DUBLIN, Oct. 16, 2020 /PRNewswire/ -- The "Asia Pacific LPG Cylinder Market By Cylinder Type (Metal, Composite), By Size (0 to 5 Kg, 6 to 10 Kg, 11 Kg & Above), By Application (Residential/Consumer-use, Power & Utilities, Transport/Auto-fuel), By Country, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific LPG Cylinder Market is expected to grow at a CAGR of around 5% during forecast period, on account of growing demand for liquefied natural gas as it is touted as an environment friendly alternative to coal, petrol and diesel.
As a result, governments across various countries in the region are promoting its use over traditional fuels. Lack of infrastructure for distribution of LPG is the primary reason for the growing popularity of LPG cylinders. Most of the countries which have inadequate gas resources, prefer LPG cylinders over piped LPG, as LPG is first liquefied before transporting and then liquefied LPG is again converted to gaseous form, which increases the overall cost of the LPG to the country. As a result, countries prefer LPG cylinders over laying pipelines.
The Asia-Pacific LPG Cylinder Market can be segmented based on the cylinder type, size, country and application. In terms of cylinder type, the market can be bifurcated into composite and metal. The demand for composite LPG cylinder is anticipated to increase in the coming years as these cylinders are 100% recyclable and explosion resistant in comparison to conventional metal cylinders.
Based on application, the market can be segregated into residential/consumer-use, power & utilities and transport/auto-fuel. Residential or consumer use is currently the dominant segment in the market and the trend is likely to continue over the next five years as well. This is due to the subsidy offered by the government on LPG cylinders.
Major companies operating in the Asia-Pacific LPG Cylinder Market recorded high sale volumes in the financial year 2018 and the trend is likely to continue during the forecast period.
Major players operating in the region include China Huanri Group Co. Ltd., Hebei baigong high-pressure vessel Co. Ltd., Mauria Udyog Ltd., Metal Mate Co. Ltd., Sahamitr Pressure Container Plc, Supreme Industries Ltd., Worthington Industries Inc., and Time Technoplast Ltd, and others.
Years considered for this report:
- Historical Years: 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2021-2025
In this report, the Asia-Pacific LPG Cylinder Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, By Cylinder Type:
Market, By Size:
- 0 to 5 Kg
- 6 to 10 Kg
- 11 Kg & Above
Market, By Application:
- Power & Utilities
Market, By Country:
- South Korea
Company Profiles: Detailed analysis of the major companies present in the Asia-Pacific LPG Cylinder Market.
- China Huanri Group Co. Ltd.
- Hebei baigong high-pressure vessel Co. Ltd.
- Mauria Udyog Ltd.
- Metal Mate Co. Ltd.
- Sahamitr Pressure Container Plc
- Supreme Industries Ltd.
- Time Technoplast Ltd.
- Worthington Industries Inc.
For more information about this report visit https://www.researchandmarkets.com/r/zd8q66
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets