According to a new market report published by Lucintel, the future of the global LPG cylinder market looks good with opportunities in household, automobile, leisure, and other outdoor applications. The global LPG cylinder market is expected to reach an estimated $2.1 billion, and it is forecast to grow at a CAGR of 3.1% from 2018 to 2023. The major growth drivers for this market are increasing use of liquifed petroleum gas as a fuel source and lack of infrastructure for the transportation of piped natural gas (PNG).
In this market, metal and composite LPG cylinders are used to carry and transport liquified petroleum gas. On the basis of comprehensive research, Lucintel forecasts that metal LPG cylinder will remain the largest segment. Lower cost as compared to composite cylinders and low penetration of gas pipeline network in developing countries are likely to drive the demand for this segment over the forecast period. The composite cylinder segment is expected to witness the highest growth during the forecast period supported by lightweight, and its non-corrosive properties.
LPG cylinders are used in carrying gas for household will remain the largest segment and it is also expected to witness highest growth during the forecast period. Increasing use of liquified petroleum gas as a fuel for cooking and unavailablity of gas pipeline network are driving growth of this segment over the forecast period.
APAC is expected to remain the largest market and it is also expected to witness the highest growth over the forecast period due to LPG being the major source of cooking fuel in most of the countries and the lack of infrastructure for piped natural gas in this region.
Emerging trends, which have a direct impact on the dynamics of the market, include increasing adoption of composite LPG cylinders and widening the size range of composite LPG cylinders to meet the needs of different consumers. Worthington Industries, Maurya Udyog Limited, Hexagon Composites, Sahamitr Pressure Container, and Time Technoplast are among the major suppliers of LPG cylinders.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global LPG cylinder market by cylinder type, material consumption, application, and region, and has compiled a comprehensive research report entitled “Growth Opportunities in the Global LPG Cylinder Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global LPG cylinder market by cylinder type, application, material consumption, and region, as follows:
By Cylinder Type [Value ($ Million) and Volume (Million Units) from 2012 to 2023]:
• Metal LPG Cylinder
• Composite LPG Cylinder
By Application [Value ($ Million) and Volume (Million Units) from 2012 to 2023]:
• Leisure and Others
By Material Consumption [Value ($ Million) and Volume (Million lbs) from 2012 to 2023]:
By Region [Value ($ Million) and Volume (Million Units) from 2012 to 2023]:
• North America
− United States
This 193-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or [email protected]
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Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report addresses the following key questions:
Q. 1. What are some of the most promising, high-growth opportunities for global LPG cylinder market by cylinder type (metal LPG cylinders and composite LPG cylinders), application (households, automobile, and leisure), material consumption (metal, composite, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2. Which product segment will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
Q. 11. What M&A activity has occurred in the last 5 years?