Specialty Gas Surge: Market Trends Propel Growth to US$9.4 Billion in Gas Cylinder Industry by 2034

The global gas cylinder market is poised for significant growth, with a projected value of US$ 7.6 billion in 2024, anticipated to surge to US$ 9.4 billion by 2034. Forecasted to advance at a steady Compound Annual Growth Rate (CAGR) of 2.1% from 2024 to 2034, the market is witnessing key trends and innovations reshaping the industrial landscape.

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Key Market Trends and Highlights:

1. Advancements in Materials and Manufacturing Technologies: Innovations in materials and manufacturing processes are leading to the development of lightweight and high-strength gas cylinders, enhancing safety and efficiency across various industries.
2. Stringent Safety Regulations: Stringent safety regulations and standards are driving the adoption of high-quality gas cylinders that comply with international safety standards, ensuring secure storage, handling, and transportation of gases.
3. Growing Demand for Specialty Gases: The increasing demand for specialty gases in electronics manufacturing, healthcare, and environmental monitoring applications is fueling the need for specialized gas cylinders designed for their storage and transportation.
4. Rapid Urbanization and Infrastructure Development: Rapid urbanization and infrastructure development in developing countries are driving the demand for gases used in construction, welding, and metal fabrication activities, thereby increasing the demand for gas cylinders.

Gas Cylinder Market Key Drivers:

1. Rise in Industrial Activities: The surge in industrial activities across various sectors such as manufacturing, healthcare, automotive, aerospace, and electronics is driving the demand for gas cylinders for the storage and transportation of various gases.
2. Healthcare Industry Demand: Gas cylinders play a critical role in the healthcare sector for storing and transporting medical gases, with increasing demand driven by the growing need for healthcare services globally.
3. Expansion of Oil and Gas Exploration: The expansion of oil and gas exploration activities, particularly in emerging markets, is expected to drive the demand for gas cylinders for storing and transporting gases used in exploration, production, and refining processes.

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Key Trends and Opportunities:

1. Workplace Safety and Environmental Regulations: Heightened awareness regarding workplace safety and environmental regulations is driving the demand for gas cylinders that meet stringent safety and compliance standards.
2. Integration of IoT Technologies: The integration of Internet of Things (IoT) technologies and tracking systems with gas cylinders enables real-time monitoring of cylinder usage, location tracking, and predictive maintenance.
3. E-commerce and Digitalization: The emergence of e-commerce platforms and digitalization in the industrial gases sector is making gas cylinders more accessible to a wider range of customers, fostering market growth.
4. Sustainability and Environmental Conservation: There is a growing demand for lightweight, recyclable, and eco-friendly gas cylinder materials, reflecting increasing emphasis on sustainability and environmental conservation efforts.

As the gas cylinder market continues to evolve, stakeholders are encouraged to embrace innovation, sustainability, and regulatory compliance to capitalize on emerging opportunities and drive industry growth.

Market Innovation:

1. Composite Material Adoption: Increasing use of advanced composite materials for gas cylinders enhances durability, reduces weight, and improves safety, addressing key industry concerns.
2. Smart Cylinder Technologies: Integration of IoT and sensor technologies into gas cylinders allows real-time monitoring, ensuring optimal usage, safety, and efficient supply chain management.
3. Hydrogen Storage Solutions: Innovations in gas cylinders for hydrogen storage play a crucial role in supporting the growth of clean energy solutions and the transition to hydrogen as a fuel source.
4. Advanced Valve Systems: Development of sophisticated valve systems with enhanced safety features contributes to better control over gas dispensing and minimizes risks associated with cylinder usage.
5. 3D Printing Applications: Utilization of 3D printing technologies in manufacturing gas cylinders enables customized designs, cost-effectiveness, and improved production efficiency.

Key Companies Profiled              

1. Avery Dennison Corporation
2. Thai KK
3. UPM-Raflatac
4. PMC LABEL
5. Fuji Seal International, Inc.
6. CCL Industries, Symbio, Inc.
7. 3M Company
8. S&K Label

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Market Taxonomy:

Region

• North America
• Latin America
• Europe
• Japan
• APEJ
• MEA

Cylinder Type

• Type I
• Type II
• Type III
• Type IV
• Type V

Wrap Type

• Wrap Less
• Glass Fiber
• Aramid Fibre
• Carbon Fibre
• HDPE

Size

• 3 kgs
• 4.5 kgs
• 6 kgs
• 9 kgs
• 14 kgs
• 17 kgs
• 19 kgs
• 21-34 kgs
• 35-48 kgs
• Other Sizes

Gas Types

• Inert Gases
• Flammable Gases
• Toxic Gases
• Pyrophoric Gases
• Oxidisers

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

About Future Market Insights (FMI)

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