According to a new market report published by Lucintel, the future of the global composite cylinder market looks attractive with opportunities in the gas carrier and storage, life support, and transportation industries. The global composite cylinder market is forecast to grow at a CAGR of 8.7% from 2015 to 2020. The major drivers of growth for this market are increase in demand for natural gas vehicles and increasing demand for lightweight cylinder with higher gas carrying capacity.
Composite cylinders are available mainly in three types: Type-II, Type-III, and Type-IV. Type II cylinders are the heaviest, whereas Type IV tanks are the lightest and most expensive. These cylinders are used in various end use applications like transportation, gas carrier & storage, life support, and recreation. On the basis of comprehensive research Lucintel forecasts that gas carrier & storage, and transportation industries are expected to show above average growth during the forecast period. Lucintel forecast that, Type-IV cylinder is expected to show the highest growth during forecast period.
In this market, carbon fiber, glass fibers, and epoxy resin are the major raw materials used for manufacturing composite cylinders. Lucintel predicts that the carbon fiber composites will continue to have the highest usage by value in the composite cylinder during the forecast period.
North America is expected to be the largest market due to the high acceptance level of composite cylinders and demand of Type IV cylinders for bulk gas transportation.
North America and Rest of the world (including Asia Pacific) region is expected to witness highest growth over the forecast period because of increasing demand for natural gas vehicles and gas carrier & storage system.
For market expansion, this report suggests capacity expansion and new product development to reduce weight and increase gas carrying capacity per cylinder. Emerging trends in the global composite cylinder, which have a direct impact on the dynamics of the industry, include development of Type-V tanks and increasing demand for lightweight cylinders.
Hexagon Composites, Luxfer Gas Cylinders, BTIC, Faber Industrie, and Worthington are among the major suppliers of the composite cylinders.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global composite cylinder market by application, cylinder type, fiber type, and region, and has come up with a comprehensive research report, Global Opportunities in the Global Composite Cylinder Market 2015-2020: Trends, Forecast and Opportunity Analysis. The Lucintel report serves as a springboard for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast of the global composite cylinder market through 2020, segmented by end-use industry, cylinder type, fiber type, and region as follows:
By end use industry [unit (thousand units) and $M value analysis for 2009 2020]:
Gas Carrier and Storage
Recreational and Others
By cylinder type [unit (thousand units) and $M value analysis for 2009 2020]:
By region [unit (thousand units) and $M value analysis for 2009 2020]:
Rest of the World (including Asia Pacific)
By fiber type [volume (M lbs) and $M value analysis for 2009 2020]:
Carbon Fiber Composite
Glass Fiber Composite
Aramid Fiber Composite
This 163-page 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 click on this link http://www.lucintel.com/reports/chemical_composites/growth_opportunities_in_the_global_composite_cylinder_market_2015_2020_trends_forecast_and_opportunity_analysis_october_2015.aspx or email@example.com.
Lucintel, the premier global management consulting and market research firm, creates winning strategy for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M & A and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q. 1.How big the opportunities for global composite cylinders market by end use application, cylinder type, fiber type, and region?
Q. 2.Which segments will grow at a faster pace and why?
Q. 3.Which region will grow at a faster pace and why?
Q.4.What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5.What are the business risks and threats of this market?
Q.6.What are emerging trends in this market and reasons behind it?
Q.7.What are some changing demands of customers in the market?
Q.8.What are the new developments in the market? Which companies are leading these developments?
Q.9.Who are the major players in this market? What strategic initiatives are taken by key players for business growth?
Q.10.How is the competitive rivalry and threat of substitution in this market?
Q. 11.How many M & A activities happened during last 1- 2 years and what are their impacts?