Pune, Maharashtra, India, September 16 2020 (Wiredrelease) Absolute Reports Pvt. Ltd :The global aluminium cylinder market size is foreseen to witness remarkable growth in the coming years on account of the imposition of stringent government laws concerning worker safety in industries. Aluminium cylinders are utilized in the transportation and storage of various gases, namely helium, oxygen, nitrogen, natural gases, and carbon dioxide, above the atmospheric pressure. Such gases are used in multiple industries, such as mining, chemical, and hospitality. A recently published report on the market by Fortune Business Insights provides a comprehensive analysis of the same. The report is titled, Aluminium Cylinder Market Size, Share Industry Analysis, By Type (High pressure(2000PSI), Low pressure(2000PSI)), By Application (Food Beverage, Medical, Special Industrial, Others (Scuba, Fire extinguisher, etc.)) and Regional Forecast, 2019-2026.
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Please visit: https://www.fortunebusinessinsights.com/industry-reports/aluminium-cylinder-market-101790
The report offers a 360-degree overview of the market, primarily emphasizing on key industry developments and current aluminium cylinder market trends, along with other interesting insights into the market. The report also discusses significant growth parameters such as drivers, restraints, challenges, and opportunities that lie ahead of the market in the forthcoming years. Apart from this, the report throws light on the table of segmentation, competitive landscape, names of leading segments, leading players, and their key strategies adopted by players to earn the lions share in the market. For more information on the market, log on to the company website.
Utilization in Major Applications Such as Food and Beverage Sector Driving Market
The rapid development of the transportation industry is a key factor in promoting the aluminium cylinder market growth. Additionally, the advancement of technology and the rise in the use of aluminium for various gas handling purposes will also help augment the growth of the market in the coming years. Aluminium cylinders are used for transport and storage of medical oxygen, industrial gas, alternate aerospace gas, and food and beverage grade gases as well. High-pressure aluminium gas cylinders form a hydrophobic layer on the internal surface of the container that abstains from absorbing gas molecules. Therefore, their demand from the respective sectors is on the rise, ultimately promoting the market.
However, irresponsible and unsystematic handling of these gas containers may cause emergencies, which may further cause significant hindrance to the market in the coming years. Nevertheless, an analyst at Fortune Business Insights say, Stringent government laws on the correct use of aluminium cylinders and their proper transportation services will help maintain the market position in the coming years.
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Asia Pacific to Witness Rapid Growth Attributable to Increasing Use of Gas Cylinders
Geographically, the global aluminium cylinder market is dominated by North America, on account of the stringent government regulations and high importance given to the safety and protection of workers in manufacturing units. This, coupled with the increasing demand for gas to be utilized in chemical and metallurgical industries, is expected to aid in the expansion of the regional market.
On the other hand, Asia Pacific is expected to hold a significant aluminium cylinder market share in the coming years on account of the rise in population. This, coupled with the increasing demand for developing infrastructure and the increase in the use of gas carrying equipment in nations such as Australia and India, are likely to help Asia Pacific witness rapid growth in the years to come.
Players Focusing on Production of Lightweight Cylinders to Gain Popularity
The competitive landscape of the aluminium cylinder market is highly fragmented owing to the presence of many players. Manufacturers are focusing on the production of lightweight cylinders with cut-edge technology to attract high aluminium cylinder market revenue in the forthcoming years. Furthermore, vendors are adopting merger and acquisition, company collaborations, and other strategies for gaining a competitive edge in the overall market competition.
List of Notable Aluminium Cylinder Market Manufacturers include:
Faber Industrie SPA, Time Technoplast Ltd., Al-Can Group, Aburi Ltd. , Sinoges, Luxfer Gas Cylinders, Beijing Tianhai Industry Co., Ltd., Hexagon Composites ASA, Rubis, Worthington Industries, Other Players,
Key Industry Developments of Aluminium Cylinders Market Include:
October 2016 An agreement was signed between Avanco GmbH and Hexagon Composites ASA for acquiring the subsidiary of the latter, xperion Energy Environment. The main objective behind this is to strengthen the global position of both companies and expand their product portfolio across various geographies.
June 2017 A joint venture was signed between Uttam Air Products and Luxfer Gas Cylinders for the production of aluminium cylinders in India.
May 2019 The lightweight L7X medical cylinders were experimented by Luxfer Gas Cylinders. These lightweight cylinders are proved to be cost-efficient with improved productivity.
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