Classic Steel Cylinder Market - Forecast(2023 - 2028)

Report Code: CMR 1176 Report Format: PDF + Excel

Classic Steel Cylinder Market Overview

The Classic Steel Cylinder Market size is estimated to grow at a CAGR of 3.6% during the forecast period 2022-2027. Classic steel cylinders are used to store and transport gases such as nitrogen, oxygen, helium, carbon dioxide and natural gases above atmospheric pressure and they include stainless steel, titanium alloy and cast iron. Due to its extensive qualities like low cost and easy availability, the Classic Steel Cylinder is mostly employed in the chemical sector, mining industry and hotel business. Classic steel cylinders are primarily used for the storage and transportation of industrial gases, medical oxygen, food and beverage grade gas and alternative aerospace gases. The growing demand for gas cylinders in various industrial sectors such as automotive, recreation, life support and transportation are driving market expansion. The rising demand for gas cylinders in natural gas automobiles, driven by rising carbon footprints from combustion engines, is further strengthening market value. The covid-19 pandemic majorly impacted the class steel cylinder market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as transportation, building & construction and others, the Classic Steel Cylinder Market size is anticipated to grow rapidly during the forecast period.

Classic Steel Cylinder Market Report Coverage

The “Classic Steel Cylinder Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the classic steel cylinder Industry.

By Cylinder Height - >= 36 Centimeter and < 140 Centimeter
By Cylinder Capacity - ?40 Liter, 40L-80 Liter and ?80 Liter
By Application- Liquified Petroleum Gas (LPG), Compressed Natural Gas (CNG), Medical Gas (Oxygen, Nitrogen, Argon and Others), Industrial Gas (Hydrogen, Acetylene and Others) and Others
By End-Use Industry - Transportation (Automotive, Aerospace, Marine and Locomotive), Building & Construction (Residential, Commercial, Industrial and Infrastructure), Food & Beverages, Medical & Healthcare and Others
By Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (Middle East and Africa)

Key Takeaways

  • Asia-Pacific dominates the Classic Steel Cylinder Market size, owing to Increased construction activities and automotive production have boosted product demand in the APAC region
  • The market for foods and beverages makes substantial use of Classic Steel Cylinders because of their low cost and easy availability. It is anticipated that this will increase demand for traditional steel cylinders over the anticipated period.
  • The demand for transportation storage containers for liquid petroleum gas (LPG) and compressed natural gas is likely to fuel the expansion of the Classic Steel Cylinder Market.
  • However, fluctuations in prices of Classic Steel Cylinder will hamper the growth of the Classic Steel Cylinder Market

 Figure: Asia-Pacific High Strength Steel Market Revenue, 2021-2027 (US$ Billion)

Classic Steel Cylinder Market

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Classic Steel Cylinder Market Segment Analysis – By Application

The Liquified Petroleum Gas segment held a significant share in the Classic Steel Cylinder Market share in 2021 and is forecasted to grow at a CAGR of 3.9% during the forecast period 2022-2027, owing to increasing demand from various end-use industries. Classic steel cylinders are extensively used in liquified petroleum gas due to their combination of features such as pliability, strength, corrosion resistance, aesthetic properties, low maintenance cost, average product life cycle, cast iron, titanium alloy and stainless steel, which drive the market growth of Classic Steel Cylinder in liquified petroleum gas industry. According to U.S. Energy Information Administration, from 2016 to 2021, U.S. LNG export capacity and shipments expanded significantly, from 200 billion cubic feet to 3600 billion cubic feet. These extensive properties compiled with increasing application in the construction and transport industry are majorly driving its segmental growth. Thus, the use of liquified petroleum gas in construction and transportation will propel the Classic Steel Cylinder Market share.

