Welded Steel Gas Cylinder Market was valued at USD 4.5 Billion in 2022 and is projected to reach USD 6.2 Billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030.
The global welded steel gas cylinder market is an integral segment within the industrial gas and equipment sectors. It plays a pivotal role in the storage and transportation of compressed gases such as oxygen nitrogen helium and hydrogen. The market for welded steel gas cylinders is expanding steadily driven by increasing demand in various applications including healthcare industrial manufacturing and energy. This report provides a comprehensive analysis of the current landscape of the welded steel gas cylinder market its future outlook and critical factors influencing growth challenges and opportunities over the next 5–10 years.
The welded steel gas cylinder market is currently valued at approximately USD 5.2 billion in 2024. This market is expected to grow at a compound annual growth rate CAGR of around 5.1% over the next 5 to 10 years. Several key factors contribute to this growth trajectory including the increased industrial usage of gases advancements in gas cylinder technologies and the rising demand in the healthcare sector for medical gases.
Technological innovations such as the development of lighter and more durable steel alloys for gas cylinders along with enhanced safety features have played a significant role in shaping the market’s growth. Furthermore the increasing adoption of gases in renewable energy and environmental applications such as hydrogen fuel cells is fueling demand. Additionally the rising need for compressed natural gas CNG in the automotive sector is creating significant growth opportunities in the market.
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Industrial Growth: Rapid industrialization across emerging economies is increasing the demand for various industrial gases further driving the need for gas cylinders.
Healthcare Sector Demand: The growing adoption of medical gases in hospitals and healthcare institutions for respiratory treatments is significantly contributing to the market’s expansion.
Advancements in Technology: New technologies in cylinder manufacturing such as automated welding and precision manufacturing processes have improved the durability and performance of welded steel gas cylinders.
Regulatory Compliance: Stringent regulations and safety standards for gas cylinder manufacturing and transportation impose challenges in terms of operational costs and manufacturing procedures.
Material Costs: The high cost of raw materials especially high quality steel and alloy materials used in cylinder production impacts market prices and profitability.
Supply Chain Issues: Ongoing disruptions in global supply chains exacerbated by geopolitical tensions and the COVID 19 pandemic have affected the availability of components and manufacturing timelines.
Sustainability Initiatives: The increasing focus on sustainability and eco friendly alternatives presents an opportunity to develop cylinders made from recyclable materials or those that are more energy efficient in production.
Hydrogen Storage: As the demand for hydrogen as a clean energy source grows there is significant potential in developing gas cylinders specifically designed for hydrogen storage.
Smart Gas Cylinders: The introduction of digital and smart cylinders equipped with sensors for monitoring gas levels and pressure is anticipated to revolutionize the market by enhancing safety and efficiency.
The welded steel gas cylinder market is segmented into several key applications each contributing significantly to overall growth:
Industrial Gases: Industrial applications for welding cutting and other manufacturing processes remain a dominant segment as gases like oxygen nitrogen and argon are integral in these operations.
Medical Gases: Medical oxygen nitrous oxide and carbon dioxide are widely used in healthcare providing substantial growth opportunities due to the increasing number of patients requiring respiratory support.
Energy and Fuel Gases: The increasing adoption of compressed natural gas CNG and the emergence of hydrogen as a renewable energy source are expected to boost demand in this sector.
Firefighting: Cylinders used for fire suppression systems particularly CO2 and other extinguishing gases are gaining traction in firefighting applications.
The market is also segmented by end users with each contributing differently to the overall demand:
Healthcare Institutions: Hospitals and clinics are major consumers of medical gas cylinders with a significant proportion of demand coming from oxygen supply for patients.
Manufacturing and Construction: Industrial gas cylinders are widely used in manufacturing plants for welding and cutting processes contributing significantly to the growth of the market.
Energy and Automotive: The automotive sector’s shift towards alternative fuels such as CNG is increasing demand for welded steel gas cylinders in vehicle applications.
The global welded steel gas cylinder market is geographically segmented into several key regions:
North America: The North American market is mature with a well established manufacturing base and high demand from industrial and healthcare sectors.
Europe: Europe is witnessing strong growth especially in the medical and energy sectors with increasing investment in hydrogen infrastructure.
Asia Pacific: The Asia Pacific region is expected to experience the fastest growth due to rapid industrialization rising healthcare demands and increasing investments in renewable energy sources.
Latin America: Growth in the Latin American market is driven by the industrial sector and increasing healthcare needs particularly in countries like Brazil and Mexico.
