NEW YORK, June 20, 2024 /PRNewswire/ -- The global liquefied petroleum gas cylinder market size is estimated to grow by USD 654.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.11% during the forecast period. Increasing use of liquefied petroleum gas in many applications is driving market growth, with a trend towards growing trend toward adoption of composite liquefied petroleum gas cylinders. However, availability of alternate fuels poses a challenge. Key market players include 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., Jiangsu Minsheng Special Equipment Group Co. 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, and Worthington Industries Inc..

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Key Market Trends Fueling Growth

The composite liquefied petroleum gas cylinder market is experiencing significant growth due to the advantages offered by these lightweight, explosion-proof, and non-corrosive cylinders. With advanced fiberglass technology, composite cylinders are safer and have prevented numerous kitchen accidents. Available in various capacities and colors, they cater to diverse consumer needs and reduce frauds with their translucent design. Vendors like Hexagon Ragasco are innovating with sensor-based digital ecosystems, enhancing data insights and creating new business opportunities, ultimately replacing the metal cylinder-dominated market. 

The Liquefied Petroleum Gas (LPG) cylinder market is experiencing significant growth due to increasing demand for cleaner fuel sources. Transportation and refineries are major consumers of LPG cylinders. The use of LPG in cooking and industrial processes is also on the rise. Companies are focusing on improving cylinder technology to make them more efficient and safe. Composites and lightweight materials are being used to manufacture cylinders, making them easier to transport and handle. The market is competitive, with several players vying for market share. Producers are investing in research and development to innovate and stay ahead of the competition. The future looks promising for the LPG cylinder market, with growing demand and advancements in technology. 

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Market Challenges

• The Liquefied Petroleum Gas (LPG) cylinder market faces challenges due to the widespread use of traditional fuels in developing countries. Consumers prefer these fuels due to their affordability and ease of availability. However, LPG offers advantages such as safety with CNG and LNG, continuous supply with piped natural gases, and eco-friendliness with solar cookers. These alternatives hinder the growth of the LPG market during the forecast period.
• The Liquefied Petroleum Gas (LPG) cylinder market faces several challenges. Thing is, producing and transporting these cylinders involves complex processes. Bioides and Carbons are key materials used. Separating these elements is crucial for creating LPG. However, the process requires fuel and produces residuals. Moreover, ensuring safety during production and transportation is essential. Producers must adhere to strict regulations. Carbon and Aluminum are common materials for LPG cylinders. However, producing these cylinders involves high costs. Furthermore, the market faces competition from other energy sources. Fossil fuels like oil and coal remain popular. Renewable energy sources like wind and solar are gaining traction. As a result, LPG producers must innovate to stay competitive. Lastly, logistics pose a significant challenge. Distributing LPG cylinders to various locations requires efficient transportation networks. Producers must invest in infrastructure to meet demand effectively.

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Segment Overview

This liquefied petroleum gas cylinder market report extensively covers market segmentation by

1. Type
   • 1.1 Metal
   • 1.2 Composite
2. End-user
   • 2.1 Residential
   • 2.2 Commercial
   • 2.3 Industrial
3. Geography
   • 3.1 APAC
   • 3.2 North America
   • 3.3 Europe
   • 3.4 Middle East and Africa
   • 3.5 South America

1.1 Metal- The Liquefied Petroleum Gas (LPG) cylinder market is experiencing steady growth due to increasing demand for clean cooking fuel and industrial applications. Businesses are investing in LPG cylinder production and distribution to meet this demand. Key players in the market include Linde plc, Air Products and Chemicals, and Praxair Technology Inc. These companies are focusing on expanding their production capacity and improving cylinder technology for enhanced safety and efficiency. The market is expected to continue growing, driven by population growth and urbanization in developing countries.

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Research Analysis

The Liquefied Petroleum Gas (LPG) cylinder market encompasses the production, distribution, and consumption of LPG cylinders for various applications. Fossil fuels such as kerosene, wood, coal, and natural gas are being replaced by cleaner energy sources like LPG in rural residences for cooking and calefaction. LPG cylinders are also used in transportation for cars, reducing car emission gases and carbon emissions. In recreation, hot air balloons use LPG as fuel. Agriculture relies on LPG for irrigation and fertilizer production. LPG cylinders come in various forms, including Metal LPG cylinders for residential and commercial applications. Flammable hydrocarbon gases like propane and butane are used as portable fuels. Bio LPG is an eco-friendly alternative to traditional LPG, offering non-toxic and sulfur-free fuel options. The refinery process converts raw natural gas into LPG, which is then supplied through pipe gas supply systems.

Market Research Overview

The Liquefied Petroleum Gas (LPG) cylinder market encompasses the production, distribution, and consumption of LPG cylinders used for various applications. These cylinders are essential for storing and transporting LPG, which is primarily used as a fuel source for heating, cooking, and transportation. The market is driven by factors such as increasing demand for cleaner fuels, growing population, and urbanization. The LPG cylinder market is segmented based on capacity, material type, and end-use industry. The capacity segment includes small, medium, and large cylinders, while the material type segment includes steel and composite cylinders. The end-use industry segment includes residential, commercial, industrial, and transportation sectors. The market is expected to grow significantly due to the increasing demand for LPG as a cleaner alternative to traditional fuels.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• • Metal
  • Composite
• End-user
• • Residential
  • Commercial
  • Industrial
• Geography
• • APAC
  • North America
  • Europe
  • Middle East And Africa
  • South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio