Composite Cylinder Market size was valued at US$ 0.85 Bn. in 2023 and the total Composite Cylinder revenue is expected to grow at 6.8% through 2024 to 2030, reaching nearly US$ 1.35 Bn.
Composite Cylinder Market Overview:
The composite cylinder market is witnessing a surge in demand as industries seek more sustainable, durable, and lightweight solutions for gas storage and transportation. These advanced cylinders are increasingly being used across various sectors, including energy, automotive, and industrial applications. In 2024, the market is expected to experience significant growth, fueled by technological advancements, strategic mergers and acquisitions, and increasing regional developments in key markets such as Vietnam, Thailand, Singapore, Japan, South Korea, Europe, and the United States.
Grab Your Exclusive Sample Copy of the Report Now:https://www.maximizemarketresearch.com/request-sample/72792/
Mergers and Acquisitions in the Composite Cylinder Market:
Mergers and acquisitions (M&A) have become a pivotal strategy in the global composite cylinder market, as companies look to strengthen their market presence, expand their technological capabilities, and diversify their product offerings.
Key Mergers and Acquisitions:
In the United States: Hexagon Composites, a leader in the composite cylinder market, acquired Alternative Fuels Technology (AFT) to expand its portfolio of composite pressure vessels. This strategic acquisition strengthens Hexagon’s position in the North American market, allowing them to offer a broader range of storage solutions for the energy and automotive sectors.
In Europe: Luxfer Gas Cylinders, a key player in the composite cylinder market, recently merged with Israel’s Galileo Technologies, a manufacturer of hydrogen storage solutions. This merger is poised to enhance Luxfer’s global footprint, particularly in the growing hydrogen fuel cell market.
In South Korea: Korea Composite Gas Cylinder Co., Ltd., a South Korean leader in composite cylinders, recently entered into a partnership with Hyundai Motor Group to co-develop high-pressure composite gas cylinders for hydrogen storage in fuel cell vehicles. This collaboration signals a significant move towards integrating composite cylinders in the automotive sector.
In Japan: NGK Spark Plug Co., Ltd., known for its high-performance engineering products, has acquired Japan Composite Cylinders, strengthening its position in the composite cylinder manufacturing sector. This acquisition focuses on boosting production capacity for industrial gas storage solutions in Japan and Southeast Asia.
In Singapore: ST Engineering recently formed a joint venture with Tata Advanced Systems to develop and manufacture composite cylinders for aerospace and defense applications. This partnership is a significant step in the company’s strategic push to diversify its product offerings in the advanced materials sector.
Unlock In-Depth Insights! Explore the Full Research with Just One Click:https://www.maximizemarketresearch.com/request-sample/72792/
Composite Cylinder Market Segmentation:
by Fiber Type
Carbon Fibers
Glass Fibers
High-Density Polyethylene
Other
by Tank Type
Type I
Type II
Type III
Type IV
by End-User
Aerospace & Defense
Wind Energy
Transportation
Construction & Infrastructure
Marine
Pipes & Tanks
Electrical & Electronics
Others
Aerospace and Defense is predicted to be the fastest-growing segment at 3.3% throughout the aforementioned prediction period. This is primarily because high-performance composites have become a key component of aircraft structural composites and are being studied for space and subsea operations.
Dive Deeper into the Data! Explore the Full Study on Our Webpage Now:https://www.maximizemarketresearch.com/contact-us/
Composite Cylinder Market Key Players:
1. Time Technoplast Limited
2. Hexagon Composites ASA
3. AMS Composite Cylinders
4. Luxfer Gas Cylinders
5. Drägerwerk AG & Co. KGaA.
6. FABER INDUSTRIE S.P.A.
7. Dragerwerk
8. Worthington Cylinders
9. Sinoma
10.Quantum Technologies
11.Aburi Composites
12.HITACHI
13.KOMATSU
14.Vektra Engineering Pvt. Ltd.
15.Ullit
Got Questions? Reach Out Now for Expert Insights and Market Scope Exploration:https://www.maximizemarketresearch.com/request-sample/72792/
Key Developments by Region:
Vietnam & Thailand: The composite cylinder market in Vietnam and Thailand is experiencing rapid growth, driven by increasing investments in the industrial and energy sectors. In Vietnam, PetroVietnam Gas has announced plans to expand its use of composite cylinders for LPG distribution, reducing weight and improving safety in the storage and transportation of liquefied petroleum gas.