Classic Steel Cylinder Market Segment Analysis – By End-Use Industry

The Automotive segment held a significant share in the Classic Steel Cylinder Market share in 2021 and is forecasted to grow at a CAGR of 4.3% during the forecast period 2022-2027, owing to the increasing usage of classic steel cylinder in the automotive components. The increased use of natural gas and LPG as power sources in the automotive sector has resulted in a significant demand for classic steel cylinders. Additionally, the implementation of government support policies and the benefits of using natural gas in transportation have increased the demand for classic steel cylinder. According to the Energy Information Administration (EIA), by 2035, there will be 1.7 million automobiles worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the first nine months of 2021, to 57.26 million vehicles, up from 52.15 million units in the same period last year. With the increasing automotive production, the demand for classic steel cylinder will also likely increase, as a result of which the classic steel cylinder industry will be flourished over the forecast period.

Classic Steel Cylinder Market Segment Analysis – By Geography

The Asia-Pacific segment held a significant share in the Classic Steel Cylinder Market share in 2021 up to 43%. The flourishing growth of classic steel cylinder is influenced by its major applications across major industries, along with growing development in automotive production and developed the base for classic steel cylinder in APAC. The increased use of natural gas and LPG as power sources in the automotive sector has resulted in a significant demand for classic steel cylinders. Additionally, the implementation of government support policies and the benefits of using natural gas in transportation have increased the demand for classic steel cylinder. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), automotive production and Vietnam grew by 1.2 per cent and 5.5 per cent from the previous year to 5,71,632 and 2,50,000 units, respectively, in 2019. In November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 per cent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. Between FY16 and FY20, domestic automobile sales increased at a 1.29 per cent compound annual growth rate (CAGR), with 21.55 million vehicles sold in FY20. According to the Japan Automobile Manufacturers Association (JAMA), automobile production in Japan increased in November from 6,67,462 units in October to 6,90,311 units. Thus, the growth of the Classic Steel Cylinder Market in the region is being aided by the increasing automotive sector in APAC, thereby dominating the market in the Asia-Pacific region.

Classic Steel Cylinder Market Drivers

Rising Demand for LPG & CNG:

Classic Steel Cylinder demand is anticipated to rise due to the expanding use of these cylinders for a variety of applications, including heating and cooking, extinguishing fires, water treatment, soldering, beverage dispensing, medical uses and extinguishing flames. As an additional measure, governments throughout the world are putting strict regulations in place to lower emissions from vehicles and other transportation systems. As a result, demand for cylinders is increasing rapidly as more people buy natural gas vehicles around the world. According to the Government of India, The Ministry of Petroleum & Natural Gas has a programme called Pradhan Mantri Ujjwala Yojana that aims to link women from Below Poverty Line (BPL) families to LPG. Provision has been included in the Union Budget for FY 21–22 for the release of an additional 1 crore LPG connections under the PMUY scheme. According to International Energy Association, By 2029, the Indian government plans to have more than 35 million additional LPG connections and over 7000 new CNG filling stations. According to the U.S. Department of Energy, CNG fuels around 175,000 vehicles in the United States and approximately 23 million vehicles globally. With the increase in LPG and CNG production and growth prospects, the demand for classic steel cylinders is rising in the LPG and CNG industry. Thus, with flourishing demand for LPG and CNG, the classic steel cylinders are driving and growing rapidly.

Increase in Government Initiatives:

An increasing number of government initiatives in emerging economies to educate people about the benefits of using Classic steel cylinders instead of conventional cooking fuels such as coal, wood and kerosene are predicted to boost the growth of the Classic gas cylinder industry. Furthermore, unlike non-renewable fuels, LPG is portable, profitable, clean and non-toxic, which is expected to drive demand for class steel cylinders internationally. For instance, According to India Equity Foundation Market, In December 2021, Prime Minister Narendra Modi's Pradhan Mantri Ujjwala Yojana (PMUY) 2.0 in Uttar Pradesh delivered approximately 8.05 million residential LPG gas connections. According to International Energy Agency, The French government will invest EUR 2.5 billion in CNG and electric transportation as part of its "France 2030" investment plan. With the increase in government initiatives, the demand for classic steel cylinders is rising in the various end-use industry. Thus, with flourishing demand in the end-use industry, the classic steel cylinder is driving and growing rapidly.

