Composite LPG Cylinder Market | 2025-2031

Attractive Opportunities

Global Demand Analysis & Sales Opportunities in Composite LPG Cylinder Market

• The annual demand for composite LPG cylinder was USD 135.2 million in 2024 and is expected to reach USD 146.5 million in 2025, up 8.4% than the value in 2024.

• During the forecast period (2025 to 2031), the composite LPG cylinder market is expected to grow at a CAGR of 7.5%. The annual demand will reach of USD 226.9 million in 2031.

• During 2025-2031, the composite LPG cylinder industry is expected to generate a cumulative sales opportunity of USD 1297.20 million. 

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High-Growth Market Segments:

• Europe holds the largest market share, while Asia-Pacific is expected to exhibit the highest growth. 

• By Application type, Kitchen & Domestic Use is anticipated to grow in the coming years.

• By Size type, 6-10 Kg is estimated to contribute the largest share of the thickness type.

• By Type, Type IV is projected to maintain its dominance as the most preferred throughout the forecast period.

Market Statistics

Have a look at the sales opportunities presented by the composite LPG cylinder market in terms of growth and market forecast.

Market Dynamics

Introduction:

What is a composite LPG cylinder?

Composite LPG Cylinders are made from advanced materials like fiberglass and polymer resins. Composite materials reduce the weight of the cylinders compared to traditional steel. Advanced materials in these cylinders provide a high strength-to-weight ratio, allowing them to withstand high pressures. Composite LPG Cylinders are corrosion-resistant, and the design and materials make them more resistant to impacts and punctures.

There are two types, mainly Type III and Type IV. Type-III composite LPG cylinders are designed with a metal liner fully wrapped with composite materials, typically fiberglass-reinforced polymer. This construction combines the benefits of both metal and composite materials. Type-IV composite LPG cylinders are advanced storage solutions with a polymer liner wrapped with composite materials, typically fiberglass. The inner liner is made of high-density polyethylene (HDPE), or other durable polymers, and the outer layer consists of high-strength composite materials that enhance the cylinder's structural integrity.

Market Drivers:

• The composite LPG cylinder market is driven by several key factors, including the increasing demand for lightweight and safe alternatives to traditional steel cylinders. These composite materials offer better pressure resistance, along with a lower risk of explosion, which further enhances market adoption as safety-related concerns rise among consumers and industries.

• Additionally, the rising urbanization and increasing use of LPG for cooking, heating, and automotive applications in emerging economies are contributing to market growth. Increasing awareness about environmental needs and promotion of alternative sources of energy brings to the market the advantage of corrosion resistance and longer lifetimes of composite cylinders.

• Improvements in manufacturing technologies have increased the quality and performance of the products, which have augmented the adoption of composite LPG cylinders across various applications.

Segment Analysis

Competitive Landscape

Most of the major players compete in some of the factors, including price, service offerings, regional presence, etc. The following are the key players in the composite LPG cylinder market -  

Here is the list of the Top Players (Based on Dominance)

• Hexagon Ragasco (Worthington Enterprises)

• Time Technoplast

• Amtrol-Alfa (Worthington Enterprises)

• Supreme Industries

• Rubis Caribbean

• Gavenplast

• Aceccse

• Metal Mate

Note: The above list does not necessarily include all the top players in the market.

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Recent Developments/Mergers & Acquisitions:

• In June 2024, Worthington Enterprises announced the closing of its planned acquisition of Hexagon Ragasco.

• In March 2022, Supreme Industries, one of the leading manufacturers of Composite LPG Cylinders, received a huge order from IOCL (Indian Oil Corporation Ltd.) and is now planning to expand its capacity by adding one million-cylinder manufacturing capacity to its already existing 1.4 million capacity.

• In 2020, Hexagon Ragasco released a new range of composite cylinders that included smart technology for monitoring gas levels and detecting leaks, enhancing consumer safety and convenience.

• In 2020, Time Technoplast Ltd., one of the leading manufacturers of polymer-based products in India, started manufacturing composite LPG cylinders.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.

• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.

• Market trend and forecast analysis.

• Market segment trend and forecast.

• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.

• COVID-19 impact and its recovery curve.

• Attractive market segments and associated growth opportunities.

• Emerging trends.

• Strategic growth opportunities for the existing and new players.

• Key success factors.

Market Segmentation

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 composite LPG cylinder market is segmented into the following categories:

By Application Type

• Kitchen & Domestic Use 

• Transportation 

• Recreational Use 

• Others 

By Size

• 0-5 Kg 

• 6-10 Kg 

• >11 Kg 

By Type

• Type-III Cylinders 

• Type-IV Cylinders

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)

• Europe (Country Analysis: Germany, France, The UK, Norway, Russia, and Rest of the Europe)

• Asia-Pacific (Country Analysis: India, Thailand, China, and Rest of Asia-Pacific)

• Rest of the World (Sub-Regional Analysis: the Middle East, Latin America, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Composite LPG Cylinder Market realities and future market possibilities for the forecast period. 

• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.

• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

• This report offers high-quality insights and is the outcome of a 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.

• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]