Stratview Research announces the launch of a new research report on Global Composite LPG Cylinders Market by Cylinder Type (Type III and Type IV), by Cylinder Size Type (0-5kg, 6-10kg, and 11kg & Above), by Application Type (Kitchen & Domestic Use, Transportation, Recreational Use, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017–2022.
This 200+ pages market report, from Stratview Research, studies the composite LPG cylinders market over the period 2011 to 2022. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The Global Composite LPG Cylinders Market: Highlights
As per Stratview Research, the global composite LPG cylinders market offers an impressive CAGR of 9.7% during the forecast period of 2017 to 2022 and reach US$ 189.7 million in 2022, which offers an opportunity to the composites industry players to align themselves with the market growth.
There are several factors bolstering the growth of composite LPG cylinders in the global consumer goods industry. The author of the report cited that 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 developing economies would further elevate the demand for composite LPG cylinders over the next five years.
As per the research findings, 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 as it offers the maximum weight reduction and higher burst pressure as compared to type I and type III cylinders. The most popular size of composite LPG cylinders is 10kg, which is used in cooking application for domestic and commercial applications.
In terms of application, 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.
In terms of region, Europe is expected to remain the largest market for composite LPG over the next five years, driven by demand from recreational use. However, Asia-Pacific is likely to experience the highest growth during the same period.
As per the study, the global composite LPG cylinders market is highly consolidated with the presence of less than a dozen major global players. The key composite LPG cylinder manufacturers are Hexagon Composites ASA, Aburi Composites, Amtrol-Alfa, Time Technoplast Ltd., Metal Mate Co., Ltd., and AL Aman Gas Cylinders Manufacturing LLC. 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.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the global composite LPG cylinders market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. The following are the four ways in which the market is segmented:
Global Composite LPG Cylinders Market by Cylinder Type:
Global Composite LPG Cylinders Market by Size Type:
Global Composite LPG Cylinders Market by Application Type:
Global Composite LPG Cylinders Market by Region:
Stratview Research has several high value market reports in the composites and advanced materials industry. Please refer to the following link to browse through our reports:
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