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Transportation of high-value gases is critical, which drives demand for safe and regulated gas cylinders. Advancements in compressing volatile and inert gases have influenced the production of gas cylinders. New cylinder designs and enhanced safety provisions have improved the handling and storing capabilities of gas cylinders.
NEWARK, DE / ACCESSWIRE / August 22, 2022 / The global gas cylinder market is anticipated to reach US$ 11 Bn by 2026, with sales growing at a robust CAGR of 8.2% for the forecast period of 2022 to 2026. In 2022, the gas cylinder market is expected to reach US$ 8 Bn. This market is fueled by the growing use of gas cylinders for various applications like dispensing beverages, water treatment, medical uses, extinguishing fire, heating and cooking, etc.
Besides, the high demand for gas cylinders from diverse industrial sectors, like transportation, automotive, healthcare and life support, and recreation industries is likely to stimulate the growth in this market.
An upsurge in the demand for oxygen gas cylinders as a result of the rising incidences of chronic bronchitis, emphysema, and Chronic Obstructive Pulmonary Disease (COPD) is expected to supplement the demand in this market.
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Heightened exposure to dust particles coupled with the swell in the number of smokers are set to promote the market prospects in the forthcoming years. This is owing to the fact that inhalation of dust particles usually leads to the inflammation of bronchitis or trachea with the continued deposition of these particles in the airways. Likewise, cigarette smoke ejects varied chemicals that can harm the cells or tissues in the lungs once these are absorbed. Consequently, the cases of respiratory diseases are predicted to ascend, which would impact the gas cylinder market positively.
“Utilization of gas cylinders in ventilating and heating applications is likely to promote the sales of the gas cylinders over the forecast period,” says an FMI analyst.
· Rising adoption of gas cylinders in the LPG sector to foster market growth.
· In 2022, Asia Pacific excluding Japan gas cylinders market will hold 32.6% of the market share.
· Gas cylinder market in Europe is to account for 25.6% market share.
· Demand for type 1 cylinders to accelerate over the assessment period.
· By wrap type, aramid fiber wrap segment is expected to continue its market lead.
Avery Dennison Corporation, Thai KK, UPM-Raflatac, PMC LABEL, Fuji Seal International, Inc., CCL Industries, Symbio, Inc., 3M Company, and S&K Label among others are some of the major players in the gas cylinder market profiled in the full version of the report.
Major market players are focusing on releasing novel and innovative products, meant specifically for the healthcare sector. Some other market players, especially those in developing regions, are keen on introducing lightweight smart cylinders that allow customers to check the level of gas in the cylinder.
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Gas Cylinders Market by Category
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2. Global Gas Cylinders Market – Executive Summary
3. Global Gas Cylinders Market Overview
3.1.1. Global Gas Cylinders Market Taxonomy
3.1.2. Global Gas Cylinders Market Definition
3.2. Global Gas Cylinders Market Size (US$ Mn) and Forecast, 2022-2026
3.2.1. Global Gas Cylinders Market Y-o-Y Growth
3.3. Global Gas Cylinders Market Dynamics
4. Global Gas Cylinders Market Analysis and Forecast 2022-2026
4.1. Global Gas Cylinders Market Size and Forecast By Cylinder Type, 2022-2026
4.1.1. Type I Market Size and Forecast, 2022-2026
4.1.1.1. Revenue (US$ Mn) Comparison, By Region
4.1.1.2. Market Share Comparison, By Region
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More Insights into the Gas Cylinders Market Report
In its latest report, FMI offers an unbiased analysis of the global gas cylinder market, providing historical data from 2012 to 2021 and forecast statistics for 2022 to 2026. To understand the global market potential, growth, and scope, the market is segmented based on cylinder type (type I, type II, type III, type IV, type V), wrap type (wrap less, glass fiber, aramid fiber, carbon fiber, HDPE), size (3kgs, 4.5kgs, 6kgs, 9kgs, 14kgs, 17kgs, 19kgs, 21-34kgs, 35-48kgs, other sizes), gas type (inert gases, flammable gases, toxic gases, pyrophoric gases, oxidizers) and region.
According to the latest FMI reports, based on region, Asia Pacific excluding Japan (APEJ) gas cylinder market is expected to account for 32.6% of market share by the end of 2022. India is one of the primary drivers of this growth due to easy affordability of cooking cylinders. Other factors fueling the regional market growth in India are increasing energy necessities and the abundant availability of resources.
The gas cylinder market in North America is anticipated to account for 21.9% of the market share in 2022. The increasing geriatric population and rising respiratory illnesses are like to contribute to the market growth in this region.
Europe’s gas cylinder market is predicted to hold a 25.6% market share by the end of 2022. The elevated demand for cylinders for residential and commercial applications in the U.K. is responsible for the regional market growth.
Based on segmentation, by size, the 14kgs segment is likely to account for the largest gas cylinder market share during the forecast period. This growth is attributed to the high demand for these cylinders in residential applications. In addition, on the basis of type of gas, the flammable gas segment is expected to account for the highest revenue due to an upsurge in the demand for LPG for cooking.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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