Liquefied Petroleum Gas Cylinder Market Size, Share, Growth, and Industry Analysis, By Type (Steel Cylinders, Composite Cylinders, and Others), By Application (Kitchen and Domestic Use, Automotive Use, and Others), Regional Insights, and Forecast To 2032

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LIQUEFIED PETROLEUM GAS CYLINDER MARKET REPORT OVERVIEW

The global liquefied petroleum gas cylinder market size was USD 2.68 billion in 2021 and the market is projected to touch USD 3.67 billion by 2032 at a CAGR of 3.5% during the forecast period.

Liquefied petroleum gas, or propane, is a flammable hydrocarbon gas used as a non-toxic fuel. LPG is produced by refining natural gas or crude oil from fossil fuel extraction. The easy storage of the gas makes it a portable power and versatile source of energy for industries located in areas with no piped gas. It is preferred over several other energy fuels as it emits low carbon emissions and thus is environment-friendly. The gas is also used as a household cooking gas due to the low emission of carbon compared to other fuels. The gas is transported with cylinders and stored as a liquid under moderate pressure.

The growth of the liquefied petroleum gas market is driven by a rise in demand for LPG cylinders from various operations. Additionally, implementing strict government regulations in developed countries toward the environment is a significant factor fueling market growth. However, inconsistent domestic supply of LPG is a key factor hampering the development of the gas cylinder market. Government initiatives for the use of LPG over conventional fuels are anticipated to provide growth opportunities for industrial players to maintain their position in the market in the upcoming years.

COVID-19 Impact: Excess Consumer Demand Boosted Market Growth of Cylinders

The excess demand for liquefied petroleum gas cylinders during the lockdown and worldwide pandemic boosted the market growth and share of the product. The use of LG cylinders in restaurants and households for cooking impacted the product's market share significantly, thereby increasing profits and revenues for investors and leading players. After the pandemic, the market will continue growing exponentially due to the full-scale resumption of worldwide industrial activities.

LATEST TRENDS

"Increasing Use of LPG Cylinders for Transportation to Boost Market Growth"

The increasing use of gas cylinders in the commercial and transportation sector will boost the market growth and share of the cylinders. Using LPG cylinders as an alternative will drive market growth, leading to massive revenue generation for industrial buyers and investors. Developed countries in regions such as America will drive the market demand due to the environmental-friendliness of the fuel, thus driving the cylinder demand in the areas.  

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LIQUEFIED PETROLEUM GAS CYLINDER MARKET SEGMENTATION

• By Type

The market is subcategorized based on types into steel cylinders, composite cylinders, and other cylinders.

• By Application

The market is subcategorized based on applications in the kitchen and domestic use, automotive use, and other uses.

DRIVING FACTORS

"Government Initiatives in Developing Countries to Fuel Market Share"

The rising government initiatives in developing countries in regions such as the Asia Pacific and Africa will drive the market growth and share of LPG cylinders in the areas. Government campaigns to promote liquefied gas as an alternative to conventional fuels due to environmental concerns are significant factors influencing the liquefied petroleum gas cylinder market growth in these regions. Additionally, the presence of industrial players in these regions will significantly affect the market share of the product.

"Rise in the Worldwide Natural Gas Use to Propel Market Growth"

The rising use of natural gas worldwide will drive the demand for liquefied petroleum gas cylinders, positively affecting the market. The use of LPG as an alternative to other crude-oils emitting excess carbon dioxide is seen as a driving factor in the market during the forecast period. The market will significantly develop using these cylinders in transportation and commercial applications in developed regions.

RESTRAINING FACTORS

"Boost of Renewable Energy Sector to Impede Market Growth"

The demand for renewable energy sources in developed regions such as North America and Europe will impede the market growth, and share of the cylinders as the demand for liquefied petroleum gas decreases with innovations in the market. Renewable energy is the cleanest source of energy generation, which can affect the sales and profits of industrial companies and investors. Thus, investors should consider these factors before investing in developed regions.

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LIQUEFIED PETROLEUM GAS CYLINDER MARKET REGIONAL INSIGHTS

"Asia Pacific to Lead Market Share Owing to Rising LPG Demand"

The Asia Pacific region will lead the liquefied petroleum gas cylinder market share due to a rise in the LPG demand in the region. The need for gas in the cooking sector by households and restaurants is driving the regional market growth and share. Additionally, government subsidies in the region to use gas over conventional fuels due to environmental benefits will drive investors' market share and growth. The presence of significant industrial players in the area is also an essential factor driving the market growth. Therefore, the market will expand rapidly in the Asia Pacific.

KEY INDUSTRIAL PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The report analyzes various market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical and environmental outcomes, and newly emerging industries' impact and risks. The study considers all the points after a comprehensive analysis, thus generating future possibilities for the market. Therefore, the factors mentioned in the report are subject to change as the dynamics and situation of the market change. The Asia Pacific will lead the market share, with China and India leading the market growth.

LIST OF TOP LIQUEFIED PETROLEUM GAS CYLINDER COMPANIES

• Worthington Industries (U.S.)
• Huanri (China)
• Hebei Baigong (China)
• Sahamitr Pressure Container (Thailand)
• Mauria Udyog (India)
• Manchester Tank (Franklin)
• Aygaz (Turkey)
• Jiangsu Minsheng (China)
• Butagaz (France)
• Bhiwadi Cylinders (India)
• EVAS (Taiwan)
• Hexagon Ragasco (Norway)
• Faber Industrie (Italy)
• Gaz Liquid Industrie (GLI) {France}
• MetalMate (Thailand)
• VÍTKOVICE (Ostrava)
• Luxfer Gas Cylinders (U.S.)
• SAHUWALA CYLINDERS (India)
• Guangdong Yingquan (China)
• MBG (U.K.)
• Aburi Composites (U.K.)
• PT PRAJAMITA INTERNUSA (Indonesia)

INDUSTRY DEVELOPMENT

June 2021: Astomos Energy Corporation signed an agreement with Shell in Japan to purchase a liquefied petroleum gas cargo in the region. The cargo is the world's first carbon-neutral cargo, thus proving beneficial for industrial players due to low emissions and environment-friendliness. This development will help both companies to increase their market share, thereby sustaining their position in the global market. Thus, the market will boom exponentially with critical innovations in the energy sector.

REPORT COVERAGE

The report examines elements that affect the demand & supply and estimates dynamic forces for the forecasted period. After evaluating the market factors, the report provides an extensive, comprehensive SWOT analysis. The information estimates the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the dredging equipment industry. The report lists the leading industrial players worldwide and the regions that will experience growth during the forecast period.