders.
Frequently Asked Questions
How big is the gas cylinders market?
The gas cylinders market size was valued at USD 7.6 billion in 2023.
What is the CAGR of the global gas cylinders market from 2024 to 2032?
The CAGR of gas cylinders is 5.6% during the analysis period of 2024 to 2032.
Which are the key players in the gas cylinders market?
The key players operating in the global market are including 3M, Avery Dennison, Aygaz, Beijing Tianhai Industry Co., Dragerwerk AG & Co. KGaA, Everest Kanto Cylinder Ltd., Faber Industrie SPA, Hexagon Composites ASA, Linde PLC, Luxfer Gas Cylinder, Time Technoplast, and Worthington Cylinders.
Which region dominated the global gas cylinders market share?
Asia-Pacific held the dominating position in gas cylinders industry during the analysis period of 2024 to 2032.
Which region registered fastest CAGR from 2024 to 2032?
Europe region exhibited fastest growing CAGR for market of gas cylinders during the analysis period of 2024 to 2032.
What are the current trends and dynamics in the global gas cylinders industry?
The current trends and dynamics in the gas cylinders industry include increasing demand for clean energy solutions drives the adoption of gas cylinders in various applications, growing industrialization and urbanization fuel the demand for gas cylinders in manufacturing and construction sectors, and stringent safety regulations and standards boost the requirement for secure gas storage solutions.
Which wrap type held the maximum share in 2023?
The wrap less held the maximum share of the gas cylinders industry.
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