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 decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $2.4 billion by 2025 with a CAGR of 1% to 3% from 2020 to 2025 . The major growth drivers for this market are increasing use of liquefied petroleum gas as a fuel source and lack of infrastructure for the transportation of piped natural gas (PNG).
Browse 108 market data tables and 141 figures spread through 193 pages and in-depth TOC on “Global LPG Cylinder Market"
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In this market, different types of LPG cylinder grades such as metal, composite, and others in various material consumption. 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 liquefied petroleum gas as a fuel for cooking and unavailability 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 LPG cylinder 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 LPG cylinders manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the global LPG cylinders market by cylinder type, application, material consumption, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global LPG Cylinder Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global LPG cylinders market by cylinder type, application, material consumption, and region as follows:
By Cylinder Type [Value ($ Million) and Volume (Million Units) from 2014 to 2025]
Metal LPG Cylinder
Composite LPG Cylinder
Others
By Application [Value ($ Million) and Volume (Million Units) from 2014 to 2025]:
Households
Automobiles
Leisure and Others
By Material Consumption [Value ($ Million) and Volume (Million lbs) from 2014 to 2025]:
By Region [Kilotons and $M shipment analysis for 2014 – 2025]:
North America
Europe
Asia Pacific
The Rest of the World
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 click on this link https://www.lucintel.com/lpg-cylinder-market.aspx or helpdesk@lucintel.com.
About Lucintel
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.