The global gas cylinder market size was valued at USD 7.1 billion in 2022. The market is projected to grow from USD 7.1 billion in 2022 to USD 12.01 billion by 2030, exhibiting a CAGR of 7.80% during the forecast period.
The market for gas cylinders is anticipated to grow during the forecast period due to the rise in commercial and industrial demand for various gases, including anaesthetic gas, LPG, and others. Gas cylinders are the most convenient way to transport these gases. Hospitals, which frequently need liquified anaesthetic gas, as well as the automobile industry, where liquified fuels like LPG or automotive enhancers like nitrous oxide find applications, are just two examples of the many science and engineering disciplines where liquified gases play a significant role. The demand for gas cylinders is increasing significantly as a result of these liquefied gases’ particular storage and safety requirements.
RECESSION IMPACT
The recession will have a substantial effect on the market for gas cylinder. A rise in interest rates will undoubtedly cause a severe reduction in the rate of economic expansion, even though it is expected that price inflation will decline in 2023. For a time, power and raw materials will stay pricey. Other factors that affect inflation include the partial reversal of globalization, labor shortages in many Western countries that increase the cost of manufacturing, and the transition to a shared economy in response to the greatest threat to our species.
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REGIONAL INSIGHTS
Asia Pacific is projected to hold the largest share of the gas cylinder market over the forecast period. Due to the rising use of LPG gas cylinders, the region’s markets were greatly boosted by the quick increase in food and cooking gas demand brought on by population expansion. The demand generation curve for gas cylinders was further prolonged by the rise in the need for medical gas cylinders, such as oxygen or general anaesthesia, another effect of the population increase. The widespread expansion of construction activities and the industry’s reliance on liquified gases for various processes, including welding and curing, served as the icing on the cake for the expansion of the gas cylinder market in the Asia-Pacific region. On the other hand, North America gas cylinder market is anticipated to grow significantly. Gas is in exceptionally high demand in the area because there is a big industrial sector there. In turn, this raises the need for gas cylinders. Further, it is anticipated that a growing population in the area would increase demand for gas, which will open up business potential for providers of gas cylinders. Furthermore, the Rural Health Information Hub reports that there are currently over 46 million persons in the United States who are 65 years of age or older. This number is anticipated to increase quickly in the near future, which will increase the prevalence of respiratory illnesses and increase demand for medical oxygen gas cylinders.
LIST OF KEY COMPANIES PROFILED:
- 3M
- Aygaz A.Ş.
- FABER INDUSTRIE SPA
- Hexagon Ragasco AS
- Luxfer Gas Cylinders
- Worthington Industries Inc
- Beijing Tianhai Industry Co., Ltd.
- Drägerwerk AG & Co. KGaA
- EKC
- Linde plc
- Time Technoplast Ltd.
- MS GROUP
- Welz Gas Cylinder GmbH
- Zhejiang Tianlong cylinder co., L.T.D.
