LPG Cylinder Manufacturing Market: Emerging Economies Granting Subsidy For The Usage Of LPG Cylinders Which Is Expected To Drive The Market
Albany, NY -- (SBWIRE) -- 05/16/2019 -- According to a new market report published by Transparency Market Research titled "LPG Cylinder Manufacturing Market, Material - Steel, Aluminum; Size - 4 Kg-15 Kg, 16 Kg-25 Kg, 25 Kg-50 Kg, More than 50 Kg; End-use - Domestic, Commercial, Industrial - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026," the global LPG cylinder manufacturing market is expected to reach US$ 4.7 Bn by 2026, expanding at a CAGR of 3.6% from 2018 to 2026. Asia Pacific held the highest share in the LPG cylinder manufacturing market in 2017.
Demand is expected to accelerate with rising disposable income. Rising awareness about the usage of natural fuel by end-users, and emission of minimal pollution through LPG cylinders has triggered the demand for LPG cylinders across the globe. LPG is a clean-burning fuel that produces lower levels of CO2, NO2, and other pollutants as compared to traditional fuels such as biomass. Furthermore, LPG helps to improve air quality, reduces the emission of greenhouse gases, and protects the environment.
Manufacturers are opting for LPG cylinders to avoid the risk associated with environmental issues, and overcome the toxic pollution caused by the manufacturing sector. Furthermore, progressively changing lifestyle in rural areas together with the rising disposable income of consumers is expected to build a lucrative roadmap for LPG cylinder manufacturing industry trends over the forecast period (2018-2026).
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Asia Pacific held major share in the LPG cylinder manufacturing market in 2017. LPG is the most preferred cooking fuel in kitchens. Rising affordability and usability of LPG by end-users in households across the globe are expected to drive the market in the coming years. Rise in urbanization and government initiatives for usage of LPG cylinders has increased the dependency of LPG in the domestic kitchen due to generation of minimal pollution, which has triggered the demand for LPG from end-users. Furthermore, emerging economies granting subsidy for the usage of LPG cylinders in rural and low income households are expected to drive the market in the future.
Convenience in use and environment friendly, rising disposable income, and urbanization are likely to drive the LPG cylinder manufacturing market at a good pace. Key trends supporting the growth of the market includes usage of LPG in the automotive sector and shifting preference of end-users toward usage of LPG cylinders.
In the global LPG cylinder manufacturing market, steel held the largest share in 2017, in terms of material. Steel is a stronger material and has a modulus of elasticity which is considerably higher than aluminum. Hence, the pressure vessel safety codes allows better design parameters on steel. Moreover, steel is known for being tough and heavy. Strength is the biggest factor fuelling the growth of this segment.
Based on size, the 4 Kg-15 Kg segment is expected to have the highest CAGR of 4.1% from 2018 to 2026. The growth of this segment is attributed to major adoption and increased usage of LPG cylinders for cooking in households in Asia Pacific and Africa. Also, rise in consumer spending power and convenience is driving the growth of the LPG cylinder manufacturing market.
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Asia Pacific accounted for 76.5% of the global LPG cylinder manufacturing market in 2017 and is anticipated to continue its dominance over the forecast timeline due to rapid urbanization and increased usage of LPG gas as the cooking fuel in both rural and urban households in this region. The market in Asia Pacific is expected to expand at a CAGR of 3.8% over the forecast timeline.
The LPG cylinder manufacturing industry is characterized by a number of local and regional players and intense competition among them. Some of the industry participants in the global LPG cylinder manufacturing market are Kishore Kela Group (Satyasai Pressure Vessels Ltd.), Dorian LPG Ltd., Confidence Petroleum India Ltd., Manchester Tank & Equipment Co., Sahamitr Pressure Container PLC., ECP Industries Limited, Mauria Udyog Limited, Shandong Huanri Group Co. Ltd., Hexagon Ragasco, Aygaz A.?., and Worthington Industries, Inc.