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Composite LPG Cylinders Market Report
Composite LPG Cylinders Market Size, Share, Trend, Forecast, & Competitive Analysis
The global composite LPG cylinders market size is expected to grow at an impressive CAGR of 9.7% over the next five years to reach US$ 189.7 million in 2022. Increasing demand for lightweight, explosion proof and non-corrosive LPG cylinders and government push towards the usage of composite cylinders are some of the major drivers of the market. Increase in the consumption of LPG in the developing economies further elevate the demand for composite LPG cylinders over the next five years.
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The global composite LPG cylinders market is segmented based on cylinder type as type III and type IV. Type IV is the most widely preferred cylinder type in the composite LPG cylinders market. It is expected to remain larger and faster-growing cylinder type during the forecast period. All the major composite LPG cylinder manufacturers have a presence in type IV tanks only. Type IV cylinder offers the maximum weight reduction and higher burst pressure as compared to type I and type III cylinders.
Based on the application type, the global composite LPG cylinders market is segmented as kitchen & domestic use, transportation, recreational use, and others. Kitchen & domestic use is expected to remain the largest and fastest-growing application type in the global composite LPG cylinders market during the forecast period. There is an increasing replacement of type I cylinders with type IV cylinders, owing to their advantages of lightweight and an excellent burst pressure. Additionally, piped natural gas in households is being replaced with composite LPG cylinders, owing to its limited reserves and high cost.
Composite LPG Cylinder is manufactured from advanced composite materials and offers a number of features such as quality products, great design, reliable safety, and innovation that can meet up the gas containment standards. The features and the benefits of these composite LPG cylinders make it much beneficial and better to the steel LPG cylinders.
Composite LPG cylinder is designed in a way that it can operate in different weather conditions. These cylinders are useful in case of household purposes, are great for recreation purposes, and also is used in commercial options.
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Research Scope |
|
|---|---|
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Trend & Forecast Period |
2011-2022 |
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Size in 2022 |
189.7 million |
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Forecast |
9.7% CAGR during 2017-2022 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Countries Covered |
The USA, Canada, Mexico, Germany, France, The UK, Norway, Russia, Thailand, Bangladesh, South Korea, The Middle East, Latin America and Others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The Composite LPG Cylinders Market is segmented in the following ways:
The supply chain of this market comprises raw material suppliers, composite LPG cylinder manufacturers, distributors, oil & gas companies, and end users. The key composite LPG cylinders manufacturers are-
Development of lightweight cylinders, capacity expansion, and regional expansion are the key strategies adopted by the key players to gain a competitive edge in the market.
For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
This report, from Stratview Research, studies the global composite LPG cylinders market over the period 2011 to 2022. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The following are the key features of the report:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Regional Segmentation
Competitive Benchmarking
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your enquiry at sales@stratviewresearch.com
Driven by a number of factors like Increasing demand for lightweight, the composite LPG cylinders market size is projected to reach an estimated value of US$ 189.7 million in 2022.
Kitchen & domestic use is expected to remain most dominant application type in the global composite LPG cylinders market during the forecast period.
Hexagon Composites ASA, Aburi Composites, Amtrol-Alfa, Time Technoplast Ltd., and Metal Mate Co., Ltd., and AL Aman Gas Cylinders Manufacturing LLC. are among the key players in the Composite LPG Cylinders Market.
Increasing demand for lightweight, explosion proof and non-corrosive LPG cylinders and government push towards the usage of composite cylinders are some of the major drivers of the composite lpg cylinders market.
Type IV is expected to remain the largest segment in the composite LPG cylinders market in the coming five years.
The supply chain of composite LPG cylinders market comprises raw material suppliers, composite LPG cylinder manufacturers, distributors, oil & gas companies, and end users.
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