Industrial Gas Cylinder Market Size, Share, Growth, and Industry Analysis, By Type (Steel Industrial Gas Cylinder, Aluminum Industrial Gas Cylinder, Composite Industrial Cylinder), By Application (General Industry, Chemical Energy, Food Industry, Medical Industry, Other), Regional Forecast By 2031

Updated On: 29 April 2024

Industrial Gas Cylinder Market Report Overview

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The global industrial gas cylinder market size was USD 5.4945 billion in 2022. As per our research, the market is expected to reach USD 9320.76 million in 2031, exhibiting a CAGR of 4.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Industrial Gas Cylinder Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

An industrial gas cylinder is a specialized container used for storing and transporting compressed gases that are used in various industrial applications. These cylinders are designed to safely hold gases under high pressure and are made from durable materials such as steel or aluminum. Industrial gas cylinders come in different sizes and shapes, but they typically have a cylindrical body with a valve and pressure gauge on top. The valve allows for controlled release of the gas when needed, while the pressure gauge indicates the pressure level inside the cylinder.

These cylinders are commonly used to store gases such as oxygen, nitrogen, hydrogen, helium, carbon dioxide, and acetylene. The gases stored in industrial gas cylinders serve a wide range of purposes in industries such as manufacturing, construction, healthcare, welding and metal fabrication, chemical processing, food and beverage, and more.

"COVID-19 Impact: Market to witness plunge in demand because of pandemic"

The pandemic caused disruptions in global supply chains due to lockdown measures, travel restrictions, and temporary closures of manufacturing facilities. This led to delays in the production and delivery of industrial gas cylinders, affecting the overall market. Many industries, such as automotive, aerospace, and construction, experienced a significant decline in activity during the pandemic. This resulted in reduced demand for industrial gases and cylinders, as manufacturing and construction projects were put on hold or scaled back.

Latest Trends

"Integration with CRM and Marketing Automation to fuel market growth."

Industrial Gas Cylinder providers are increasingly integrating their platforms with customer relationship management (CRM) systems and marketing automation tools. This integration allows organizations to have a holistic view of their supporters, streamline communication efforts, and automate campaign workflows. With the rise in mobile usage and social media activism, Industrial Gas Cylinder is adapting to support mobile-friendly experiences and social media integration. This trend enables organizations to reach and engage supporters through mobile devices and leverage the power of social media platforms for advocacy campaigns.

Industrial Gas Cylinder Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into, steel industrial gas cylinder, Aluminum industrial gas cylinder, composite industrial cylinder.

• By Application Analysis

Based on application, the market can be divided into, general industry, chemical energy, food industry, medical industry, other.

Driving Factors

"Increasing needs for specialty gases to stimulate market demand"

There has been an increasing demand for specialty gases in various industries, such as electronics, healthcare, and research laboratories. These gases require specialized handling and storage, driving the demand for customized industrial gas cylinders designed to accommodate specific gases. With increasing environmental concerns, there is a growing focus on sustainable practices within the industrial gas cylinder market. Manufacturers are exploring eco-friendly materials, such as lightweight alloys, and implementing energy-efficient manufacturing processes. Recycling and reconditioning programs for cylinders are also being promoted to reduce waste and carbon footprint. These factors are driving the Industrial Gas Cylinder market growth rapidly.

"Lightweight and composite cylinders to propel market growth"

Manufacturers are focusing on developing lightweight and composite cylinders to address the need for portable and more efficient gas storage solutions. Composite cylinders, made from materials like carbon fiber, offer advantages such as weight reduction, corrosion resistance, and improved safety.

Restraining Factors

"Stringent regulations and compliance requirements to restrict the market growth"

The industrial gas cylinder market is subject to various regulations and compliance standards related to the manufacturing, handling, storage, and transportation of compressed gases. These regulations can create additional costs and administrative burdens for manufacturers and end-users, impacting market growth. The production of industrial gas cylinders relies on raw materials such as steel and aluminum. Fluctuations in raw material prices can affect the manufacturing costs of cylinders, leading to price volatility and potentially impacting market growth.

Industrial Gas Cylinder Market Regional Insights

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"Increasing demand in North America has boosted the Industrial Gas Cylinder Market share"

North America has a well-established industrial gas cylinder market, driven by various industries such as manufacturing, healthcare, and energy. The region has a high emphasis on safety standards and compliance, which influences the market dynamics. The United States is a major market player in the region, with a significant presence of industrial gas cylinder manufacturers and a diverse range of end-use industries. These factors are increasing the Industrial Gas Cylinder market share in the region.

Key Industry Players

"Adoption of Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Sinoma Technology Co., Ltd.
• Worthington Industries
• Rama Cylinders
• Faber Industrie
• Ningbo Meike Acetylene Bottle Co., Ltd.
• Luxfer Group
• Beijing Tianhai Industry Co., Ltd.
• Hebei Baigong Industrial Co., Ltd.
• Lianyungang Zhongfu Lianzhong Composite Materials Group Co., Ltd.
• Everest KantoCylinders
• Chart Industries

Report Coverage

This report examines an understanding of the Industrial Gas Cylinder market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.