Global LPG cylinder market is expected to reach $2.1 billion by 2023

Raipur (C.G), INDIA


DALLAS, Nov. 21, 2018 (GLOBE NEWSWIRE) -- 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 reach an estimated $2.1 billion, and it is forecast to grow at a CAGR of 3.1% from 2018 to 2023. 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).

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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.

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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.

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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 and forecast for 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 2018-2023: 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.

For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com