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Thanks to their unique properties such as lightweight and not corrosive, composite cylinders are used more and more in developed and developing countries. Furthermore, they can be used as an alternative to steel cylinders. This reduces the cost of production and increases the company's sales growth. As a result, many producer investments in the composite cylinder industry have been gradually growing. Furthermore, the composite polymers are UV safe, non-corrosive and explosion-proof. Due to this, the demand for gas and oil products is rising, these stain proof and translucent properties help me
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Composite Cylinders Market Global Composite Cylinders market USD 940 million by 2025, from USD 690 million by 2020 and 6.4% by CAGR between 2020 and 2025. Rising demand for gas would drive market growth in emerging economies mainly India and China. The increased use of natural gas as the key source of fuel between different sectors, including manufacturing and construction plants, would further improve the market outlook. Emerging concern about the inventory expense of storing traditional steel cylinders is propelling the size of the composite cylinders industry. Colored outer shell and bar codes are provided for easy monitoring and handling of the devices. It also consists of integrated chips that provide details on the product age. Increasing energy requirements, along with restricted pipeline deployment due to the diversity of the ground and the complexity of the way, drive growth in the demand for composite cylinders.
Composite Cylinders Market Asia Pacific is one of Composite Cylinder's fastest-growing markets by area. An increasing chemical and packaging industry in different developing and developed countries is likely to boost demand for composite cylinders. Other driving forces in the Asia Pacific world of composite cylinders include a greater understanding of composite cylinders and a rapid industrialization in developing economies. Moreover, North America is estimated to have a significant share of the world market for composite cylinders because of its high per-capita consumption of goods.
Composite Cylinders Market Some of the major players operating in the global composite cylinders market include Luxfer Gas Cylinders, AMS Composite Cylinders, Hexagon Composites ASA, FABER INDUSTRIES S.P.A, Dragerwerk, Worthington Cylinders, Sinoma, Quantum Technologies, Aburi Composites, and HITACHI.
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