The major factors that drives the growth of the Global High-Pressure Gas Cylinder market in the forecast period are the new vehicle models with CNG as a fuel system are being developed, increasing demand for breathing apparatus, and the increased use of high-pressure cylinders in the medical and fire-fighting industries.
Despite a huge decline in the sales of products during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 3.8%, during the tenure of 2020 – 2027.
Asia Pacific is expected to hold the largest market shares of xx% by 2027. The rising demand for industrial gases and CNG vehicles in the region is the key factor that drives the growth in Asia Pacific in the global high-pressure gas cylinder market in the forecast period. With a market share of around 50%, Everest Kanto Cylinder is India’s top player in high-pressure gas cylinders.
The report published by Maximize encompasses the market dynamics, which could affect the market growth of Valve Driverin the region, the Value – Chain analysis, and the PORTER’s analysis for the Valve Drivermarket at a global level.
The study is consolidated on the basis of segments and further into sub-segments by Material (Steel, Composites, and Aluminum), by End Use Industry (Transportation, Industrial Gas and Storage, Life Support, and Others), and by Tank Type (Type I, Type II, Type III, and Type IV).
By Material, Steel based High-Pressure Gas Cylinder segment is expected to hold the largest market share of xx% by 2027. An increasing demand for steel based high-pressure gas cylinder in various industries such as transportation, industrial gas and storage, and others due to their low cost is the key benefit of Steel based High-Pressure Gas Cylinder that drives the growth in the global market in the forecast period.
Due to the increase in natural gas vehicles and the growth of CNG gas in the transportation industry, such as transportation, recreational, and healthcare industries, the composites high-pressure cylinder segment is expected to grow at the rapid rate.
Lastly, the market research report provides a regional comparison and a complete country level analysis for the latest trends, along with the major key players – Faber Industries, Luxfer Gas Cylinders, BTIC, Worthington Industries, Sinoma Science & Technology, NK Co. Ltd. (Korea), Norris Cylinder, Everest Kanto Cylinder Ltd., Deluxe Industrial Gases, Noble Engineers, Maharashtra Gas Co., Universal Refrigeration & Cryo Systems, Mars Engineering and Traders, MSR India Limited, OxyVac India Works, and Others.
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global High-Pressure Gas Cylinder Market.”
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