Growth Opportunities in the Global Composite Cylinder Market

NEW YORK, April 10, 2017 /PRNewswire/ -- Trends, opportunities and forecast in this market to 2022 by end use industry (gas carriers and storage, transportation, life support, recreation and others), tank type (Type II, Type III, Type IV), composite consumption by fiber type (Glass Fiber Composites, Carbon Fiber Composites and Aramid Fiber Composites), and region (North America, Europe, and the Rest of the World (ROW)

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The future of global composite cylinder market looks promising with opportunities in gas carriers & storage, transportation, life support, and recreation industries. The global composite cylinder market is expected to reach an estimated $968 million by 2022 and it is forecast to grow at a CAGR of 7.2% from 2017 to 2022. The major drivers for market growth are increasing number of natural gas vehicles (NGVs) and growing demand for lightweight cylinders with higher pressure requirement and greater gas carrying capacity per cylinder.

Emerging trends which have a direct impact on the dynamics of the industry include the increase in green fleet and development of type V tanks.

The study includes a forecast for the global composite cylinder market by end use industry, tank type, region, and composite consumption by fiber type as follows:

Composite cylinder market byend use Industry [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:
- Gas Carriers and Storage
- Transportation
- Life Support
- Recreation and Others

Composite cylinder market by tank type [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:
- Type II
- Type III
- Type IV
Composite consumption by fiber type [Volume (Million lbs) and Value ($ Million) from 2011 to 2022]:
- Glass Fiber Composites
- Carbon Fiber Composites
- Aramid Fiber Composites

Composite cylinder market by region [Volume (Thousand Units) and Value ($ Million) from 2011 to 2022]:
- North America
- Europe
- Rest of the World

Composite cylinder companies profiled in this market report include Luxfer Gas Cylinder, Hexagon Composites ASA, Quantum Technologies, Worthington Cylinders, Time Technoplast, Faber Industries S.p.A., Beijing Tianhai Industry Co., and Ullit are among the major suppliers of composite cylinders.

On the basis of comprehensive research, Lucintel forecasts that the gas carriers & storage and transportation segments are expected to show above average growth during the forecast period.

Within the global composite cylinder market, the transportation segment is expected to remain the largest market by value. Expected growth in the alternative fuel vehicles and increasing requirement of weight reduction with higher gas carrying capacity are the major driving forces that spur growth for this segment over the forecast period.
Europe is expected to remain the largest market for composite cylinder due to the higher acceptance level and increasing use of lightweight cylinders.

Some of the features of "Growth Opportunities in the Global Composite Cylinder Market 2017-2022: Trends, Forecast, and Opportunity Analysis" include:
- Market size estimates: Global composite cylinder market size estimation in terms of value ($M) and volume (Thousand Units) shipment.
- Trend and forecast analysis: Market trend (2011-2016) and forecast (2017-2022) by segments and region.
- Segmentation analysis: Global composite cylinder market size by various applications such as end use industry, tank,and composite consumption in terms of value and volume shipment
- Growth opportunities: Analysis on growth opportunities in different applications.
- Strategic analysis: This includes M&A, new product development, competitive landscape, and expansion strategies of composite cylinder in the global composite cylinder market suppliers.
- Analysis of competitive intensity of the industry based on Porter's Five Forces model.

This report addresses the following 11 questions:
Q.1. What are some of the most promising, high-growth opportunities for global composite cylinder market by end use industry (gas carriers and storage, transportation, life support, recreation and others), tank type (Type II, Type III, Type IV), composite consumption by fiber type (Glass Fiber Composites, Carbon Fiber Composites and Aramid Fiber Composites), and region (North America, Europe, and the Rest of the World (ROW)?
Q.2. Which products 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, challenges, and business risks in composite cylinder market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in composite cylinder market?
Q.8. What are the new developments in the market and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
Q.11. What M&A activity has occurred in the last 5 years?

Methodology
This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:

- In-depth interviews of the major players in this market
- Detailed secondary research from competitors' financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of Lucintel's professionals, who have analyzed and tracked this market over the years.

Extensive research and interviews are conducted in the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts in the market. Some of the product manufacturers in global composite cylinder market are Hexagon Composites, Luxfer Gas Cylinders, Worthington Cylinders, Faber Industries others.
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