The Future of Composite Cylinders Market in Malaysia
Composite cylinders is a new technology for LPG container as compare to the existing metal container. This product shows an increasing trend in demand throughout the globe in recent years.
Global Growth Market for Composite Cylinders
It is forecast that the growth of composite cylinder increase to US$ 961 million by 2027 from US$ 691 million in 2021. This product grow with the CAGR of 6.6% during the forecast period of 2022-2027. The most dominant regions for the growth of composite cylinder is in Asia Pacific. Malaysia is also one of the countries that are trying to convert the existing metal cylinder to the composite cylinder.
Composite cylinders is a lightweight, durable, and resistance to corrosion. These properties holds a great attractions for others such as gas storage, diving, and air compressors. Due to this properties, transporting the products requires less cost compared to the current metal cylinders. There are three types of composite cylinders which made of natural fiber, carbon fiber, and glass fiber, and it is anticipated that glass fiber would dominate the global composite cylinder market growth.
Future of Composite Cylinders in Malaysia
In line with global growth of composite cylinders, Malaysia also has potential for glass fiber composite. In Malaysia, there is an increasing trend for camping and glamping after the outbreak of Covid – 19. So, it is a very suitable product to have during these outdoor activities whether using it in campervan at camping site beside tent. It is user friendly as the translucent property can give the users an estimated level of gas contained in the cylinders. As an explosion proof product, it is a go to product for campers and outdoor enthusiasts for the safety reason.
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Other than outdoor activities, this composite cylinder is a very convenient product for household use, especially for high-rise residences. Malaysia shows an increasing amount of high-rise residences built such as apartments and condos. To accommodate these residents, composite cylinders give a better choice due to the lightweight making it easy to carry to the house.
Currently there few are emerging companies in Malaysia that are manufacturing composite cylinders including us. As the demand for the products increases, the market for this product will continue to expand. This product also have potentials to generate new jobs. Some of the benefits are improvement of social and economic mobility, strengthening of local communities, and increased tax revenue. It also indirectly lead to the necessity for the improvement of composite cylinders in terms of demands and services.