Middle East & Africa: The Middle East driven by the energy sector particularly in oil and gas is a key market for industrial gases and storage solutions.
Several major companies dominate the welded steel gas cylinder market offering a wide range of products and services:
Air Products and Chemicals Inc.: A global leader in industrial gases Air Products offers a range of welded steel gas cylinders and has expanded its portfolio with smart gas storage solutions.
Linde plc: Linde is another major player providing welded steel cylinders for a variety of industrial and healthcare applications along with services such as gas delivery and distribution.
Worthington Industries: Worthington Industries manufactures high quality welded steel cylinders and is known for its advanced cylinder design and safety features.
Hexagon Composites: Specializing in advanced composite cylinders Hexagon has made significant strides in hydrogen storage solutions and high pressure gas cylinder technology.
Taiyo Nippon Sanso Corporation: A key player in the industrial gas sector Taiyo Nippon Sanso provides a comprehensive range of welded steel gas cylinders for industrial and medical uses.
The welded steel gas cylinder market is witnessing several key trends and innovations:
Smart Gas Cylinders: The development of smart gas cylinders equipped with sensors and IoT technology is revolutionizing the industry providing real time monitoring of gas levels pressure and safety conditions.
Hydrogen Storage Solutions: As the demand for hydrogen fuel increases there is a growing need for gas cylinders specifically designed to store and transport hydrogen safely opening up new opportunities in the energy sector.
Advanced Materials: The use of lighter stronger steel alloys and composite materials in gas cylinder manufacturing is improving performance reducing weight and enhancing durability.
The welded steel gas cylinder market faces several challenges:
Supply Chain Disruptions: Global supply chain issues have caused delays in raw material procurement and manufacturing. Companies are working to diversify supply sources and increase production capabilities to mitigate these disruptions.
Regulatory Barriers: Stringent safety regulations regarding the manufacturing testing and transportation of gas cylinders present challenges. Companies must stay updated on compliance requirements and invest in advanced testing facilities to ensure safety and regulatory adherence.
Rising Material Costs: The increasing cost of raw materials such as high quality steel can drive up production costs. Manufacturers are exploring alternative materials and adopting lean manufacturing techniques to minimize these costs.
The welded steel gas cylinder market is poised for steady growth over the next decade. The key factors that will drive its evolution include the increasing demand for industrial and medical gases advancements in cylinder manufacturing technologies and the adoption of alternative energy solutions like hydrogen. The continued expansion of the healthcare sector and the need for sustainable and eco friendly solutions will also shape the market’s trajectory.
Technological advancements in smart gas cylinders along with rising industrial gas demand in emerging economies will contribute to the market’s growth. However challenges such as regulatory compliance supply chain issues and material costs will require ongoing attention from manufacturers to ensure continued success.
North America Europe and Asia Pacific are the leading regions for the welded steel gas cylinder market with Asia Pacific expected to experience the fastest growth.
Welded steel gas cylinders are used in industrial applications e.g. welding cutting healthcare e.g. oxygen supply energy e.g. hydrogen storage and firefighting.
Challenges include supply chain disruptions regulatory compliance issues and rising material costs. Solutions involve diversifying suppliers increasing production capacity and exploring alternative materials.
Key players include Air Products and Chemicals Linde plc Worthington Industries Hexagon Composites and Taiyo Nippon Sanso Corporation.
The market is expected to grow steadily driven by the increasing demand for industrial and medical gases technological advancements and the rise of alternative energy sources like hydrogen.
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Metal Mate
Danfoss
Gasflaschenwerk Grünhain
Jai Maruti Gas Cylinders Ltd.
Norris Cylinder
FIRE & SECURITY TECHNIQUES
Purity Cylinder Gases
Mauria Udyog Ltd.
Zhuolu High Pressure Vessel Co.
Ltd
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Welded Steel Gas Cylinder Market
Chemical Industry
Automotive
Aviation
Oil and Gas
Medical
Other
Based on Types the Market is categorized into Below types that held the largest Welded Steel Gas Cylinder market share In 2023.
Hot RolledWelded Steel Gas Cylinder
Cold Rolled Welded Steel Gas Cylinder
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Welded Steel Gas Cylinder Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Welded Steel Gas Cylinder Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Welded Steel Gas Cylinder Market, By Type
6. Global Welded Steel Gas Cylinder Market, By Application
7. Global Welded Steel Gas Cylinder Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Welded Steel Gas Cylinder Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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