Global Composite Cylinders Market - Analysis and Forecast (2020-2025)

Industryno111 Aug, 2021Business

The world market size for Composite Cylinders will hit USD 940 million by 2025, from USD 690 million by 2020 and 6.4% by CAGR between 2020 and 2025. 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 measure or suggest gas in the cylinder. Furthermore, these cylinders can be transported easily because they are lightweight. This aspect also contributes to reducing transport costs.