The global "Gas cylinder market" is expected to reach at a CAGR of 2.6% during the forecast period 2022-2029.
A tank or gas cylinder is defined as a highly pressurized container that finds application in the storage as well as containment of various gases at a pressure above the barometricalrange. It is also called a bottle since the cylinder could contain matter existing in numerous states such as compressed gas, supercritical fluid, vapor over liquid, among others, in accordance with the physical characteristics of the contents. An average gas cylinder is designed in an elongated fashion, standing upright on a flattened bottom. The valve and fitting to attach the receiving apparatus are normally installed on top of the gas cylinder for easy usage.
Source: DataM Intelligence Analysis (2021)
The growth in commercial and industrial demands of various gases such as anesthetic gas, LPG and others is expected to boost the gas cylinder market during the forecast period because gas cylinders are the easiest ways to transport these gases.
The demand increment of compressed gasses in various science and engineering fields
Liquified gases play an important role in varied science and engineering fields such as hospitals, where liquified anesthetic gas is widely required, automotive fields where liquified fuels such as LPG or automotive enhancers such as nitrous oxide find applications. Since these liquefied gases require peculiar conditions offered by gas cylinders for storage and safety, the demand for gas cylinders is rising exponentially.
As per the statistical data provided by the International Trade Centre, the import of aluminum gas cylinders used for the containment of liquified gases in the U.S. went from 4,595,931 units in 2018 to 6,093,337 units in 2020. Further, the import quantities in the U.S. witnessed a growth of 14% between 2019 and 2020.
Since the U.S. is one of the most major consumers globally of gas cylinders due to difficulty in establishing pipelines and a similar trend, with varying intensities, could be witnessed globally, particularly in the case of moderately essential commodities such as a gas cylinder. As a result, it could be indisputably argued that an increase in applications and demand for compressed gases have provided the global gas cylinder market with a tremendous boost over the recent years.
Growing construction activities supplemented by population explosion have a tremendous impact on the gas cylinder demand
Building and construction are among the most famous billion-dollar industries in the modern economy that could be considered one of the pioneer industries with high growth rates and the potential to transform into a trillion-dollar one. Modernity has witnessed enormous growth in construction activities over the recent years, primarily as a result of the baby boom experienced the world over.
According to United Nations, the global urban population grew from 751 million to 4.2 billion over 60 years between 1958 and 2018. Further, 55% of the global population lives in urban areas and is expected to increase to an astounding 68% by 2050. Governments worldwide are expected to invest extensively into various constructional activities to cater needs of newly added 2.5 billion people in urban areas.
As per the Global Construction Perspectives and Oxford Economics, the volume of construction output is estimated to grow by 85% by2030. Around 4.0% to7.7% of GDP is currently invested for construction in East Asia, Pacific and Central Asia. If the focus is kept just to the housing requirements in various countries, it is expected that most major economies, including China, U.S. and India need 7 million, 1.5 million and 11 million new houses, respectively.
The rising population tends to pressure governments and regulatory authorities for infrastructural developments such as housing and transportation facilities. Since many new-age building activities such as concrete curing, wielding and bitumen boilers require liquified gases of various sorts, a rise in constructional activities also points towards increased production and utilization of gas cylinders, which would indirectly offer a boost to the global gas cylinder market.
The heavyweight factor and dangers such as leakage and explosion restraint the global gas cylinder market
Although gas cylinders are functional and convenient, several risks and dangers lurk behind gas cylinders, despite how uncommon such instances are. The most common arguments raised against gas cylinders are their tragedies, such as an explosion. Since gases stored in cylinders are extremely flammable and under extreme pressure, small leakages tend to have catastrophic results. Similarly, a close outlook of several industrial tragedies reveals the deep roots of the humongous weight quotient gas cylinders in them.
For instance, according to the American Gas Association, a 2.2% probability of significant explosions to occur exists per million urban dwellings units. Further, the statistical data provided by the National Fire Protection Association, U.S., reveals the fact that an average of 4,200 home structure fires occurs per year due to gas leaks that cause an average of 40 deaths per year. As a result of many terrible tragedies, several people globally are wary and suspicious when it comes to the gas cylinder and liquified gases, which tends to affect the customer purchase pattern as well as the overall demand generation of the global gas cylinder market.
COVID-19 Impact Analysis
The aftermath of COVID-19 on the global gas cylinder market tends to be positive primarily due to two important reasons; the first and foremost is increased consumption of oxygen cylinders in hospitals. According to the World Health Organization, the requirement for oxygen cylinders rose by around1.1million in several developing countries, increasing gas cylinder production.
Secondly, the pandemic increased the number of people who cook within the household several times, which increased the number of LPG cylinders consumed by the people. As a result, production and demand for gas cylinders increased many folds, positively impacting the overall market.
Even though the pandemic inflicted several adversities to gas cylinder demand, such as disruptions in the supply chain and production delays, the overall positive impact of COVID-19 outweighs these adversities. As a result, it would be apt to say that the overall impact of COVID-19 on the global gas cylinder market is convenient and profitable.
The global gas cylinder market is segmented based on material, product, gas, application and region.
The relative strength and resistance to corrosion are the main parameters that cater to the market share for Steel cylinders
Based on material, the global gas cylinder market is segmented into steel, composite and others. Out of the mentioned materials, steel is expected to dominate the global gas cylinder market during the forecast period due to the high availability of steel cylinders and the availability of already established robust scientific methods for its production and processing. Additionally, steel cylinders are cheaper and are as efficient compared to their peers.
Source: DataM Intelligence Analysis (2021)
Growing population and the associated demand for food, infrastructure and healthcare to grow demand in Asia-Pacific
The region's population explosion should be considered the primary factor that caters to the market expansion of gas cylinders. The influence of population expansion on the gas cylinder market could be considered multivariant and could be broken down as follows.
For instance, in 2018, an average growth of 8.4% was witnessed in the Indian LPG consumption due to the rapid increase in population combined with LPG penetration in rural areas, thereby making India the second-largest LPG consumer globally with an annual consumption of 22.5 million tons. Further, the projections and forecasts indicate that the LPG consumption in India is further expected to grow to 30.3 million tons by 2025 and 40.6 million tons by 2040.
Source: DataM Intelligence Analysis (2021)
The global gas cylinder market is extremely competitive due to the presence of several local and global brands. Major players in the market include3M, Aygaz A.Ş., Drägerwerk AG & Co. KGaA, FABER INDUSTRIE SPA, Hexagon Composites ASA, Luxfer Gas Cylinders, Worthington Industries, Inc., AVERY DENNISON CORPORATION., BEIJING TIANHAI INDUSTRY CO., Linde plc, among others.
The major players in the market are known to incorporate numerous market strategies to achieve growth in the global gas cylinder market; these include mergers, acquisitions, product launches, contributions and collaborations
Faber Industrie Spa
Overview: Faber Industrie Spa is a multinational conglomerate established in 1969 and its headquarters is in Udine, Italy. The company mainly deals with high-pressure gas cylinders and systems as well as is compliant with international regulations such as ISO 9001, IATF16949, ISO 45001 and ISO 14001
The global gas cylinder market report would provide approximately 69 tables, 72 figures and almost 180 pages.
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