According to a recent market study published by Growth Market Reports titled, "Global Type 3 DOT Hydrogen Cylinder Market by Capacity, Liner Type, Pressure Level, End-use Industry, and by 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.

Request a free sample copy: https://growthmarketreports.com/request-sample/1590

The global type 3 DOT hydrogen cylinder market has been segmented based on capacity, liner material, pressure level, end-use industry, and region. In terms of capacity, 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. In terms of liner material, the global type 3 DOT hydrogen cylinder market is classified into aluminum, steel, and others.

In terms of pressure level, the global type 3 DOT hydrogen cylinder market is segmented into between 300- 500 bar and more than 500 bar. In terms of end-use industry, the global type 3 DOT hydrogen cylinder market is classified into transportation, industrial gas & storage, and others. By regions global type 3 DOT hydrogen cylinder market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).

Type 3 DOT hydrogen cylinders are emerging technology with the growing need for lightweight hydrogen cylinder. Moreover, there is a global emphasis on shifting to clean sources of energy with countries across the globe aiming to cut down their carbon emissions and tackling climate change there by fueling the market. As compared to type 1 and type 2, type 3 cylinders provide four times the hydrogen capacity and are light in weight. Type 3 cylinders considered when it comes to automotive applications.

As per Growth Market Reports industry analyst Rajas Shirwalkar, “The Type 3 DOT Hydrogen Cylinders Market is anticipated to witness significant growth during the forecast period 2021-2028. The aluminum segment is expected to hold a significant share of the market and is projected to expand at a substantial CAGR during the forecast period, owing to its excellent heat dissipation and first-rate permeation resistance. The more than 500 bar segment is expected to hold a significant share of the market and is projected to expand at a considerable CAGR owing to increasing demand for vehicles with greater driving range. North America is anticipated to account for a key share of the market during the forecast period owing to rising investments in hydrogen in the region.

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.

Report Scope

Report Metric

Details

Market Value in 2020

USD 60,421.5 thousand

Market Growth Rate (from 2021 to 2028)

9.8%

Historical Data

2018 & 2019

Base Year

2020

Forecast Period

2021 - 2028

Units Considered

Value (USD Thousand)

Market Segments

Capacity, Liner Material, Pressure Level, and End-use Industry

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

The US, Canada, Peru, Chile, Brazil, Rest of Latin America, China, Japan, South Korea, India, Australia, Southeast Asia, Rest of Asia Pacific, Germany, France, U.K., Russia, and Rest of Europe, Saudi Arabia, South Africa, UAE and Rest of MEA.

Key Companies Profiled

Worthington Industries, Steelhead Composites, INC, and AMS Composite Cylinders.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements

Target Audience

  • Demand Side: Industrial End-users, Universities, etc.
  • Regulatory Side: Concerned government authorities and other regulatory bodies.
  • Associations and Industry Bodies: Department of Transportation (DOT), Compressed Gas Association (CGA), Pipeline and Hazardous Materials Safety Administration (PHMSA), International Organization for Standardization (ISO), Transport Canada (TC), and Aerospace Standard (AS).