Composite LPG Cylinders Market forecasted to reach US$ 189.7 million in 2022

Stratview Research has launched a research report on Composite LPG Cylinders Market. The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Composite LPG Cylinders Market from 2017 to 2022.

This 336-pages report is segmented in four ways to provide a 360-degree holistic view. The segments are –
• By Cylinder Type (Type III Cylinder, Type IV Cylinder)
• By Size Type (0-5kg, 6-10kg, 11kg & Above)
• By Application Type (Kitchen & Domestic Use, Transportation, Recreational Use, Others)
• By Region
o North America (Country Analysis: The USA, Canada, and Mexico)
o Europe (Country Analysis: Germany, France, The UK, Norway, Russia, and Rest of Europe)
o Asia-Pacific (Country Analysis: Thailand, Bangladesh, South Korea, and Rest of Asia-Pacific)
o Rest of the World (Country Analysis: Latin America, The Middle East and Others)

Stratview Research has presented the study of Composite LPG Cylinders Market over the trend period of 2011 to 2016 and forecast period of 2017 to 2022. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
The key composite LPG cylinders manufacturers are Hexagon Composites ASA, Aburi Composites, Amtrol-Alfa, Time Technoplast Ltd., and Metal Mate Co., Ltd., and AL Aman Gas Cylinders Manufacturing LLC.

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Increasing demand for lightweight, explosion proof and non-corrosive LPG cylinders
The global composite LPG cylinders market 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.

Type IV is the most widely preferred cylinder type
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.

Kitchen & domestic use is expected to remain the largest and fastest-growing application type
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.

Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors
• Research Methodology

This report studies the Composite LPG Cylinders Market, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -
• Extensive secondary research,
• Rigorous primary interviews with more than 15 industry stakeholders across the value chain.
• Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

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