LPG Cylinder Market Trends and Forecast
Lucintel finds that the future of the global LPG cylinder market looks promising with opportunities in the household, automobile, and leisure and others application. The global LPG cylinder market is expected to reach an estimated $3 billion by 2030 with a CAGR of 4% from 2024 to 2030. 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).
There are some of the impacts in different industries that include automotive, aerospace and industrial sectors because they have something special for example being light weight, having durability hence making them to be preferred by many humans than other alternatives. For lightweight cylinders, steel LPG cylinders are still commonly used due to their low cost and wide coverage; even so, composite LFP cylinders are lighter and anti-corrosive although the initial price may be higher. In order to enhance properties such as flame retardancy, pigmentation, or stabilization additives are employed. One way of strengthening these materials is by using glass or carbon fibers which can make polypropylene (PP) or polyethylene (PE). Such characteristics must be verified through incorporation of materials like additives including stabilizers, pigments and flame retardants.
The innovation within global LPG cylinder market is driven through regulation enforcement and technological breakthroughs through competitive forces.
• 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
The LPG cylinder market is witnessing substantial growth globally, driven by increased demand from various industries such as gas carriers and storage, transportation, life support, and recreational. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major carbon fiber producers in key regions: the USA, Germany, China, India, and Brazil.
Emerging Trends in the LPG Cylinder Market
Emerging trends in the LPG cylinder market shaping its future applications and market dynamics:
• 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.
A total of 107 figures / charts and 68 tables are provided in this 205-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments by the LPG Cylinder Market
Recent developments in LPG cylinder market by various companies highlight ongoing innovations and advancements across different sectors:
• 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
The LPG composites cylinders market is positioned to experience significant growth due to the benefits it has over conventional steel cylinders. Here are some of the strategic growth opportunities that can be explored.
Market Expansion
• 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.
Product Innovation
• 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.
Increase in Sustainability Initiatives
• 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.
Strategic Partnerships and Collaborations
• 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
The Global LPG Cylinder Market is influenced by a range of factors, some of which are very motivating while others are highly complex. The various drivers include the increasing demand for LPG worldwide in residential, commercial and industrial sectors, government support, and the growth of cleaner energy alternatives. However, this market’s dynamism faces several challenges including price uncertainty, infrastructure bottlenecks, regulatory compliance, competition from other fuels and environmental concerns. To this end therefore it is important for stakeholders to appreciate such issues so that they can take advantage of available opportunities while at the same time tackling industry problems.
The factors responsible for driving the LPG cylinder market include:
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.
Challenges in the LPG Cylinder Market
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.
The Global LPG Cylinder market having been influenced by consumption of liquefied petroleum gas (LPG), worldwide shift towards cleaner energy sources, rising urbanization rates; government actions and safety/ convenience provided by LPG cylinders offers immense opportunities for growth. However there are price oscillations, limitations in distribution infrastructure; adherence to statutory requirements and compliance with respect to environmental issues will need strategic thinking and creativity. These should be well handled if one wants to tap into an expanding market while ensuring sustainable growth that is also compatible with the evolving regulatory frameworks.
LPG Cylinder Suppliers and Their Market Shares
In this globally competitive market, several key players such as Worthington Industries, Sahamitr Pressure Container, Hexagon Composites, Mauria Udyog, and Huanri etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies LPG cylinder cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the LPG cylinder companies profiled in this report include.
• Worthington Industries
• Sahamitr Pressure Container
• Hexagon Composites
• Mauria Udyog
• Huanri
These companies have established themselves as leaders in the global LPG cylinder market, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the recycled carbon fiber textile market are evolving, with the entry of new players and the emergence of innovative LPG cylinder market technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
LPG Cylinder Market by Segment
Some segments of the LPG cylinder market are experiencing growth. Residential use is a main driver because more people are using LPG for cooking and heating, mainly in urban areas. Industrial applications have also grown as businesses look for alternative cleaner fuels to be used in various processes. The commercial sector which includes hotels and restaurants is also on an upward trajectory with increasing demand for LPG for cooking and heating purposes. On top of that, the automotive industry is observing more LPG-powered vehicles due to environmental regulations and cost benefits. In addition, rural communities have embraced the use of LPG cylinders for cooking thereby widening the market.
LPG Cylinder Market by Application [Value ($M) and Volume (M Units) Shipment Analysis for 2018 – 2030]:
• Household
• Automobile
• Leisure and Others
LPG Cylinder Market by Cylinder Type [Value ($M) and Volume (M Units) Shipment Analysis for 2018 – 2030]:
• Metal
• Composites
LPG Cylinder Market by Material [Value ($M) and Volume (M Units) Shipment Analysis for 2018 – 2030]:
• Glass Fiber Composites
• Metal
• Others
LPG Cylinder Market by Region [Value ($M) and Volume (M Units) Shipment Analysis for 2018 – 2030]:
• North America
US
• Europe
Germany
Italy
• Asia Pacific
China
India
Thailand
• The Rest of the World
South Africa
Features of Recycled Carbon Fiber Market
• Market Size Estimates: LPG cylinder market size estimation in terms of value ($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 type, 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.
If you are looking to expand your business in LPG cylinder or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the LPG cylinder market size?
Answer: The global LPG cylinder market is expected to reach an estimated $3 billion by 2030.
Q2. What is the growth forecast for LPG cylinder market?
Answer: The LPG cylinder market is expected to grow at a CAGR of 4% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the LPG cylinder market?
Answer: 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).
Q4. What are the major applications or end use industries for LPG cylinder?
Answer: Household and leisure and others are the major application for LPG cylinder.
Q5. What are the emerging trends in LPG cylinder market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes switching from steel to composite LPG cylinders and extending size range of composite LPG cylinders to meet the needs of different consumers.
Q6. Who are the key LPG cylinder companies?
Answer: Some of the key LPG cylinder companies are as follows:
Worthington Industries
Sahamitr Pressure Container
Hexagon Composites
Mauria Udyog
Time Technoplast
Supreme Industries
Huanri Group
Metal Mate
Q7.Which LPG cylinder type segment will be the largest in future?
Answer: 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.
Q8: In LPG cylinder market, which region is expected to be the largest in next 7 years?
Answer: Asia Pacific is expected to remain the largest region and witness the highest growth over next 7 years.
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1 What are some of the most promising potential, high growth opportunities for the global LPG cylinder market by application (household, automobile, and leisure and others), cylinder type (metal and composites), material type (glass fiber composites, metal, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?