Multiple-Element Gas Container Market Size is valued at USD 169.08 Mn in 2023 and is predicted to reach USD 303.6 Mn by the year 2031 at a 7.7% CAGR during the forecast period for 2024-2031.
A multiple-element gas container is essentially a sturdy tank designed to securely store a combination of different gases under high pressure. These versatile tanks find their use across a broad spectrum, from scientific research and medical therapies to various industrial processes, tailored to the specific gas blend required for each application. Constructed to ensure safety, these containers are equipped with precise valves for controlled gas release. They come clearly labeled, providing essential information on the gas mixtures contained within and guidelines for safe usage. Such containers play a crucial role in activities demanding specific gas mixes for optimal performance.
The global market for multiple-element gas containers is growing due to several factors. Industrial gases are in high demand across several industries, including healthcare and energy, driving the global market. An integral part of the supply chain for these industries, multiple-element gas containers can store and transfer industrial gases at high pressure, which helps the industry flourish. Another important consideration is that the development of physical infrastructure in emerging countries creates new opportunities for using multiple-element gas containers. Modern valve technology and real-time monitoring systems improve these containers' efficiency and safety. Gas flow, pressure, and composition can be precisely controlled and monitored. As a result, the global market for gas containers containing several elements is expanding.
The growing number of SMEs and the market for multiple-element gas containers is anticipated to provide exciting opportunities in the coming years. However, the high upfront costs of producing and evaluating multiple-element gas containers limited their application. Despite these issues, multiple-element gas containers revolutionized the industry by setting new safety standards for gas transportation and storage, which led to the development of cutting-edge gas logistics solutions. Stringent rules slow down the market's growth. In addition, technical innovation and strong collaborations with gas container companies will propel the industry's growth during the forecast period.
Competitive Landscape
Some Major Key Players In The Multiple-Element Gas Container Market:
- Hexagon Composites ASA
- Worthington Enterprises, Inc.
- City Machine & Welding, Inc.
- Luxfer Gas Cylinders
- Koyuncu Gas and Gas
- Gaznet OÜ
- Everest Kanto Cylinder Ltd
- Quantum Fuel Systems LLC.
- Faber Industrie SPA
- Beijing Tianhai Industry Co., Ltd.
- FIBA Technologies, Inc.
- McPhy Energy
- Linde plc
- NPROXX
- CIMC Enric Holdings Limited
- Other Prominent Players
Market Segmentation:
The multiple-element gas container market is segmented based on application and type. The application segment includes natural gas, hydrogen, and industrial Gases. By type, the market is segmented into 20 Ft and 40 Ft and above.
Based On Application, The Natural Gas Segment Is Accounted As A Major Contributor In The Multiple-Element Gas Container Market.
The natural gas category will hold a major share of the global multiple-element gas container market. Using natural gas in multiple-element gas containers greatly improves operational energy efficiency, especially in energy-intensive industries, because natural gas is a very efficient fuel source. Natural gas is in high demand as an eco-friendly substitute for coal and oil because of the worldwide push for more environmentally friendly energy sources. An essential component of the energy revolution is the handling and warehousing petroleum products, the most environmentally friendly fossil fuel. Multiple-element gas containers play a crucial role in this process, particularly in regions where pipelines are not yet in place.
The 20 Ft Segment Witnessed Growth At A Rapid Rate.
The 20 Ft segment is projected to grow rapidly in the global multiple-element gas container market because the 20 Ft multiple-element gas containers are versatile and powerful enough to handle various tasks, from transporting industrial gas to supporting renewable energy projects. Their compact size makes them versatile and easily incorporated into various storage and transportation systems. In areas where space or infrastructure is at a premium, 20 Ft multiple-element gas containers are preferable due to their smaller size, which makes them easier to transport and manage, which drives the expansion of the worldwide market for multiple-element gas containers.
In The Region, The North American Multiple-Element Gas Container Market Holds A Significant Revenue Share.
The North American multiple-element gas container market is expected to lead with the highest market revenue share in the near future due to the increasing popularity of gas containers containing numerous elements due to developments in materials science. The expansion of the North American market for multiple-element gas containers is anticipated to be bolstered by the transition to alternative energy sources and the hydrogen economy, which is driving the market expansion. In addition, the Asia Pacific region’s market is anticipated to experience expansion in the global market for multiple-element gas containers because the reason being that there is a noticeable shift toward gas canisters and systems that are better for the environment, offering more energy efficiency and fewer emissions. The result is a booming market for multiple-element gas containers due to the region’s growing need.
Recent Developments:
- In Sept 2023, An investment exceeding £1 million was declared at the European headquarters of Luxfer Gas Cylinders, situated in Nottingham. As a result of this investment, a new production facility will be built to facilitate the distribution of hydrogen throughout the United Kingdom and Europe via "virtual" gas pipelines.
- In June 2023, Linde plc entered into multiple agreements with Wanhua Chemical Group, a chemical company, to further enhance their collaboration in various strategic domains in China. Linde has entered into long-term contracts with Wanhua to provide industrial gases to its chemical production facilities using the ASUs. Linde expanded its network density in the Fujian province, facilitating future growth.
Multiple-Element Gas Container Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 169.08 Mn |
|
Revenue Forecast In 2031 |
USD 303.6 Mn |
|
Growth Rate CAGR |
CAGR of 7.7 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn, Volume (Unit) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Application and Type |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
Hexagon Composites ASA, Worthington Enterprises, Inc., City Machine & Welding, Inc., Luxfer Gas Cylinders, Koyuncu Gas and Gas, Gaznet OÜ, Everest Kanto Cylinder Ltd, Quantum Fuel Systems LLC., Faber Industrie SPA, Beijing Tianhai Industry Co., Ltd., FIBA Technologies, Inc., McPhy Energy, Linde plc, NPROXX, and CIMC Enric Holdings Limited. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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