Global type 3 DOT hydrogen cylinder market expected to reach USD 1,18,512.5 thousand by 2028, with a CAGR of 9.8% | growth market reports.
According to a recent market study published by Growth Market Reports titled, “Global Type 3 DOT Hydrogen Cylinder Market by Capacities (Below 100 L, Between 101-200 L, Between 201-300 L, and More than 300 L), Liner Types (Steel, Aluminum, and Others), Pressure Levels (300-500 bar and more than 500 bar), End-use Industries (Transportation, Industrial Gas & Storage, and Others), and Regions: Size, Share, Trends and Opportunity Analysis, 2018-2028,” the market was valued at USD 60,421.5 thousand in 2020 and is expected to grow at a growth rate of 9.8% by the year 2028. The global type 3 DOT hydrogen cylinder market is anticipated to grow significantly during the forecast period.
Hydrogen is an odorless, colorless, and highly flammable gas that is used in multiple end-uses such as production of chemicals, petroleum, steel, and electronics. Storage of hydrogen gas generally requires high pressure cylinders/tanks. Hydrogen stored in these cylinders is generally compressed.
There are 4 categories of hydrogen cylinders ranging from type 1 to type 4. Type 3 hydrogen cylinders/tanks are made of a metallic liner and are completely wrapped with a composite usually of carbon fiber. Moreover, a coating of resin is added to the fiber wrapping.
The U.S. Department of Transportation (DOT) sets safety standards for portable cylinders that are utilized to transport flammable, non-flammable, and poisonous materials. Cylinders that are made as per DOT specifications are referred to as DOT cylinders.
Key Market Players Profiled in the Report
- Worthington Industries
- Steelhead Composites, INC.
- AMS Composite Cylinders
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Type 3 DOT Hydrogen Cylinder Market
In terms of Capacities, the global type 3 DOT hydrogen cylinder market is segmented into below 100 L, between 101-200 L, between 201-300 L, and more than 300 L. The between 201-200 L segment holds a significant share of the market, due to high usage associated with the product in this range.
The more than 300 L segment is expected to register growth opportunities, due to increasing industries inclining towards high-capacity hydrogen cylinders.
In terms of Liner Types, the global type 3 DOT hydrogen cylinder market is segregated into aluminum, steel, and others. Strength and durability associated with aluminum liners support significant share of the segment. Low cost associated with steel supports the significant growth of the segment in the global market.
Moreover, increasing R&D pertaining to manufacture of Type 3 DOT Hydrogen Cylinders based on other types of liners is registering growth opportunities for the others segment.
Based on Pressure Levels, the global type 3 DOT hydrogen cylinder market is classified into between 300 – 500 bar and more than 500 Bar. The more than 500 bar segment holds a significant share of the market, due to increasing preference of customers for compact cylinders in industries.
READ the latest news shaping the hydrogen market at Hydrogen Central
Based on End-use Industries, the global Type 3 DOT hydrogen cylinder market is divided transportation, industrial gas and storage, and others. The industrial gas and storage segment holds a significant share of the market due to high demand of hydrogen in multiple industries.
Moreover, increasing research & development pertaining to use of hydrogen cylinders in various new vehicles such as drones for transportation of passengers, is expected to boost the growth of transportation segment during the forecast period.
On the other hand, increasing application of type 3 DOT hydrogen cylinders in other industries such as security & surveillance, military, and healthcare is expected to register new growth opportunities for the others segment during the forecast period.
Based on Regions, the global Type 3 DOT Hydrogen Cylinder market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds a significant share of the market, due to high regulations in the region pertaining to use of DOT certified hydrogen cylinders and presence of key players in the region.
Asia Pacific is a promising region for the market. In terms of value, the region constituted 13.5% share of the global market in 2020. The market in this region held a significant share in 2020 and is expected to grow in the coming years, owing to rapid consumption of hydrogen in the region. In terms of value, the market in Asia Pacific is projected to expand at a CAGR of 14.8% during the forecast period.
Key Takeaways from the Study:
- The below 100 L segment is anticipated to grow substantially during the forecast period, owing to key players adopting these cylinders.
- The steel segment is anticipated to hold a significant share of the market, owing to the stiffness and strength of the material.
- The market in Asia Pacific is anticipated to hold a significant share of the market during the forecast period due to increasing demand for hydrogen vehicles in the region.
- The market in Germany is anticipated to grow significantly during the forecast period, owing to the growing demand of type 3 DOT hydrogen cylinders in vehicles.
Global Type 3 DOT Hydrogen Cylinder Market Expected to Reach USD 1,18,512.5 thousand by 2028, With a CAGR Of 9.8% | Growth Market Reports, PUNE, India, August 19, 2021
