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, Aug. 19, 2021 /PRNewswire/ -- 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.

Download PDF Sample here: https://growthmarketreports.com/request-sample/1590

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.

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.

To Buy the Complete Report: https://growthmarketreports.com/report/type-3-dot-hydrogen-cylinder-market-global-industry-analysis

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.

Read 293 Pages Research Report with Detailed ToC on "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 (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"

For Any Questions on This Report: https://growthmarketreports.com/enquiry-before-buying/1590

Key Segments Covered

By Capacities

• Below 100 L
• Between 101-200 L
• Between 201-300 L
• More than 300 L

By Liner Types

• Aluminum
• Steel
• Others

By Pressure Levels

• Between 300 - 500 Bar
• More than 500 Bar

By End-use Industries

• Transportation
• Industrial Gas & Storage
• Others

By Regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Other Trending Reports:

• Global Hydraulic Cylinder Market by Designs (Tie Rod Cylinder, Welded Body Cylinder, Telescopic, and Mill Type), Bore Size (<50 mm, 50–150 mm, and >150 mm), Functions (Single Acting and Double Acting), Applications (Industrial Equipment and Mobile Equipment), Industries (Construction, Aerospace & Defense, Material Handling, Agriculture, Mining, Automotive, Marine, Oil & Gas, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
• Hydrogen Cyanide Market by Category (Hydrogen Cyanide (HCN) Liquid, Hydrogen Cyanide (HCN) Gas) Application (Acetone cyanohydrin, Adiponitrile, Sodium cyanide, DL-Methionine, Cyanuric chloride) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
• p-Hydroxycinnamic Acid Market by Types (98.0% and Others), Applications (Chemical Industry, Food Industry, Health Industry, Cosmetic Industry, and Pharmaceutical Industry), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
• Global Thermoformed Plastics Market by Type (Polymethyl Methacrylate (PMMA), Bio-Degradable Polymers, Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), Poly Vinyl Chloride (PVC), High Impact Polystyrene (HIPS), Polystyrene (PS), Polypropylene (PP)), By Application (Cylinders Healthcare & Medical, Food Packaging, Electrical & Electronics, Automotive Packaging, Construction, Consumer Goods & Appliances, Others) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
• Global Hydraulic Equipment for Mobile Applications Market by Type (Cylinders, Pumps and Motors, Valves), By Application (Aerospace, Automotive, Construction and Material Handling, Marine) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

About Growth Market Reports:

Growth Market Reports provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Industry Intelligence Solutions". Growth Market Reports has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, and secondary research & consumer surveys.

Contact:
Alex Mathews
1st Floor, Kalpavruksha Office No 1,
GK Lane Number 3,
Ingawale Nagar, Pimple Nilakh, Pune,
Maharashtra 411027
Phone: +1 909 414 1393
Email: [email protected]
Web: https://growthmarketreports.com

SOURCE Growth Market Reports