LONDON--(BUSINESS WIRE)--The global liquefied petroleum gas (LPG) cylinder market size is poised to reach USD 313.33 million by 2023, according to a new report by Technavio, progressing at a CAGR of close to 4% during the forecast period.
“Governments of developing countries are making efforts to encourage and subsidize LPG markets. This is aimed at promoting the use of LPG in rural areas and tap the lower-income groups. Thus, the increasing focus of companies on offering subsidies, grants, giveaways, micro finance, and incentives will boost the demand for LPG, thereby fueling market growth,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the lack of infrastructure for transportation of piped natural gas. In addition, the increasing use of LPG in many applications is anticipated to further boost the liquefied petroleum gas (LPG) cylinder market during the forecast period.
Importing piped natural gas is a costly affair for countries, which have insufficient gas resources. This is because LPG must be first liquefied and transported in special ships. Then, it must be gasified again at LNG terminals based in the importing country before being piped. This adds to the cost of piped gas. Hence, most countries prefer transporting LPG through cylinders than laying out pipelines. Therefore, the lack of infrastructure for transportation of piped natural gas will drive the growth of the LPG cylinder market.
The increasing use of LPG in many applications is another factor that will drive the LPG cylinder market growth. LPG is most commonly used as cooking gas as it is a clean and efficient fuel. However, it is also being used in several other applications, for instance, LPG is used as an auto gas to power vehicles as it is cheaper than petrol and diesel fuel and emits low level of greenhouse gases. Additionally, LPG is employed as an aerosol propellant, air conditioning refrigerant, and petrochemical feedstock. Thus, the several applications of LPG will drive the demand for LPG cylinders.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Aygaz AŞ
- China Huanri Group Co. Ltd.
- Hebei baigong high-pressure vessel Co. Ltd.
- Hexagon Composites ASA
- Mauria Udyog Ltd.
Market Segmentation by Type:
The Liquefied Petroleum Gas (LPG) Cylinder Market can be broadly categorized into the following type segments:
Key Regions for the Liquefied Petroleum Gas (LPG) Cylinder Market:
Featuring a breakdown of region-wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
Market segmentation analysis
- Market definition
Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Related Reports on Energy are:
LPG Tanker Market – Global LPG Tanker Market by technology (fully refrigerated, semi-refrigerated, and fully pressurized) and geography (the Americas, APAC, and EMEA).
Liquefied Petroleum Gas (LPG) Market – Global Liquefied Petroleum Gas (LPG) Market by end-users (residential, petrochemical, industrial and commercial, transport, and others) and geography (the Americas, APAC, and EMEA).
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