Composite LPG Cylinders Market to Grow Beyond US$ 189.7 million 2022
February 18, 2020
Composite LPG Cylinders Market Overview:
The global composite LPG cylinders market size is expected to grow at an impressive CAGR of 9.7% over the next five years to reach US$ 189.7 million in 2022. Increasing demand for lightweight, explosion proof and non-corrosive LPG cylinders and government push towards the usage of composite cylinders are some of the major drivers of the market. Increase in the consumption of LPG in the developing economies further elevate the demand for composite LPG cylinders over the next five years.
Report Overview:
This report, from Stratview Research, studies the global composite LPG cylinders market over the period 2011 to 2022. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Composite LPG Cylinders Market Segment Insights:
Type IV Cylinder: The growth engine
The global composite LPG cylinders market is segmented based on cylinder type as type III and type IV. Type IV is the most widely preferred cylinder type in the composite LPG cylinders market. It is expected to remain larger and faster-growing cylinder type during the forecast period. All the major composite LPG cylinder manufacturers have a presence in type IV tanks only. Type IV cylinder offers the maximum weight reduction and higher burst pressure as compared to type I and type III cylinders.
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https://www.stratviewresearch.com/toc/276/composite-LPG-cylinders-market.html
Dominance of: Kitchen & domestic use
Based on the application type, the global composite LPG cylinders market is segmented as kitchen & domestic use, transportation, recreational use, and others. Kitchen & domestic use is expected to remain the largest and fastest-growing application type in the global composite LPG cylinders market during the forecast period. There is an increasing replacement of type I cylinders with type IV cylinders, owing to their advantages of lightweight and an excellent burst pressure. Additionally, piped natural gas in households is being replaced with composite LPG cylinders, owing to its limited reserves and high cost.
A highly/moderately/fragment consolidated Market
This report, from Stratview Research, studies the global composite LPG cylinders market over the period 2011 to 2022. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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