The global gas cylinder market is projected to be worth US$ 7.6 billion in 2024, with expectations to reach US$ 9.4 billion by 2034. The market is anticipated to grow at a compound annual growth rate (CAGR) of 2.1% during the forecast period from 2024 to 2034.
Key Market Trends and Highlights
Advancements in Materials and Manufacturing Technologies
Innovations in materials and manufacturing technologies are driving the development of lightweight and high-strength gas cylinders. These advancements offer improved safety and efficiency, promoting the adoption of gas cylinders across various end-user industries.
Stringent Safety Regulations and Standards
Increasing emphasis on safety has led to stringent regulations and standards concerning the storage, handling, and transportation of gases. These regulations drive the demand for gas cylinders that comply with international safety standards, ensuring maximum safety for users.
Growing Demand for Specialty Gases
The demand for specialty gases in applications like electronics manufacturing, healthcare, and environmental monitoring is rising. This trend is expected to drive the market for gas cylinders specifically designed for storing and transporting specialty gases.
Rapid Urbanization and Infrastructure Development
Developing countries are experiencing rapid urbanization and infrastructure development, leading to increased demand for gases used in construction, welding, and metal fabrication activities. This surge drives the demand for gas cylinders in these regions, contributing to market growth.
Market Insights
Estimated Market Size in 2024: US$ 7.6 billion
Projected Market Value in 2034: US$ 9.4 billion
Value-based CAGR from 2024 to 2034: 2.1%
The gas cylinder market is integral to numerous industrial applications, from medical gas cylinders to scuba tanks. The industry’s growth is propelled by the need for high-quality, compliant gas cylinders that meet the stringent safety standards and diverse requirements of various sectors.
Post time: Jul-11-2024