The growing demand for lightweight storage solutions and innovations in hybrid power vehicles are expected to drive the demand for the global type 4 cylinder market in the forecast period, 2023-2027.
According to TechSci Research report, “Type 4 Cylinder Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global type 4 cylinder market is anticipated to grow at a robust rate in the forecast period, 2023-2027. Type 4 cylinders are made majorly from carbon composite with a polymer line. They are the most expensive and lightest kind of cylinder available on the market. Their low weight makes them suitable for infrequent use applications where maximum portability is the primary requirement, increasing the sales of type 4 cylinders worldwide. The rise in demand for lightweight cylinders with high gas carrying capacity per cylinder and pressure requirements and the surge in demand for transportation storage containers for compressed natural gas (CNG) and liquid petroleum gas (LPG) are the primary drivers for the global type 4 cylinder market. The surge in the number of market players and the growing applications of type 4 cylinders in different industries are expected to accelerate the market growth in the coming years.
However, type 4 cylinders are less robust and are prone to leakage, which may restrain the global type 4 cylinder market growth over the next five years.
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The global type 4 cylinder market is segmented into material, diameter, length, application, regional distribution, and competitive landscape.
Based on material, the market is divided into fully carbon fiber, carbon fiber+glass fiber. Fully carbon fiber is expected to hold the largest market share in the forecast period, 2023-2027. They are very rigid and have a high strength-to-weight ratio. It is corrosion-resistant and chemically stable, making it the preferred choice for choosing type 4 cylinders. Fully carbon fiber shows good tensile strength and fire resistance. The advantages of using fully carbon fiber drive the market growth over the next five years.
Based on application, the market is divided into CNG, biogas, hydrogen, and others. The biogas segment is expected to account for significant market share in the coming years. Biogas is renewable and is an alternate source of energy. Gas released via the process of biodigestion is non-pollution, and it lowers greenhouse emissions into the environment. The biogas generation process reduces soil and water pollution and produces biofertilizer. The process is simple and is low cost, and supports economic growth. Biogas is a smokeless fuel and lowers the incidence of lung and eye diseases. As it has a lower density than CNG, it makes it less lethal than CNG. They can be used to replace the diesel-oil engine as the manufacturers are modifying the engines to run 100 percent on biogas. The Cost-effectiveness of using biogas as a fuel in vehicles and other applications is expected to drive the biogas segment demand over the next five years.
Major market players operating in global type 4 cylinder market are:
- Indoruss Synergy
- Quantum Technologies
- Aburi Composites
- Hexagon Composites ASA
- Luxfer Holdings PLC
- Ullit SA
- Worthington Industries
- EKC International Dubai
- AMS Composite Cylinders
- Time Technoplast Ltd.
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“Stringent emission norms and the growing concerns regarding the effect of harmful greenhouse gases on the environment are driving the adoption of alternate vehicles across the globe. Such the government of India announced plans to decarbonize India and has included more than 100b advanced technologies, including alternate fuel systems, under the production-linked incentive scheme for automobiles. Automakers are launching hybrid vehicles and CNG vehicles that are more fuel efficient and showcase higher performance than conventional vehicles. The growing popularity of alternate fuel vehicles and the ability of type 4 cylinders by having specifications like their low weight, corrosion and rust resistance, and higher mileage are expected to create lucrative growth opportunities for the market players over the next five years, 2023-2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Type 4 Cylinder Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Material (Fully Carbon Fiber, Carbon Fiber +Glass Fiber), By Diameter (414 mm, 533 mm, 648 mm), By Length (60-inch, 80-inch, 90-inch,100- inch,120- inch), By Application (CNG, Biogas, Hydrogen, Others), and By Region”, has evaluated the future growth potential of global type 4 cylinder and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global type 4 cylinder market.
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