In Thailand, Siam Gas and Petrochemical has been at the forefront of adopting composite cylinders for both industrial and domestic use. The company is exploring collaborations with global players such as Hexagon Composites to improve its storage solutions.
Singapore: Singapore’s strategic position as a logistics hub in Southeast Asia has made it a key market for composite cylinders, especially in the transportation of compressed natural gas (CNG). ST Engineering’s partnership with Tata Advanced Systems is expected to drive further growth in this segment. Additionally, Singapore’s growing focus on sustainability has led to an increased demand for composite cylinders in clean energy applications, particularly for hydrogen storage solutions.
Japan & South Korea: Japan remains one of the largest consumers of composite cylinders in Asia, with a focus on high-pressure hydrogen storage for fuel cells and industrial gases. NGK Spark Plug’s acquisition of Japan Composite Cylinders is expected to improve the company’s competitiveness in these areas.
South Korea has seen significant growth in the automotive application of composite cylinders, particularly in hydrogen-powered vehicles. The partnership between Korea Composite Gas Cylinder Co., Ltd. and Hyundai Motor Group marks a significant milestone for the automotive sector, as composite cylinders are increasingly used for hydrogen storage in fuel cell vehicles.
Europe: In Europe, the adoption of composite cylinders is growing rapidly in both industrial gas storage and automotive fuel systems. The merger of Luxfer Gas Cylinders with Galileo Technologies is expected to drive significant innovation in hydrogen storage solutions, aligning with the European Union’s green energy goals.
United States: The United States is a major hub for composite cylinders, with demand driven by the oil and gas, automotive, and energy sectors. Hexagon Composites’ acquisition of AFT has allowed the company to offer enhanced storage solutions for natural gas and hydrogen, helping support the transition to cleaner energy sources.
For an in-depth analysis, click the provided link:https://www.maximizemarketresearch.com/market-report/global-composite-cylinder-market/72792/
Future Outlook: Key Trends Shaping the Composite Cylinder Market
As the composite cylinder market continues to expand, several key trends are emerging:
Hydrogen Storage Solutions: As countries shift toward green energy solutions, the demand for composite cylinders in hydrogen storage is expected to rise, particularly in fuel cell vehicles and clean energy applications.
Sustainability: Composite cylinders offer significant environmental benefits, such as reduced weight and improved safety, making them an attractive solution for various industries, from automotive to energy.
Technological Innovation: Advances in composite materials and manufacturing techniques are expected to continue driving improvements in cylinder performance, including enhanced durability and pressure resistance.
Elevate your knowledge base with the most recent research trends curated by Maximize Market Research:
Indian FMCG Market https://www.maximizemarketresearch.com/market-report/indian-fast-moving-consumer-goods-fmcg-market/29038/
Global Candle Market https://www.maximizemarketresearch.com/market-report/global-candle-market-2/42231/
Key Players and Their Latest Mergers & Acquisitions:
Hexagon Composites: As a global leader in composite pressure vessels, Hexagon Composites has made significant strides with its acquisition of AFT to expand its presence in the North American market. The company continues to innovate with its high-pressure composite cylinders for hydrogen storage and natural gas transportation.
Luxfer Gas Cylinders: Luxfer has long been a key player in the composite cylinder market, and its merger with Galileo Technologies positions it as a leader in hydrogen storage solutions. The company is focused on enhancing its product offerings for the automotive and industrial gas sectors.
Korea Composite Gas Cylinder Co., Ltd.: Korea Composite Gas Cylinder Co., Ltd. is rapidly expanding its operations in the hydrogen storage market, particularly through its partnership with Hyundai Motor Group. This collaboration focuses on the development of composite cylinders for fuel cell vehicles, which are expected to drive significant growth in the automotive sector.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
Contact Maximize Market Research:
3rd Floor, Navale IT Park, Phase 2
Pune Banglore Highway, Narhe,
Pune, Maharashtra 411041, India
+91 96071 95908, +91 9607365656
Wireline Services Market: Projected Growth and Key Insights from 2024 to 2030
