Type 4 Hydrogen Cylinder Market is Projected to Reach USD 4.4 Billion, Garnering A 13.2% CAGR From 2024 To 2034: Transparency Market Research

The type 4 hydrogen cylinder market is seeing growth due to an increase in demand for premium hydrogen storage containers. Since its molecules are so tiny, hydrogen is prone to leaking.

/EIN News/ -- Wilmington, Delaware, United States, Transparency Market Research, Inc. , July 15, 2024 (GLOBE NEWSWIRE) -- The type 4 hydrogen cylinder market (4형 수소통 시장) was projected to attain US$ 992 million in 2023. It is likely to garner a 13.2% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 4.4 billion.

At 288 K and 1 bar, hydrogen has a normal density of 0.09 g/L, making it the lightest gas. By weight, it has a high energy content, but by volume, it has a low energy content. These qualities have prompted large investments in the research and development of hydrogen storage technologies that are affordable, dependable, small, light, and safe.

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The storage of hydrogen is done in four different kinds of containers. Metal is used to make Type I vessels. Type II is a fiber resin composite-wrapped metallic vessel. Fiber resin composites of type IV are totally wrapped around polymeric liners, while type III metallic liners are fully wrapped around them.

Key Findings of Market Report

• High-grade hydrogen storage containers are highly durable and fulfill the stringent standards for large-scale hydrogen storage. These containers are intended to resist the high pressures and low temperatures at which hydrogen is stored, ensuring that the gas or liquid is safely confined until it is used.
• Compressed hydrogen can be kept in type 4 high-pressure hydrogen cylinders. These cylinders are lightweight, allowing for higher payload and large-scale storage and transportation.
• New developments in the type 4 hydrogen cylinder market point to the opening of large-scale manufacturing facilities, particularly in Europe. Mass manufacturing can assist in simplifying operations and reducing production costs.
• Type 4 composite cylinders are lighter than their steel equivalents. As a result, they may be used to store more fuel and be carried for longer distances.

Market Trends For Type 4 Hydrogen Cylinder

• Clean energy is gaining popularity in many nations as governments transition to renewable energy sources. Hydrogen is a pure fuel that, when used in a fuel cell, solely creates water.
• Clean hydrogen generated utilizing renewable or nuclear energy or fossil fuels with carbon capture can assist in decarbonizing a variety of industries. As a result, governments throughout the world are investing in hydrogen projects, which is driving up the value of the type 4 hydrogen cylinder.
• In May 2024, the European Commission granted over € 720 million to seven European renewable hydrogen projects selected through the European Hydrogen Bank's first competitive bidding procedure.
• Similarly, in 2023, the United States Department of Energy (DOE) announced a program to expedite the growth of the country's hydrogen industry.
• The DOE has announced that seven projects would get $7 billion in financing to construct regional "hydrogen hubs" around the country. Such expenditures represent a big step forward for the type 4 hydrogen cylinder business.

Global Market for Type 4 Hydrogen Cylinder: Regional Outlook

Various reasons propel the type 4 hydrogen cylinder market growth throughout the regions. These are:

• Asia Pacific retained the greatest share in 2023, according to the most recent type 4 hydrogen cylinder market (4種水素ボンベ市場) data. An increased emphasis is positively impacting the region's market dynamics on reaching net-zero emission objectives.
• Asia-Pacific nations are placing a strong emphasis on using renewable energy, especially hydrogen. To expedite their net zero transition, Australia, India, Japan, New Zealand, China, South Korea, and Singapore are creating national hydrogen policies.
• In the foreseeable future, these actions should help these nations' type 4 hydrogen cylinder industries flourish.
• Indonesia began producing green hydrogen at the Kamojang Geothermal Power Plant (PLTP) in March 2024.
• This hydrogen plant, which produces geothermal-based green hydrogen using condensation water from the energy generating process, was constructed by the government-owned company PT Perusahaan Listrik Negara. As a result, increased investment in green hydrogen is also increasing the market share of type 4 hydrogen cylinders in Asia Pacific.

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Type 4 Hydrogen Cylinder Market: Key Players

Important companies in the type 4 hydrogen cylinder market are creating cutting-edge designs that maximize storage effectiveness and raise the general dependability of hydrogen-based products.

The following companies are well-known participants in the type 4 hydrogen cylinder market:

• Hexagon Purus
• Luxfer Holdings PLC
• Worthington Industries
• ILJIN Hysolus Co., Ltd
• Toyoda Gosei Co., Ltd
• Faurecia
• Hanwha Cimarron
• OPmobility SE

Key Developments

• The LPG and CNG business Confidence Petroleum India Limited stated in February 2024 that Silversky Exim Pvt. Ltd., a division of Confidence Futuristic Energetech Ltd., will be entering the green hydrogen type 4-cylinder manufacturing industry.
• Hydrogen tank deliveries from the first mass manufacturing factory in France were initiated in 2023 by FORVIA, a producer of automotive and smart mobility technologies. The production facility's yearly goal is 100,000 tanks.

Global Type 4 Hydrogen Cylinder Market Segmentation 

• By Material
  • Inner Liner
    • HDPE
    • Polyamide
    • Others
  • Composite Layer
• By H2 Capacity
  • <5 Kg
  • 5-10 Kg
  • 10-15 Kg
  • 15-20 Kg
  • >20 Kg
• By Pressure
  • <300 Bar
  • 300-500 Bar
  • 500-700 Bar
  • >700 Bar
• By Application
  • Hydrogen Storage Infrastructure
  • Hydrogen Refueling Station
  • Fuel Cell for Vehicles
    • Light Duty Vehicles
    • Light Commercial Vehicles
    • Medium and Heavy-Duty Vehicles
  • Others
• By End-use
  • Automotive & Transportation
  • Energy & Power
  • Others
• By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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