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The liquefied petroleum gas (LPG) cylinder market size is estimated to grow at a CAGR of 6.73% between 2022 and 2027. The market size is forecast to increase by USD 691.53 million. The growth of the market depends on several factors such as the increasing use of liquefied petroleum gas in many applications, rising safety and quality standards of liquefied petroleum gas cylinders, and a rise in population growth and urbanization.
This liquefied petroleum gas (LPG) cylinder market report extensively covers market segmentation by type (metal and composite), end-user (residential, commercial, and industrial), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing use of liquefied petroleum gas in many applications is the key driver for the growth of the market. Liquefied Petroleum Gas is a versatile and commonly used fuel in various industries due to its clean-burning properties, portability, and ease of use. Liquefied petroleum gas is commonly used in households for cooking which is the major factor for the growth in the LPG cylinder market. Gas stoves and LP burners provide a convenient and efficient method of cooking food. In areas with colder climates, liquefied petroleum gas is used to heat residential areas, powering gas fireplaces and fireplaces to keep homes warm.
In addition, in the LPG cylinder market, another option used in power generation applications is liquefied petroleum gas, which is burned to produce electricity, typically in areas where access to natural gas is limited. The versatility of liquefied petroleum gas makes it an attractive choice for various applications in different industries. These factors will drive the growth rate of the global liquefied petroleum gas cylinder market during the forecast period.
A growing trend toward the adoption of composite liquefied petroleum gas cylinders is the primary trend in the market. Composite LPG cylinders are known for their lightweight, explosion-proof, and non-corrosive properties. They are lighter, come in a variety of colors, and are easier to handle than heavy steel liquefied gas cylinders. The new composite cylinders are much safer because they do not explode even in the event of a fire or a leakage situation. This is because of the advanced fiberglass technology used when manufacturing these cylinders.
Furthermore, the advent of composite cylinders, along with many advantages and improved service quality for cooking gas consumers, are the factors that will profoundly change the LPG cylinder market. This trend has the potential to displace the current liquefied petroleum gas cylinder market, which is dominated by metal cylinders that often deliver less gas than promised and are relatively unsafe. These factors will boost the demand for the global liquefied petroleum gas (LPG) cylinder market during the forecast period.
The reuse of scrapped cylinders is the challenge that affects the growth of the market. One of the most destructive practices in the global liquefied petroleum gas cylinder market is the illegal or pirated filling of cylinders in the distribution chain. One company's cylinders are used and filled by another company without permission. Cylinders are repainted with another company's trademark or identification mark and then marketed under that mark.
Moreover, metallic liquefied gas cylinders have a life span of about ten years and must be recycled at the end of their life. However, such cylinders are neither abandoned nor tested for use. As a result, these cylinders are not only unsafe but may also lead to a decrease in the overall sales of liquefied petroleum gas cylinder manufacturers, which will impede the growth of the market during the forecast period. newspaper.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Liquefied Petroleum Gas (LPG) Cylinder Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aburi Ltd.: The company offers liquefied petroleum gas cylinders such as composite LPG cylinders and steel LPG cylinders.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The metal segment is estimated to witness significant growth during the forecast period. The liquefied gas metal cylinder is a pressure vessel designed to store and transport various gases in a gaseous or liquid state. Cylinders are typically made from durable metals, such as steel or aluminum, and are used for a variety of applications in industries, households, and commercial uses. Metal gas cylinders are designed to withstand high internal pressure due to internal air compression.
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The metal segment was the largest segment and was valued at USD 1,131.27 million in 2017. Metal gas cylinders are designed to be portable, allowing them to be easily transported and used in a variety of locations. Different sizes and capacities are available to meet the different needs of end users. Metal gas cylinders are designed with safety in mind. These may include pressure relief devices to release excess pressure in the event of overpressure, protective caps to protect valves during transport, and markings indicating the type of gas contained within. These factors will contribute to the growth of the metals segment, which will drive the growth of the liquefied petroleum gas cylinder market during the forecast period.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The major liquefied petroleum gas cylinder market factors are the growing use of liquefied petroleum gas as cooking fuel and the lack of infrastructure for piped natural gas in this region.
Moreover, the government provides subsidies to end users to promote the use of liquefied petroleum gas. They are also educating rural people about the benefits of using liquefied petroleum gas over traditional fuels for cooking. APAC also dominates the manufacturing of liquefied petroleum gas (LPG) cylinder market. China and India are the leaders and major exporters of the LPG cylinder market. Owing to the increasing demand for liquefied petroleum gas for domestic use, the region is focusing on increasing the production of liquefied petroleum gas cylinders. Thus, such factors will drive the growth of the market.
In 2020, due to the advent of the COVID-19 pandemic, the liquefied petroleum gas (LPG) cylinder market witnessed a slow growth in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown restrictions, which led to the resumption liquefied petroleum gas cylinder market. Moreover, the use of liquefied gas cylinders has increased in residential areas due to increasing urbanization, the growth of the middle class, and the user-friendly policies of the government. Such factors are expected to drive the LPG cylinder market during the forecast period.
The liquefied petroleum gas (LPG) cylinder market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Liquefied Petroleum Gas (LPG) Cylinder Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.73% |
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Market growth 2023-2027 |
USD 691.53 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.47 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aburi Ltd., Aygaz AS, Bhiwadi Cylinders Pvt. Ltd., CHEMET SA, EVAS, GUANGDONG YINGQUAN STEEL PRODUCTS CO. LTD., Hebei Baigong High pressure Vessel Co. Ltd., Hexagon Composites ASA, Indian Oil Corp. Ltd., Luxfer Holdings Plc, Mauria Udyog Ltd., McWane Inc., Metal Mate Co. Ltd., Sahamitr Pressure Container Plc, Sahuwala Cylinders Pvt. Ltd., Shandong Huanri Group Co. Ltd., The Supreme Industries Ltd., Vitkovice Milmet SA, Worthington Industries Inc., and Jiangsu Minsheng Special Equipment Group Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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