According to research report titled ‘Global Gas Cylinders Market: Analysis By Material Type (Steel, Composite, Others), By Product Type (High Pressure, Low Pressure, Acetylene), By Application, By Region, By Country (2018 Edition): Opportunities and Forecast (2013-2023)’ available with Market Study Report, the global gas cylinders market is estimated to grow with a CAGR of 4.86% through the year 2023.

 

Although the high-pressure cylinder and steel cylinder segments have been expanding over the years, composite cylinder segment is expected to show significant growth over the forecast period, cites the report. Factors such as improved utilization of gas cylinders by manufacturers along with a growing industrial sector in emerging nations are contributing towards these segmental growths.

 

As per the report, heavy investments by various manufacturers around the globe, rising awareness regarding the benefits of composite cylinders and product innovations, coupled with rapid expansion of automobile industry are the main driver augmenting the gas cylinders market. Other factors aiding the market growth are global economic development and booming population.

 

In terms of material used, the market is classified into composite, steel, and others. Whereas based on product type, the industry is segmented as acetylene, low pressure, and high-pressure. As per application spectrum, gas cylinders market is divided into kitchen & domestic, medical, processing industries, transportation, and others.

 

Considering the geographical landscape, the global gas cylinders market is fragmented into regions, namely, Europe, North America, APAC and the rest of the world. As of 2018, Asia Pacific held the largest regional share in the gas cylinders market, on account of growing economy in developing countries, establishment of production & manufacturing units of leading companies India, China, Singapore and Vietnam, and widespread usage of gas cylinders for domestic purposes, claims the report.

 

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The key players operating in gas cylinders market are Worthington Cylinders, Luxfer Gas Cylinder, Aygaz, Hexagon Composites ASA, Drägerwerk AG and Co. KGaA, Faber Industries S.P.A, Beijing Tianhai Industry Co., Linde AG, Time Technoplast, and Everest Kanto Cylinder Ltd.

 

Notably, the research report examines the potential growth opportunities in global gas cylinders market. It also provides crucial statistics on each segment size, alongside the information regarding market dynamics. The study further aims to provide top-notch business information and helps investors to evaluate their investments thoroughly.