Industrial Gas Cylinders Market Growth Analysis

Market Insights

The Industrial Gas Cylinders Market was valued at US$ 603.7 Million in 2020 and is projected to reach US$ 772.5 Million by 2026, registering a CAGR of 3.8% during the forecast period.

Market Dynamics

The industrial gas cylinders market is driven by a range of factors, including:

Growing demand for industrial gases: Industrial gases are used in a wide range of industries, including healthcare, automotive, and manufacturing. The increasing demand for these gases has driven the growth of the industrial gas cylinders market.

Expansion of the healthcare industry: The healthcare industry is a major consumer of industrial gases such as oxygen, nitrogen, and helium. With the growing demand for medical gases, the demand for industrial gas cylinders is also increasing.

Growth in the manufacturing sector: The manufacturing sector is a significant consumer of industrial gases, particularly in the fields of metal fabrication and electronics manufacturing. As the manufacturing sector continues to grow, so does the demand for industrial gas cylinders.

Emergence of alternative fuel vehicles: The rise of alternative fuel vehicles, such as hydrogen fuel cell vehicles, has increased the demand for hydrogen gas cylinders. This trend is expected to continue, driving the growth of the industrial gas cylinders market in the coming years.

Key Players

The supply chain of this market comprises raw material suppliers, cylinder manufacturers, and industrial gas companies. The following are the key players in the industrial gas cylinders market.

• Beijing Tianhai Industry Co., Ltd.
• Catalina Cylinders
• Cylinders Holding Group
• Everest Kanto Cylinder Ltd.
• FABER INDUSTRIE SPA
• Grupo Mat
• INFLEX-Argentoil S.A.
• Luxfer Holdings PLC
• TriMas Corporation (Norris Cylinder)
• Worthington Industries, Inc.

Segment Analysis

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories-

By Gas Type

• Oxygen
• Nitrogen
• Carbon Dioxide
• Helium
• Argon
• Acetylene
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia and Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and Rest of Asia-Pacific
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others 

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Gas Trends

The market is segmented into oxygen, nitrogen, carbon dioxide, helium, argon, acetylene, and other industrial gases. Oxygen gas cylinders occupied the major market share of more than 35% in 2020 due to their extensive usage in a broad array of applications, such as oxidation reactions in chemical manufacturing, steel manufacturing, transporting live seafood products, aquaculture, and water treatment applications. However, nitrogen gas is projected to witness the highest growth during the forecast period and it holds a CAGR of more than 4% in 2020, driven by the magnificent growth of the pharmaceutical and semiconductor industries.

Regional Analysis

Asia-Pacific dominated the industrial gas cylinders market and it held a revenue share of more than 30% in 2020. Also, the region is likely to witness excellent growth during the forecast period and it holds a CAGR of more than 4.5%, driven by the exceptional growth in the region’s electronics, chemical, and petrochemical industries. China and India are likely to act as the major growth engines of the region’s market in the coming years.

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COVID-19 Impact

The COVID-19 pandemic brought severe repercussions for various end-use industries all across the globe, such as supply chain disruption, shortage of labor, interruption in production schedules, and shot up in raw material prices. The slowdown of industrial activities has led to a massive decline in the industrial gas cylinders market in 2020.

However, the stabilization of the COVID-19 situation and the increase in industrial activities will help the market of industrial gas cylinders to gain momentum. Also, the rapid industrialization of developing economies is expected to further accelerate the market. Based on the expected recovery in the demand coupled with the primary interviews with the industry experts.

Target Audience

Here is the list of the group of customers that the industrial gas cylinders market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s industrial gas cylinders market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.