Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global CNG Steel Cylinders Market Size is Expected to Grow from USD 2.45 Billion in 2023 to USD 5.04 Billion by 2033, Growing at a CAGR of 7.48% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global CNG Steel Cylinders Market Size, Share, and COVID-19 Impact Analysis, By Type (Type I, Type II, Type III, Type IV), By Application (Automotive & Transportation, Industrial and Others), By Sale Channel (OEM, Aftermarket), And By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, And Africa), Analysis And Forecast 2023 - 2033
The global CNG steel cylinders market refers to the industry that focuses on developing and selling containers for storing and transporting compressed gases and liquids. Steel cylinders are widely deployed across various sectors, including healthcare, manufacturing, energy, and construction, due to their durability, reliability, and safety features. The market is driven by the increasing need for compressed gases and liquids in industrial and manufacturing processes. The market expansion is also being driven by technological developments in the production of CNG steel cylinders, and it enhances performance as well as their dependability and durability. Moreover, CNG steel cylinder demand is directly impacted by the growing demand for CNG-powered vehicles in the automotive industry, along with government incentives. However, market acquisition faces several obstacles, like supply chain disturbance, economic downturn, high upkeep costs, and the rising popularity of EVs.
The type II segment held a significant share of the global CNG steel cylinders market in 2023 and is projected to grow at a rapid pace over the forecast period.
On the basis of type, the global CNG steel cylinders market is classified into type I, type II, type III, and type IV. Among these, the type II segment held a significant share of the global CNG steel cylinders market in 2023 and is projected to grow at a rapid pace over the forecast period. This is because cylinders are a good alternative for several consumers owing to the blend of steel and composite materials, resulting in an appropriate balance between price and performance.
The automotive & transportation segment accounted for the greatest share of the global CNG steel cylinders market in 2023 and is projected to grow at a significant CAGR during the forecast period.
On the basis of application, the global CNG steel cylinders market is categorized into automotive & transportation, industrial, and others. Among these, the automotive & transportation segment accounted for the greatest share of the global CNG steel cylinders market in 2023 and is projected to grow at a significant CAGR during the forecast period. This segmental growth is attributed to the market expansion because of the increasing acceptance of CNG automobiles, such as passenger vehicles, buses, and trucks, as a result of cleaner and more affordable fuel options, which helps to overcome greenhouse gas emissions.
The OEM segment held the largest share of the global CNG steel cylinders market in 2023 and is projected to grow at a substantial CAGR over the forecast period.
On the basis of the sale channel, the global CNG steel cylinders market is segmented into OEM and aftermarket. Among these, the OEM segment held the largest share of the global CNG steel cylinders market in 2023 and is projected to grow at a substantial CAGR over the forecast period. This segment growth contributed to the market expansion due to guaranteed adherence to safety regulations and performance specifications. Moreover, ongoing investment through R&D and being capable to design and deploy CNG at current state of machinery that optimized for both safety and efficiency.
Asia Pacific is anticipated to hold the largest share of the global CNG steel cylinders market over the forecast period.
Asia Pacific is expected to hold the greatest share of the global CNG steel cylinders market over the forecast period. The regional market for CNG Steel cylinders dominated due to increasing automobile ownership, growing disposable incomes, and rapid development in the automobile sector. Further, with rapid growth in urbanization and industrialization of countries like China and India, the Asia Pacific region is anticipated to dominate the market. More than that, the development of CNG infrastructures and increasing government support for sustainable energy options are driving the market progress in this region.
Latin America & the Middle East & Africa are projected to grow at the fastest CAGR growth of the global CNG steel cylinders market over the forecast period. The market's expansion throughout the region is further accelerated due to increasing acceptance of CNG's benefits and the steady development of CNG infrastructure. Further, government assistance and investment are anticipated to foster a favorable environment for market expansion.
Company Profiling
Major vendors in the global CNG steel cylinders market are Luxfer Gas Cylinders, Worthington Industries, Faber Industrie S.p.A., Hexagon Composites ASA, Everest Kanto Cylinder Ltd., Praxair Technologies Inc., Sinoma Science & Technology Co., Ltd., Beijing Tianhai Industry Co., Ltd., CIMC ENRIC Holdings Limited, MCS International, Messer Group GmbH, NPROXX, Quantum Fuel Systems LLC, Rama Cylinders Pvt. Ltd., Santek Equipments Pvt. Ltd., Shenyang Gas Cylinder Safety Technology Co., Ltd., Tianjin Tianhai High Pressure Container Co., Ltd., Ullit S.A., VÃTKOVICE CYLINDERS a.s., Zhongyou Tongyong Luxi Natural Gas Equipment Co., Ltd., and others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global CNG steel cylinders market based on the below-mentioned segments:
Global CNG Steel Cylinders Market, By Type
Global CNG Steel Cylinders Market, By Application
Global CNG Steel Cylinders Market, By Sale Channel
Global CNG Steel Cylinders Market, By Regional
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