In 2022, global gas cylinder sales are expected to reach $8 billion. The market is expected to reach US$ 11 billion by 2026, growing at a strong 8.2% CAGR. Transportation and storage of precious gases is turning into profitable profit margins and strong value growth for firms as oil and petrochemical prices rise. Gas cylinders are becoming increasingly popular in such crucial activities. The global gas cylinders market is expected to grow rapidly in the next years, according to Future Market Insights.
The global gas cylinders market is expected to rise at a strong 8% CAGR in terms of value from 2017 to 2026, according to a recent forecast analysis. During this evaluation period, advanced safety features and effective storage capabilities of gas cylinders will be major drivers of sales. According to the estimate, sales of gas cylinders around the world would generate over US$ 11 billion in income by the end of 2026.
Type I Cylinders’ Superior Safety Features to Drive Adoption
Gas cylinders are frequently utilised in bulk gas transportation operations, in addition to their end-use in storing CNG and other fuels. Because of the high risks involved in such operations, type I gas cylinders have become popular. Type I gas cylinders are popular because of their advanced safety measures, which reduce the possibility of unintentional gas leakage. Type I gas cylinders’ light weight adds to their competitive advantage over other types of gas cylinders by allowing for more fuel-efficient gas transportation. The use of high-quality fabrications and powder coating technologies in the manufacture of type I gas cylinders has increased their resistance to extreme corrosion. During the projection period, sales of type I gas cylinders will account for nearly 40% of the worldwide gas cylinders market value.
Demand for Aramid and Carbon Fibre-Wrapped Gas Cylinders is Increasing Rapidly
According to the report, sales of wrapless gas cylinders would account for the biggest proportion of global revenues over the anticipated year. Wrapless gas cylinders worth over US$ 5.2 billion are expected to be sold globally by the end of 2026. However, the research predicts a significant increase in demand for gas cylinders with carbon and aramid fibre coverings. Aramid fibres’ thermal stability will push their use in the covering of gas cylinder apertures. Carbon fibres’ high strength-to-weight ratio will also expand their application as gas cylinder wrapping materials. Wrapless gas cylinder sales, according to the survey, will account for the largest share of global revenues in the coming year. Wrapless gas cylinders are estimated to sell for more than US$ 5.2 billion by the end of 2026. However, the study expects a considerable growth in demand for carbon and aramid fiber-covered gas cylinders.