The global liquefied petroleum gas cylinder market will record a CAGR of almost 4% during 2019-2023
NEW YORK, Sept. 16, 2019 /PRNewswire/ --
Global Liquefied Petroleum Gas (LPG) Cylinder Market: About this market
The rising demand for LPG and the high cost of laying pipe networks for LPG distribution have increased the use of LPG cylinders, primarily in domestic applications. Sectors such as construction, transportation, recreation, hot air balloons, agriculture, hospitality, and calefaction are also using LPG cylinders significantly. This liquefied petroleum gas cylinder market analysis considers sales from the metal and composite type. Our analysis also considers the sales of liquefied petroleum gas cylinder in APAC, North America, Europe, South America, and MEA. In 2018, the metal segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the availability of government subsidies on metal LPG cylinders, rising disposables income, and the environmental-friendly attribute of these cylinders will significantly help the segment in maintaining its leading market position. Also, our global liquefied petroleum gas cylinder report has observed market growth factors such as increasing use of LPG in many applications, rising subsidies offered by governments to promote LPG use, and lack of infrastructure for distribution of piped natural gas. However, challenges such as availability of alternative fuels, risks associated with LPG cylinders, and re-use of scrapped cylinders may hamper the growth of the liquefied petroleum gas cylinder industry over the forecast period.
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Global Liquefied Petroleum Gas Cylinder Market: Overview
Lack of infrastructure for transportation of piped natural gas
Although piped natural gas is convenient to use and cost low for end-users, the lack of infrastructure for the distribution of natural gas through the piped network will create a high demand for LPG cylinders. Governments are promoting the use of LPG cylinders over piped natural gas owing to factors such as high cost of laying natural gas distribution pipelines and the extensive maintenance requirement post-installation. Vendors are capitalizing on these factors and are increasingly offering metal and composite LPG cylinders. As a result, the global liquefied petroleum gas cylinder market will record a CAGR of almost 4% during 2019-2023.
The growing trend toward the use of greener fuels
The trending concept of sustainability has been paving the way to use greener fuels, such as LPG, for cooking purposes. LPG has minimal emissions, low carbon footprint, and high energy value. Moreover, governments across developing nations, such as India, Turkey, and Brazil, are providing subsidies to promote the use of LPG as a cooking fuel than traditional fuels (wood, coals, charcoal, and kerosene). Therefore, the trend is expected to have a positive impact on the overall liquefied petroleum gas cylinder market growth during the forecast period.
Competitive Landscape
With the presence of a few major players, the global liquefied petroleum gas cylinder market is concentrated. This robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of few leading vendors such as Aygaz A?, China Huanri Group Co. Ltd., Hebei baigong high-pressure vessel Co. Ltd., Hexagon Composites ASA, Mauria Udyog Ltd., Metal Mate Co. Ltd., Sahamitr Pressure Container Plc, Supreme Industries Ltd., Time Technoplast Ltd., and Worthington Industries Inc.
Also, the liquefied petroleum gas cylinder market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies in strategizing and leveraging on all forthcoming growth opportunities.
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