Table of Contents
Overview
New York, NY – May 21, 2025 – The Global Gas Cylinder Market is poised for steady growth, projected to reach USD 12.4 billion by 2034 from USD 7.6 billion in 2024, driven by a CAGR of 5.0% during the forecast period from 2025 to 2034.
In 2024, Steel led the gas cylinder market’s material segment, commanding a 64.5% share. Its dominance stems from steel’s durability, affordability, and strength, making it ideal for safe and efficient gas storage and transport. The 10 to 50 kg capacity segment captured a leading 37.1% of the gas cylinder market. This range’s popularity comes from its versatility, balancing substantial gas storage with easy handling, ideal for hospitality, healthcare, and domestic cooking.
Liquefied Gases dominated the application segment in 2024, holding a 52.4% market share. Essential for industries like healthcare, manufacturing, and refrigeration, gases such as oxygen, nitrogen, and carbon dioxide drive demand for specialized cylinders. The Industrial Sector led the end-use segment in 2024, accounting for 42.2% of the gas cylinder market. Its dominance is driven by extensive use in manufacturing, metal fabrication, and chemical processing, where gases support welding, cutting, and synthesis.
US Tariff Impact on Market
President Trump’s tariffs on imports from Canada and Mexico, enacted on March 4, 2025, and later delayed to April 2, 2025, include 10% tariffs on Canadian natural gas and 25% tariffs on Mexican natural gas. These energy tariffs are projected to cost approximately USD 6.5 billion in the first year, with Canadian imports accounting for the majority of the expense. The tariffs are expected to increase U.S. consumer prices, disrupt U.S. businesses’ planning and investment, and hurt U.S. exporters by raising export prices due to a stronger dollar.
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The incoming tariffs on energy imports, factoring in tariff rates, the value of U.S. oil and gas imports from Canada and Mexico, behavioral responses, and impacts on income and payroll tax revenue, will cost approximately USD 6.5 billion annually (USD 5.2 billion from Canada and USD 1.3 billion from Mexico).
The effective tax rate of the tariffs is calculated by dividing the gross tariff cost by the total value of oil and gas imports from each country. For Canada, the 10% statutory tariff rate results in an effective tax rate of 7.1%. For Mexico, the 25% statutory tariff rate equates to an effective tax rate of 14.1%.
Key Takeaways
- Global Gas Cylinder Market is expected to be worth around USD 12.4 billion by 2034, up from USD 7.6 billion in 2024, and grow at a CAGR of 5.0% from 2025 to 2034.
- Steel holds a dominant position in the gas cylinder market, capturing a strong 64.5% share.
- Cylinders with a 10 to 50 Kg capacity account for about 37.1% market share today.
- Liquefied gases lead the application segment in the gas cylinder market with a 52.4% share.
- Industrial end-use captures 42.2% of the total gas cylinder market, driven by rising manufacturing and energy needs.
- Rapid industrial growth in Asia-Pacific fuels demand, reaching a USD 3.5 billion market value.
Report Scope
| Market Value (2024) | USD 7.6 Billion |
| Forecast Revenue (2034) | USD 12.4 Billion |
| CAGR (2025-2034) | 5.0% |
| Segments Covered | By Material (Steel, Aluminium, Composites (Glass Fiber, Carbon Fiber, Aramid Fiber, Others), Others), By Capacity (Less than 10 Kg, 10 to 50 Kg, 50 to 100 Kg, Above 100 Kg), By Application (Liquefied Gases, Non-liquefied Gases, Dissolved Gases), By End-use (Industrial (Food and Beverages, Chemical and Petrochemicals, Healthcare, Oil and Gas, Metal and Mining, Water Treatment, Others), Transportation (Automotive, Aerospace, Marine, Others), Residential, Commercial) |
| Competitive Landscape | 3M Company, Hexagon Composites, Supreme Industries Limited, Luxfer Gas Cylinders, Everest Kanto Cylinder Ltd., Manchester Tank, Confidence Group, Quantum Fuel Systems LLC., Worthington Industries, Al Aman Gas Cylinders Manufacturing, BINA (SHANGHAI) GAS CYLINDER CO., LTD., Faber Industrie, Aygaz A.Ş, Beijing Tianhai Industrial Co., Ltd., Jiangsu Minsheng Heavy Industries Co., Ltd., Other Key Players |
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Key Market Segments
By Material Analysis
- In 2024, Steel led the gas cylinder market’s material segment, commanding a 64.5% share. Its dominance stems from steel’s durability, affordability, and strength, making it ideal for safe and efficient gas storage and transport. Widely used in medical, industrial, and household applications, steel excels in handling high-pressure gases and harsh chemicals, critical for applications like compressed natural gas (CNG) and medical oxygen. Its recyclability supports growing environmental and regulatory demands, enhancing sustainability.
By Capacity Analysis
- In 2024, the 10 to 50 kg capacity segment captured a leading 37.1% of the gas cylinder market. This range’s popularity comes from its versatility, balancing substantial gas storage with easy handling, ideal for hospitality, healthcare, and domestic cooking. These cylinders meet diverse needs without the logistical challenges of larger sizes.
By Application Analysis
- Liquefied gases dominated the application segment in 2024, holding a 52.4% market share. Essential for industries like healthcare, manufacturing, and refrigeration, gases such as oxygen, nitrogen, and carbon dioxide drive demand for specialized cylinders. Growth in clean energy, healthcare, and food processing, reliant on gases like helium and nitrogen, fuels this segment.
By End-use Analysis
- The Industrial Sector led the end-use segment in 2024, accounting for 42.2% of the gas cylinder market. Its dominance is driven by extensive use in manufacturing, metal fabrication, and chemical processing, where gases support welding, cutting, and synthesis. Rapid industrialization in emerging economies and infrastructure projects sustain demand, while energy-efficient technologies and stricter regulations boost gas-based solutions.
Regional Analysis
- The Gas Cylinder Market exhibits varied trends across global regions, with Asia-Pacific leading at a 46.4% market share, valued at USD 3.5 billion in 2024. This dominance is fueled by rapid industrialization, a growing healthcare sector, and rising energy needs, particularly in emerging markets like China and India. North America and Europe, as mature markets, drive growth through advanced gas cylinder technologies and strict safety regulations for industrial and medical applications.
- North America emphasizes innovative, lightweight, and safety-focused cylinders, supported by its strong manufacturing and healthcare infrastructure. Europe’s market thrives on environmental priorities, with increased adoption of gas cylinders in renewable energy initiatives. The Middle East & Africa region sees steady growth, driven by the oil and gas industry’s demand for robust storage solutions. Latin America, while smaller, shows promising expansion in its industrial and healthcare sectors, indicating strong potential for future market growth across these regions.
Top Use Cases
- Industrial Applications: Gas cylinders are vital in industries like manufacturing, welding, and chemical processing. They store gases such as oxygen, nitrogen, and argon, essential for cutting, welding, and synthesis. The demand is driven by ongoing industrialization, especially in emerging economies, and the need for reliable, high-pressure storage solutions, ensuring efficiency and safety in industrial operations.
- Healthcare Sector: In healthcare, gas cylinders store medical gases like oxygen and nitrous oxide, crucial for patient care, surgeries, and respiratory therapies. Their demand grows with expanding healthcare infrastructure, particularly in developing regions. Lightweight and safe cylinders are preferred, supported by innovations ensuring compliance with stringent medical safety standards, enhancing patient outcomes.
- Household Cooking: Gas cylinders, especially for LPG, are widely used for household cooking in regions like Asia-Pacific and Latin America. They offer a convenient and cost-effective energy source. Rising urbanization and government subsidies for cleaner fuels boost demand, with manufacturers focusing on safe, portable designs to meet consumer needs.
- Energy and Fuel Storage: Gas cylinders store compressed natural gas (CNG) and hydrogen for energy applications, supporting clean energy initiatives. Their use in renewable energy projects, like hydrogen fuel cells, is growing. Demand rises with global shifts toward sustainable energy, requiring durable, high-capacity cylinders for safe storage and transport.
- Food and Beverage Industry: Gas cylinders store carbon dioxide and nitrogen for food processing, preservation, and packaging. They ensure food safety and extend shelf life in beverages and frozen goods. The expanding global food industry drives demand, with cylinders designed for precise gas delivery, meeting hygiene and safety standards.
Recent Developments
1. 3M Company
- 3M has been focusing on composite gas cylinders for industrial and medical applications, leveraging its advanced materials expertise. The company recently introduced lightweight, high-pressure cylinders with enhanced safety features. These cylinders are designed for oxygen storage and transportation, catering to the healthcare and aerospace sectors. 3M is also investing in sustainable manufacturing processes to reduce its carbon footprint.
2. Hexagon Composites
- Hexagon Composites launched next-generation Type 4 hydrogen cylinders for fuel cell vehicles, emphasizing lightweight and high-capacity storage. The company secured contracts with European and North American OEMs for hydrogen-powered trucks. Additionally, Hexagon is expanding its mobile pipeline solutions for clean energy distribution.
3. Supreme Industries Limited
- Supreme Industries introduced CNG and LPG composite cylinders with improved durability and weight reduction. The company is expanding its production capacity in India to meet the rising demand for alternative fuel storage solutions. They are also collaborating with automotive manufacturers for lightweight cylinder integration in vehicles.
4. Luxfer Gas Cylinders
- Luxfer unveiled smart gas cylinders with IoT-enabled tracking for real-time monitoring. The company is focusing on hydrogen and CNG storage, supplying cylinders for clean energy projects. Luxfer also received certifications for high-pressure cylinders in North America and Europe.
5. Everest Kanto Cylinder Ltd.
- Everest Kanto expanded its CNG and industrial gas cylinder production with advanced automation. The company is supplying cylinders for India’s growing natural gas vehicle market and exploring hydrogen storage solutions. They recently partnered with energy firms for large-scale cylinder deployments.
Conclusion
The Gas Cylinder Market is driven by rising demand in industries, healthcare, and households, particularly in the Asia-Pacific region. The market thrives on innovations in safety and lightweight materials. With expanding applications in clean energy and food processing, opportunities abound for sustainable, efficient solutions, ensuring the market’s strong global expansion.
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