Classic Steel Cylinder Market Challenge

Fluctuations in Prices:

Classic Steel Cylinder pricing fluctuations and intense supply chain pressure will hinder the Classic Steel Cylinder Markets growth rate. Fluctuations in the cost of titanium alloy, cast iron and certain important gases such as pyrophoric, inert, stainless steel, LPG and CNG, may hinder Classic Steel Cylinder Market growth. Due to increasing demand for various gases, intense supply chain pressure is likely to limit global market expansion. Moreover, the danger associated with classic steel cylinder such as the explosion of gas further limited the market
growth of class steel cylinder. These are the key market restraints that will impede market expansion. However, this is aided further by by-product laws and constraints, which are some of the key factors projected to restrain worldwide market revenue growth throughout the forecast period.

Classic Steel Cylinder Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the classic steel cylinder Market. The top 10 companies in the Classic Steel Cylinder Market are:

  1. Acerinox S.A.
  2. Aperam Stainless
  3. ArcelorMittal
  4. Baosteel Group
  5. Jindal Stainless
  6. Nippon Steel Corporation
  7. Outokumpu
  8. POSCO
  9. ThyssenKrupp Stainless GmbH
  10. Yieh United Steel Corp.

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1. Classic Steel Cylinder Market- Market Overview
    1.1 Definitions and Scope
2. Classic Steel Cylinder Market- Executive Summary
    2.1 Key Trends by Cylinder Height
    2.2 Key Trends by Cylinder Capacity
    2.3 Key Trends by Application
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Classic Steel Cylinder Market– Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Classic Steel Cylinder Market- Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Classic Steel Cylinder Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Classic Steel Cylinder Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Classic Steel Cylinder Market– Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Classic Steel Cylinder Market- By Cylinder Height (Market Size -US$ Million/Billion)
    8.1 >= 36 Centimeter
    8.2 < 140 Centimeter
9. Classic Steel Cylinder Market- By Cylinder Capacity (Market Size -US$ Million/Billion)
    9.1 ?40 Liter
    9.2 40L-80 Liter
    9.3 ?80 Liter
10. Classic Steel Cylinder Market- By Application (Market Size -US$ Million/Billion)
    10.1 Liquified Petroleum Gas (LPG)
    10.2 Compressed Natural Gas (CNG)
    10.3 Medical Gas
        10.3.1 Oxygen
        10.3.2 Nitrogen
        10.3.3 Argon
        10.3.4 Others
    10.4 Industrial Gas
        10.4.1 Hydrogen
        10.4.2 Acetylene
        10.4.3 Others
    10.5 Others
11. Classic Steel Cylinder Market- By End-Use Industry (Market Size -US$ Million/Billion)
    11.1 Transportation
        11.1.1 Automotive
            11.1.1.1 Passenger Vehicles (PV)
            11.1.1.2 Light Commercial Vehicles (LCV)
            11.1.1.3 Heavy Commercial Vehicles (HCV)
        11.1.2 Aerospace
            11.1.2.1 Commercial
            11.1.2.2 Military
            11.1.2.3 Others
        11.1.3 Locomotive
        11.1.4 Marine
            11.1.4.1 Passenger
            11.1.4.2 Cargo
            11.1.4.3 Others
    11.2 Building & Construction
        11.2.1 Residential
        11.2.2 Commercial
        11.2.3 Industrial
    11.3 Food & Beverages
    11.4 Medical & Healthcare
    11.5 Others
12. Classic Steel Cylinder Market- By Geography (Market Size -US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Belgium
        12.2.8 Rest of Europe
    12.3 Asia-Pacific
       12.3.1 China
       12.3.2 Japan
       12.3.3 India
       12.3.4 South Korea
       12.3.5 Australia and New Zealand
       12.3.6 Indonesia
       12.3.7 Taiwan
       12.3.8 Malaysia
       12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
    12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Classic Steel Cylinder Market– Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Classic Steel Cylinder Market– Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Classic Steel Cylinder Market– Key Company List by Country Premium Premium
16. Classic Steel Cylinder Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
    * "Financials would be provided to private companies on best-efforts basis."