Industrial Gas Cylinder Market Revenue was valued at USD 7.5 Billion in 2024 and is estimated to reach USD 10.2 Billion by 2033, growing at a CAGR of 4% from 2026 to 2033.
The global industrial gas cylinder market was valued at approximately USD 13.2 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030. This growth is driven by increasing demand for industrial gases across sectors such as healthcare, manufacturing, energy, and food processing. The need for high pressure, seamless, and composite cylinders is growing rapidly due to the emphasis on safety, transportation efficiency, and sustainability. Steel cylinders dominated the market in 2022 owing to their widespread usage in heavy industries and long standing reliability, but composite cylinders are gaining traction due to their lightweight and corrosion resistant properties. Rising applications in medical oxygen storage and energy generation (including hydrogen storage) are further propelling market expansion. Additionally, regulatory support for clean energy solutions has spurred demand for gas cylinders in alternative fuel sectors.
Regionally, Asia Pacific held the largest share of the industrial gas cylinder market in 2022, accounting for over 35% of global revenue. This dominance is attributed to rapid industrialization, urban growth, and increased manufacturing activities in countries such as China, India, and South Korea. North America followed closely, driven by technological advancements and increased adoption of specialty gas cylinders across sectors including healthcare and electronics. Europe maintained a steady share due to stringent environmental regulations and the transition towards low emission energy sources. Meanwhile, the Middle East & Africa and Latin America regions are expected to witness moderate growth, supported by infrastructure development and increased gas consumption in energy and mining industries. Emerging opportunities lie in the rising demand for lightweight composite cylinders for hydrogen and CNG storage, as well as the development of smart cylinders with IoT integration for real time monitoring and safety compliance.
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Sinomatech
Everest Kanto Cylinders
Worthington Industries
Luxfer Group
Hexagon Composites
Beijing Tianhai Industry
Rama Cylinders
Quantum Technologies
Faber Industrie
Praxair Technologies
CIMC ENRIC
Lianzhong Composites
Avanco Group
Ullit
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. 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 Industrial Gas Cylinder Market
Steel Cylinders
Aluminum Cylinders
Composite Cylinders
Other Types
Industrial Use
Medical Use
Food and Beverage Industry
Laboratory Use
Oxygen
Nitrogen
Argon
Carbon Dioxide
Acetylene
Hydrogen
Other Gases
Manufacturing and Processing Industries
Healthcare and Pharmaceuticals
Food and Beverages
Chemical Industries
Others
Small Cylinders
Medium Cylinders
Large Cylinders
US (United States, US 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 Industrial 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 Industrial Gas Cylinder Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Industrial Gas Cylinder Market, By Type
6. Global Industrial Gas Cylinder Market, By Application
7. Global Industrial Gas Cylinder Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Industrial Gas Cylinder Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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