LPG Cylinder Market: Trends, Forecast and Competitive Analysis [2024-2030]

LPG Cylinder Market Trends and Forecast

• Lucintel forecasts that metal LPG cylinder will remain the largest segment due to 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. Composite cylinder segment is expected to witness the highest growth during the forecast period supported by lightweight, and its non-corrosive properties.
• Household will remain the largest segment over the forecast period due to increasing use of liquefied petroleum gas as a fuel for cooking and unavailability of gas pipeline network. Automotive LPG cylinder is expected to witness highest growth over the forecast period.
• APAC is expected to remain the largest market 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. Europe Is expected to witness highest growth over the forecast period.

Country wise Outlook for the LPG Cylinder Market

Emerging Trends in the LPG Cylinder Market

• Rising Demand for Composite LPG Cylinders: The tanks are becoming more popular because they are lighter than the traditional metallic ones. They are usually built up with composites like fiberglass and resin, leading to advantages such as; among these include corrosion resistance and increased safety.
• Adoption of Smart LPG Cylinders: Liquefied petroleum gas (LPG) cylinders that can be able to monitor gas levels from a distance, detect leaks and automatically order for refilling. It enhances welfare of both consumers and suppliers.
• Increasing Energy Efficient Appliances: Greater focus on energy efficiency has given rise to LPG appliances using less gas thereby reducing total consumption as well as emissions.
• Rising Eco-Friendly Initiatives: Minimizing carbon footprint in production of LPG cylinders coupled with advocating for greener sources of power is a common practice. It includes policies that promote application of LPG rather than other fossil fuels such as coal or biomass.

Recent Developments by the LPG Cylinder Market

• Composite Cylinder Technology: Since fiberglass and carbon fiber reinforced plastic (CFRP) composite LPG cylinders are now being focused on extensively by companies. In this case, these cylinders are much lighter than steel ones because of their unique construction materials.
• Safety Enhancements: To achieve safety improvements, blast proof as well as crashworthy tanks has been invented. Tanks made using advanced materials and production technologies can withstand extreme weather conditions as well as accidental damages.
• Energy Efficiency: By using better insulation materials and designs aimed at energy efficiency businesses. Consequently during storage and transportation there are reduced heat losses that enhance the use of energy besides cutting down on operational costs.
• Increasing Sustainability Initiatives: This includes green cylinders that are recyclable through sustainable manufacturing processes. The overall objective behind this approach is to cut carbon footprint while complying with global environmental regulations.

Strategic Growth Opportunities for LPG Cylinder Market

• Emerging Economies: Gain entry into emerging markets in Asia, Africa and Latin America where there is a growing demand for LPG as a ‘clean cooking fuel’. These areas provide significant opportunities for growth due to their expanding urban populations and government drives towards clean energy.
• Rural Areas: Focus on rural and off-grid locations where LPG is the main source of energy for cooking and heating. The composites LPG cylinders are portable because they weigh less which makes them ideal for such areas.

• Enhanced Safety Features: Develop cylinders with advanced security features such as built-in leak detectors, improved valve systems, and overpressure protection. Consumers and regulatory bodies are concerned about safety.
• Lightweight and Durable Designs: Keep innovating in material science for even lighter but more durable cylinders that would reduce transportation costs, handling expenses while increasing product life span.

• Eco-Friendly Materials: Invest in the development of biomaterials or recyclable composites to address environmental concerns and meet sustainable targets.
• Energy-Efficient Manufacturing: Use renewable energy sources as well as implement energy efficient manufacturing processes so as to lower the carbon footprint during production process.

• Utility Companies and Distributors: Enter strategic partnerships with utility companies dealing in LPG or distributors who can help you reach more customers easily among many other purposes related to closing gaps along the channel.

LPG Cylinder Market Drivers and Challenges

1. Increasing LPG Consumption – Demand for a LPG cylinder across globe is fueled by rising use in homes and institutions as well as industries.
2. Energy Transition to Cleaner Fuels – This has led to more preference for LPG as opposed to traditional sources like coal in both developing and developed countries.
3. Expanding Urbanization and Households – In emerging economies urbanization along with growing households result in increase in demand for energy products that are portable or efficient like the ones provided by LPG cylinders.
4. Government Subsidies & Initiatives: Furthermore, this market expansion is driven by government interventions such as policies on subsidy among others aimed at promoting use of LPG for cooking fuel/ heating purposes.
5. Safety and Convenience – As such; these attributes make them ideal for home cooking needs, outdoor activities including small-scale industrial applications.

1. Fluctuating Prices of LPG– As a result affecting global crude oil prices determine pricing of Liquefied Petroleum Gas thereby determining consumer affordability/market stability.
2. Infrastructure And Distribution Challenges – Additionally lack adequate gas distribution networks in remote areas or countryside areas makes it hard to penetrate into the market place thereby posing logistical problems relating to lack of adequate infrastructure for gas distribution in rural / remote areas making it difficult to enter the market.
3. Regulatory And Safety Compliance – On top of that, they have to comply with strict regulations governing safety during transportation and storage hence incurring compliance costs which pose operational challenges.

LPG Cylinder Suppliers and Their Market Shares

• Worthington Industries
• Sahamitr Pressure Container
• Mauria Udyog
• Huanri Group

LPG Cylinder Market by Segment

By Application [Value ($M) and Volume (M Units) Analysis for 2018 – 2030]:

• Household
• Automobile
• Leisure and Others

By Cylinder Type [Value ($M) and Volume (M Units) Analysis for 2018 – 2030]:

• Metal
• Composites

By Material [Value ($M) and Volume (M Units) Analysis for 2018 – 2030]:

• Glass Fiber Composites
• Metal
• Others

By Region [Value ($M) and Volume (M Units) Analysis for 2018 – 2030]:

• North America
  • US
• Europe
  • Germany
  • Italy
• Asia Pacific
  • China
  • India
  • Thailand
• The Rest of the World
  • South Africa

Features of Recycled Carbon Fiber Market

• Market Size Estimates: LPG cylinder market size estimation in terms of value ($M) and volume (Million Units)
• Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
• Segmentation Analysis: Market size by application, cylinder type, material, and region
• Regional Analysis: LPG cylinder market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different application, cylinder type, material, and regions for the LPG cylinder market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the LPG cylinder market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ

This report answers following 11 key questions