Lightweight Carbon Composite Cylinders Market size is estimated to be USD 1.2 Billion in 2024 and is expected to reach USD 2.5 Billion by 2033 at a CAGR of 9.1% from 2026 to 2033.
South Korea's Lightweight Carbon Composite Cylinders Market is experiencing significant growth, driven by the nation's commitment to advanced materials and sustainable industries. With a projected market value of USD 3.2 billion by 2030, the demand for lightweight, high-strength cylinders is escalating across various sectors, including automotive, aerospace, and energy.
Key industry players are at the forefront of this expansion:
Hyosung Advanced Materials has increased its carbon fiber production capacity from 2,500 tons to 9,000 tons, aiming for 24,000 tons by 2028. This positions Hyosung as a global leader in carbon fiber manufacturing, essential for hydrogen storage tanks and pressure vessels.
Hankuk Carbon Co., Ltd., established in 1984, pioneered the commercialization of carbon fiber prepreg in South Korea. The company supplies advanced composite materials to high-tech industries, emphasizing R&D and production to lead in localized composite solutions.
The South Korean government's strategic initiatives further bolster the market:
An investment of $139 million by 2030 is allocated to develop carbon composite materials, targeting applications in aerospace and defense sectors.
Efforts are underway to reduce the cost of carbon fiber from $20 per kg to $10, making it more accessible for various industries.
Demonstration projects are planned to integrate carbon composite materials into urban air mobility vehicles and low-orbit satellites.
These developments reflect South Korea's vision to establish carbon composite materials as its "second steel industry," emphasizing the importance of lightweight, durable materials in future industrial applications. The synergy between government policies and industry advancements is propelling the Lightweight Carbon Composite Cylinders Market towards a sustainable and innovative future.
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Genstar Technologies Company Inc
AMS Composite Cylinders
Luxfer
Axcel
Faber Industrie
Worthington Cylinders
Dragerwerk
Time Technoplast
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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 South Korea Lightweight Carbon Composite Cylinders Market
Type I: All Metal Cylinders
Type II: Metal Liner with Composite Overwrap
Type III: Fully Composite Cylinders
Type IV: Composite with Polymer Liner
Aerospace
Automotive
Industrial
Healthcare
Recreational
Filament Winding
Resin Transfer Molding (RTM)
Pultrusion
Prepreg Layup
Low Pressure (up to 200 bar)
Medium Pressure (200-350 bar)
High Pressure (above 350 bar)
Oil and Gas
Defense and Military
Transportation
Energy Sector (Including Renewable Energy)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Lightweight Carbon Composite Cylinders 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. South Korea Lightweight Carbon Composite Cylinders Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Lightweight Carbon Composite Cylinders Market, By Type
6. South Korea Lightweight Carbon Composite Cylinders Market, By Application
7. South Korea Lightweight Carbon Composite Cylinders Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Lightweight Carbon Composite Cylinders Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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