Global LPG Cylinder Market is Expected to Grow with A High CAGR In the Forecast Period
Rising usage of liquefied petroleum gas as a fuel & growing
government initiatives towards cooking fuels propelling the market growth.
According to TechSci Research report, “Global LPG Cylinder Market
- By Region, Competition, Forecast & Opportunities, 2028”. The Global LPG Cylinder Market
is expected to register a CAGR of 5.23% in the future . Global LPG Cylinder Market
is expected to grow in the forecast period. The rising usage of liquefied
petroleum gas as a fuel source are the main development factors for this
market. Changing from steel to composite LPG cylinders and expanding the size
range of composite LPG cylinders to satisfy the needs of various consumers are
two emerging trends that have a direct impact on the dynamics of the business. New
trends include transitioning from steel to composite LPG cylinders and
expanding the size range of composite LPG cylinders to accommodate various
consumer needs. These developments have a direct impact on the dynamics of the
industry. The market is primarily driven by rising LPG consumption and
government-backed measures to promote the use of cleaner fuel. The expansion of
the Asia Pacific LPG Cylinder Market is anticipated to be constrained by the
increasing usage of Compressed Natural Gas (CNG) for automobiles and Piped
Natural Gas (PNG) for households as alternatives to LPG.B Growing public
awareness of the advantages of using LPG to replace fossil fuels and the
increasing use of clean, green energy sources in developed and emerging nations
are two factors that are likely to support the expansion of the LPG market.
Additionally, technological factors along with the increasing number of
government initiatives aimed at educating rural residents to switch from LPG to
conventional cooking fuels like kerosene, wood, and coal are projected to
play a critical part in the industry's development. The Global LPG Cylinder Market is
divided into Cylinder
Material type, Application, Size, and country.
Based on Cylinder Material type, the market is segmented into Metal and Composites.
Based on Application, the market is segmented into Residential/Consumer-use,
Power & Utilities, Transport/Auto-fuel.
Based on Size, the market is divided into 0 to 5 Kg, 6 to 10 Kg, 11 Kg
& Above. Propane and butane, which are removed to make
LPG, are among the gases and liquids that make up natural gas. Over the past
few years, India's consumption patterns for natural gas have changed
dramatically. India's overall natural gas consumption increased from 60815
Million Standard Cubic Metres (MMSCM) in 2020-21 to around 65037 MMSCM in 2021-22.
It is anticipated that these trends will continue and have a favourable effect
on the Indian LPG industry. India's demand for LPG has grown significantly in
recent years. India's LPG usage increased by 5% from the previous fiscal year
(2019-20) to 27.6 million metric tonnes in 2020-21. During the projected
period, it is anticipated that this tendency would continue and intensify,
mostly as a result of the nation's supportive government measures.
Browse over xx market data Figures spread through xx Pages and an in-depth TOC on " Global LPG Cylinder Market"
There are around 30.5 crore active LPG residential users in India as of
April 2022, up from 14.9 crore customers in 2015. The number of home LPG
consumers in the nation has significantly increased. Similarly, the number of
LPG distributors in India increased from slightly under 9686 in 2010 and 15930
in 2015 to 25269 in April 2022.
Due to continuous fluctuation of commodity prices, globally, LPG prices
have also get impacted The price fluctuations did not augur well for oil
marketing companies and end-users across the value chain in India. In 2020 and
2021,West Texas Intermediate (WTI) crude oil prices entering negative territory
for the first time in history in and same time registered 24- month highest
point. This factor is hampering the market growth in the forecast period.
Key market
players in the Global LPG Cylinder Market 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
- Time Technoplast Ltd
- Worthington Industries Inc.
Download Free Sample Report
Customers can also request for 10% free
customization on this report.
“The primary drivers of market growth for this industry include the
growing popularity of liquefied petroleum gas as a fuel source. The local
polulation of these region using LPG cylinder as cooking fuel.Government
schemes suach as Pradhan mantri Ujjwala yojna is fuleing the market growth in
the forecast period. The growing demand of LPG include increseing consumption
of auto gas and large semi-urban & rural areas.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management consulting firm.
LPG Cylinder Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Cylinder
Material Type (Metal, Composites), By Application (Residential/Consumer-use,
Power & Utilities, Transport/Auto-fuel), By Size (0 to 5 Kg, 6 to 10 Kg, 11
Kg & Above), By Region, Competition 2018-2028.has
evaluated the future growth potential of Global LPG Cylinder Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global LPG
Cylinder Market.
Contact
Techsci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com