Cylinders that conform to different ISO standards, depending on their specifications are considered as ISO cylinders. Cylinders are used to produce force in linear motion with the power of compressed gas. ISO refers to the International Organization for Standardization. ISO standards are put in place to increase business productivity, reduce waste, and minimize errors. Asia Pacific is anticipated to be the fastest growing market for ISO cylinders during the forecast period especially emerging countries such as India, China, Indonesia, and Japan. Increasing demand for ISO cylinders from several end-use industries such as oil and gas, aerospace and defense, material handling, agriculture, automotive, construction, mining, and marine is anticipated to surge the ISO cylinder market in coming years.
ISO Cylinder Market – Competitive Landscape
Several international and domestic companies dominate the ISO cylinder market. Leading market players are focusing on further innovation in products and business expansion to enhance their market share.
- In April 2019, Parker Hannifin Corporation acquired LORD Corporation, a private company involved in manufacturing coatings, advanced adhesives, and specialty materials, and also vibration and motion control technologies. This strategic acquisition is expected to help the company expand its business.
- ISO cylinders have huge application areas in several industries. Major players in the ISO cylinder market are focusing on business expansion in different regions across the globe through merger and acquisition activities, apart from increasing their investment in research and development and product innovation.
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IMI Norgren Herion Private Limited
IMI Norgren Herion Private Limited was established in 1927 in Colorado and is known for its motion and fluid control technology solutions. The company has a wide product portfolio for several industries including commercial vehicles, energy, food & beverage, industrial automation, life science, Industrial Internet of Things, mobile pneumatics, and rail. It has sales and service networks in around 75 countries and technical centers in USA, Germany, UK, and China.
SMC Corporation was established in 1959 and is based in Tokyo, Japan. The company manufactures a wide range of products including control systems and equipment such as actuators, directional control valves, and airline equipment, to support various applications. The company has its main production facilities in Singapore and China, and local production facilities in Mexico, the United States, Europe, Brazil, India, Korea, and Australia.
The Festo Group
Incorporated in 1959, The Festo Group is a supplier of pneumatic and electric automation technology in the field of factory and process automation. The company’s products and services are available in around 176 countries across the world. The Festo Group employs around 21,200 people in 60 countries and has 250 subsidiaries.
Several international and domestic players are active in the ISO cylinder market. Some of them are Parker Hannifin Corp., Metal Work S.p.A., PHD Inc., AVENTICS GmbH, Ashun Fluid Power Co., Ltd, Waircom mbs S.P.A, Bansbach, UNIVER S.p.A. and others.
ISO Cylinder Market – Dynamics
Rapid growth in automotive industry and a wide range of applications anticipated to drive the demand for ISO cylinders
The global ISO cylinder market is expected to see significant growth during the forecast period due to the booming automotive industry across the globe. Additionally, increasing investments in other industries such as aerospace and defense, oil and gas, and construction are also anticipated to encourage the ISO cylinder market in the coming years.
Strict government regulations and rise in environmental concerns related to the product’s end-user industry may hamper market growth
Governments in different regions imposing strict regulations regarding the environmental impact of end-user industries are expected to influence the ISO cylinder market. Additionally, the hazardous effect of oil lubricants and volatile raw material prices are also anticipated to impact the demand for ISO cylinders during the forecast period.
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This post was originally published on Kentucky Reports